Have you ever wondered what some of those estate planning terms you’ve heard mean? See below for some definitions.

Estate Planning – Estate planning is the process of creating legal documents which list instructions of how you want your property distributed after you pass away. Probate is the process of having someone else, your personal representative, follow the estate plan and distribute the assets.

Probate – Probate is the legal process by which a personal representative distributes a deceased person’s probate assets. Probate assets are those assets title in a person’s name alone. Non-probate assets include jointly owned property, retirement and life insurance plans, and various other assets. A Will directs the transfer of probate assets while non-probate assets are transferred outside of the probate process.

The probate process in Wisconsin is relatively straightforward but by creating an estate plan, you can make the process simpler for your loved ones or choose to avoid probate altogether.

Wills – A Will is a legal document that lets you tell the world who should receive which of your assets after your death. Recipients of the assets are called beneficiaries. A Will also names a personal representative who distributes your property, appoints a guardian to care for minor children, and determines how and when property is transferred to beneficiaries.

Trusts – A Trust is a flexible planning tool which can be used for a variety of purposes. One purpose is to transfer property without the need for a probate. Another purpose is to give discretion to provide for several family members or different generations of family members by delaying the distribution of your property. More sophisticated trusts can help reduce estate and generation skipping tax liability. Although trusts can be extremely useful, they are not necessary for everyone. 

LaRowe Gerlach Taggart LLP in Reedsburg has a professional attorney who specializes in all things Estate Planning related. You can make an appointment to meet with Attorney Laura Colt by calling the LaRowe Gerlach Taggart LLP offices Monday through Friday during regular business hours at 608-524-8231. For more information, and to become familiar with our other experienced attorneys, please also see our website.

We look forward to hearing from you!