Estate Planning Services: The Best Solution to Protect Your Loved Ones

Do you need an estate plan? Are you confused about this? To avoid the confusion, first ask yourself the following questions:

• What would happen if I die today?
• What would happen to my wealth?
• Does my spouse know about the investments, insurances, debtors and creditors that I possess?
• Whether my wealth be appropriately distributed according to my wishes?
• Will there be any financial conflicts in my family? Whether there might be multiple claimants for my assets?
• If you are a business owner then similar issues will be applied to your business as well? Will there be a succession plan in place and what are implications of not having one in place?

Estate planning gives you with a peace of mind that your affairs are in order if you die unexpectedly or become incapacitated. The components of an estate plan vary according to your personal situations. The main aim of every estate plan is the aim, i.e. to ensure your wealth is managed and transferred according to your wishes in the most financially efficient and tax efficient method.

Estate planning encompasses the following:

• Preparation of will
• Appointing an Executor of the Will
• Evaluating whether a power of attorney is required and who might be appointment in that role
• Creating a Discretionary Trust

Our estate planning attorneys are experts in the following aspects:

Benefits of Estate Planning Services

Hence, our attorneys can help you with the following estate planning services:

• Power of Attorney

A power of attorney, sometimes also known as durable power of attorney, is a very essential estate plan. It is a legal document that provides somebody to fully trust the legal authority to act on your behalf so that he/she can make financial decisions for you when you are not able to do so for your own. Generally, this product becomes effective the day you sign it and remains in effect till you revoke it or until you die.

• Wills 

A will tells the legal authorities that what should happen to your possessions in the event of your death. If you have minor children then this designates their legal authorities. After your death, the will is verified to ensure that it is valid in the probate court.

An attorney can help you to draft a valid and up-to-date will, taking into account the latest regulatory changes, to make sure that your wishes are carried out effectively, without any unforeseen tax or legal consequences.

• Asset Protection

Asset protection strategies help the customers to identify the potential exposures that they and their beneficiaries might have and the role the effective planning plays in eliminating or reducing such threats.

Estate planning attorney selects the optimal structure for your wealth. They can help you to shield your assets from litigation, unnecessary tax liabilities and even from the creditors.

• Trusts

A trust is an official transfer of assets (maybe property, shares or even just cash) to two or three people with the instructions that hold the assets for the benefits of others. A trust states that who is responsible for the looking the trustees, who are the beneficiaries and any conditions or rules to which the trustees and beneficiaries must adhere to.

Hence, it helps you to protect your assets and safeguard the interests of each of your family members.

Conclusion

No matter how complex or simple your family or financial affairs are, we Elder Law Center of Wisconsin can help you to plan your estate. Our attorneys are specialists in devising the best strategy for you and your estate and help you to certify that your wishes are met when you are no longer around.

We, at Elder Law Center of Wisconsin, help our clients with the above mention estate planning services that include buildup, protection and distribution of their assets wisely as per their requirements. For more information, you can immediately contact us.

About the Author:

W. Ryan Zenk