What Estate Planning Documents Do I Need?
Estate planning is essential for ensuring the financial security and peace of mind of you and your family. Having the correct estate planning documents in place allow you to manage your assets after death or incapacity. From wills and trusts to powers of attorney and healthcare declarations, understanding what documents are needed is key to creating a safe and secure legacy. Having a comprehensive estate plan in place can help you to make informed decisions, minimize disputes amongst heirs, reduce costs associated with transferring assets, as well as provide protection from creditors or potential lawsuits against beneficiaries.
Do you live in Wisconsin and are you looking for estate planning support? Margerie Law can help. We offer both in-person and virtual consultations — click here to learn more and keep reading to learn more about what estate planning documents you might need.
The Purpose of Estate Planning Documents
Estate planning documents are legal documents that help you manage your assets upon death or incapacity. They provide instructions for what should happen to your estate at the time of your passing or if you become physically or mentally unable to make decisions. Estate planning documents can include a range of items, depending on individual circumstances and objectives, such as wills, trusts, powers of attorney, and healthcare declarations.
Types of Estate Planning Documents
Will
A will is a legal document that outlines how you would like your property distributed among beneficiaries after your death. It should be written by an experienced lawyer to ensure proper execution upon death. You can appoint an executor of the will to carry out its provisions upon your death or incapacity. It’s important to keep the will up-to-date with necessary changes in order to prevent disputes between heirs after death.
Trusts
Trusts are another way to transfer assets either during a lifetime or at death according to certain conditions. The creator of the trust has control over the asset even after their passing and protects it from creditors or potential lawsuits against the beneficiary(ies). Trusts also allow creators to avoid probate costs and minimize any tax obligations associated with transferring assets.
Powers of Attorney
You may appoint someone (an “attorney-in-fact”) via a power of attorney document in order for them to make financial and/or legal decisions on your behalf if you are ever incapacitated—mentally or physically—and unable to do so yourself. Depending on state law, this person may have different authorities than those outlined in a living trust agreement or financial power of attorney document.
Healthcare Declarations
Healthcare declarations detail what kind of medical care you wish to receive in case you become terminally ill or otherwise mentally unavailable to make such decisions yourself. These declarations enable family members (not just healthcare providers) to make important end-of-life decisions on one’s behalf. In sum, it’s important for all parties named in relevant documents to have valid copies available should anything arise which requires proof of ownership/power and that all documentation is updated regularly according to requirements established by law in particular state residences since they might vary across jurisdictions.
Estate planning is a highly individualized process, as every person’s needs and objectives are different. Depending on your circumstances, the types of estate planning documents you need can vary greatly from one person to another. Working with an experienced estate planning lawyer like Attorney Paul Margerie of Margerie Law can help ensure you have the necessary documents in place that fit your needs and goals. From wills and trusts to powers of attorney and healthcare declarations, having a trusted legal advisor guide you through this process is essential for ensuring your wishes are properly respected. Click here to learn more and contact Margerie Law today.
