Wisconsin Rapids, Wisconsin
110 E. Grand Ave. Suite 130
Wisconsin Rapids, WI 54494
715-421-4900

What Every Person Needs to Know About Estate Planning October 24, 2017

Wisconsin Rapids, Wood
What Every Person Needs to Know About Estate Planning, Wisconsin Rapids, Wisconsin

While estate planning is important for individuals of all ages, most are in the dark about what it entails and how to go about it effectively. Alan A. Panek Law Office, S.C., in Wisconsin Rapids, explains that having the right information is crucial to ensuring your document is comprehensive and valid. Below, he answers some common questions clients ask to clarify the process and its components.

4 Estate Planning FAQs

1. What Is a Power of Attorney?

If you are incapacitated by illness or injury, someone will need to oversee your financial and medical affairs. To this end, a power of attorney is a document that stipulates who is responsible for making these decisions, as well as how much leverage the person has in the decision-making process.

2. What Is a Living Trust?

A living trust is just one of many estate planning tools you can use when preparing your affairs. Property and assets are passed over into the trust during the creator’s lifetime, and a trustee is appointed to oversee affairs once the creator is deceased. Additionally, an irrevocable trust can offer tax relief.

3. What Do I Need to Create a Will?

There are numerous aspects toestate planning consider when creating a will. For instance, you’ll need to determine the worth of your assets and devise how you wish to disperse them, designate an executor, and name guardians for any minor children in your care. Though you can create a will on your own, it’s recommended that you work with an experienced attorney to ensure the document is legally binding.

4. What Is an Advance Medical Directive?

An advance medical directive — also known as a living will — provides instructions on how health care should be administered should you become incapacitated or suffer from a terminal condition. You can include provisions regarding treatments, as well as how much should be done to preserve your life.

If you have any other estate planning questions or need assistance preparing your documents, turn to Alan A. Panek Law Office S.C. He will provide quality legal counsel every step of the way and work to protect your best interests. Schedule your consultation by calling (715) 421-4900 today. For a complete list of practice areas, visit him online.

Other Announcements, Events and Deals from Alan A. Panek Law Office, S.C.
What Everyone Should Know About Living Wills, Wisconsin Rapids, Wisconsin
Many people have preferences for the medical care they should receive if a serious illness or accident leaves them unable to communicate with their healthcare providers. A living wil...read more
Opening a Restaurant? Keep These Legal Considerations in Mind, Wisconsin Rapids, Wisconsin
Opening a restaurant can be incredibly lucrative—if you assemble the right team. This might include reliable vendors, creative marketers, and talented chefs. Many small business owne...read more
3 Tips for Creating a Far-Reaching Will, Wisconsin Rapids, Wisconsin
When it comes to estate planning, everyone has different needs. After all, no two families are the same. Regardless of the particular arrangements you want to make for how your ...read more
5 Types of Trusts for Estate Planning, Wisconsin Rapids, Wisconsin
If you’re planning your estate, you will find that there are different types of trusts. These financial agreements involve the trustor (in this case, you), your beneficiaries, and th...read more
3 Strategies for Avoiding Probate in Wisconsin , Wisconsin Rapids, Wisconsin
When a person with assets valued over $50,000 passes away in Wisconsin, their estate enters probate court for supervision. This means that the court will take steps to...read more