5 Essential Things to Know About Estate Planning in Milwaukee

If you have questions about estate planning, talking to an experienced estate planning and probate attorney is a great place to start. Here at Fricker Law Office, we help people just like you with all their estate planning questions and concerns. Here are some of the top issues we get asked about — keep reading to learn more and contact Fricker Law Office for expert estate planning help in Milwaukee today. 

Benefits of Creating a Will or Trust

Creating a will or trust is an important step in estate planning. A will is a legal document that allows individuals to specify how their property should be distributed after their death. Similarly, a trust is an arrangement where one party holds assets for the benefit of another. Establishing either of these instruments helps ensure that individuals’ wishes are respected and that their possessions are passed on as they would like them to be.

With a will or trust, individuals can ensure that certain people receive portions of their estate upon death; and in some cases, they can limit when that property may become available to heirs through the use of trusts. Additionally, these documents provide assurance against potential creditors and prevent your estate from being subjected to probate proceedings issued by the courts after death. A will also allows individuals to appoint guardians for minor children, providing additional peace of mind.

Creating a will or trust also provides tax benefits for both estate planners and beneficiaries. In many cases, money saved through tax incentives can benefit both current beneficiaries and those left behind by helping them get ahead financially. When properly prepared, these instruments help those left behind avoid costly taxes and attorney fees associated with settling an estate without them.

Overall, both wills and trusts provide security, peace of mind, and financial savings for those who create them as well as those who benefit from them after the creator’s death. They also provide flexibility for individuals so that their wishes are honored and carried out even after they are no longer here to protect themselves.

Financial Power of Attorney

Financial power of attorney (POA) is an important legal document that grants an individual the authority to manage another individual’s finances in their name and on their behalf. The individual granting the POA, known as the “principal,” appoints a trusted individual, known as the “agent” or “attorney-in-fact,” to handle matters such as making financial transactions, investing, filing taxes, and collecting debts – all in accordance with the wishes of the principal.

When granting a financial POA, it is important that individuals fully understand what kind of powers they are giving up and make sure to include restrictions on any actions related to their finances if necessary. Additionally, a financial POA can be set up so that it takes effect immediately upon signing or only if one becomes incapacitated or unable to make decisions for themselves.

Having a financial power of attorney can be invaluable for those who find themselves unable to manage their own affairs due to an accident or illness, or even just traveling long distances away from home. It also allows those with disabilities or who suffer from Alzheimer’s disease access to decision-making authority when legal rights may have become restricted due to cognitive impairment.

By creating a financial power of attorney before becoming incapacitated, individuals can take comfort in knowing that their wishes will be respected and that someone they trust will be given control of their assets and affairs until they are able to regain full control over them again.

Establishing Healthcare Directives

Healthcare directives are an important way for individuals to ensure that their wishes are respected and followed if they become incapacitated or unable to make decisions for themselves in the future. A healthcare directive is a legally binding document stating one’s preferences regarding medical treatment, end-of-life decision-making, and other medical care-related matters.

Through this document, individuals can state their desired health care treatments and any restrictions on treatments, appoint someone as their legal representative in the event of incapacity or death, and provide guidance on desired end-of-life care such as organ donation. This document serves as legal consent in lieu of an individual being able to express their own wishes at the time of need.

Creating a healthcare directive can provide peace of mind knowing that your wishes will be respected regardless of what happens in the future. Additionally, having established healthcare directives allows family members access to information on specific instructions and requests without having to guess.

Individuals should regularly review their healthcare directives especially if any major changes happen within their lives such as marriage or divorce; or any major illnesses or health conditions occur – all of which could potentially affect personal preferences stated in one’s living will.

Probate Considerations

Probate is a legal process that takes place after an individual passes away in which the court oversees the administration of their estate. During probate, a court-appointed executor will be responsible for tasks such as inventorying the deceased’s assets and distributing them to beneficiaries according to the terms set forth in the individual’s will.

When it comes to estate planning, it’s important to consider how probate may affect your final wishes. Things to consider include whether you would like to minimize the amount of time needed for the distribution of assets by grouping them into trusts; or if you have any concerns about potential family disputes over who receives what assets out of the estate – in which case having all your wishes clearly laid out in a will might be beneficial. Additionally, if there are any significant assets that you wish to keep outside of probate (such as insurance proceeds) then provisions should be made for those when creating an estate plan.

It is also advisable to revisit your estate plan on a regular basis or whenever major life changes occur so that everything stays up-to-date and reflects your wishes. A probate attorney can help individuals navigate through this difficult process and ensure that their estates are properly handled when they pass away.

Attorney Robert Fricker of Fricker Law Office is an experienced and knowledgeable estate planning attorney helping families and individuals create comprehensive estate plans that help protect their assets and provide for their loved ones in the future.

We understand how important it is to ensure that one’s wishes will be respected after they pass away. We work closely with each client to understand their individual needs and goals from the estate plan and then craft a customized plan tailored to those specifications.

In addition to creating an effective estate plan, we also provide guidance on probate considerations as well as advice on tax matters affecting estates so that clients can make informed decisions when it comes to their finances. Our expertise and dedication make him the ideal choice for anyone looking for an experienced attorney to help craft a secure estate plan. Click here to learn more about Milwaukee estate planning with Fricker Law Office.