To some people, one estate planning document is more important than the rest. While there is nothing wrong with believing this, here is something you should consider: you likely need more than one estate planning document to ensure the future well being of you, your family, and your finances.
There are many aspects of estate planning to consider, all of which have an intended purpose.
Once you realize that the process of completing the appropriate estate planning documents is in your best interest, you will be well on your way to contacting an attorney who can walk you through the process.
Here are four of the most important estate planning documents:
1. Last will. The thought of creating a last will may scare you, but this is typically a straight forward process. In this document, you decide how your property will be distributed after your death. This document will also be used to appoint a guardian for your minor child and designate an executor/personal representative.
2. Living will. What would happen if you were incapacitated and no longer able to make your own decisions health care decisions? Without a living will, things could get complicated in no time at all. With this in place, you know your health care wishes will be followed.
3. Power of attorney. If you find yourself unable to handle your finances, a power of attorney appoints somebody the ability to do so for you. This may sound scary, but you have a lot of control when creating this document. You can chose who gets the power, what they can control, and much more.
4. Living trust. Are you worried about what will happen to your family upon your death and your assets are tied up in probate? If so, a living trust is something to consider. There are many additional benefits, including the ability to save your beneficiary money on taxes.
What do you think about these four estate planning documents? Do you have all of these in place? If you have questions or are ready to get started, contact a Baraboo Wisconsin estate planning attorney who can provide you with additional pros and cons as well as the process for getting started. Krueger Hernandez & Thompson SC represents clients from all economic levels, backgrounds and beliefs. Go to KH-Law.net to schedule your FREE Estate Planning Consultation today or call 608-356-3961.
Once you consider these four estate planning documents, you will know for sure that your financial plan is sound. Is there anything more important than that?