Looking for ways to ensure the farm stays in the family? Need to provide for a disabled relative? Want to designate a responsible person to manage your finances in case you become disabled? An estate plan is a series of documents that describes how your affairs should be handled after disability or death. In many cases, an estate plan can ensure that your family will not have to go through a long probate process to distribute your estate. Our experienced attorneys will tailor an estate plan that fits your family’s specific needs.
Wisconsin law determines who inherits a person’s estate when they do not have a will or other provisions for passing their assets. In addition to directing where your assets will go when you pass away, a will can designate who will administer your estate, who will care for your minor children, and create trusts for minors, loved ones with disabilities and others who you want to provide for, but who cannot handle a large sum of money independently.
A trust is an entity that designates a person to manage assets for the benefit of others. Trusts are used to avoid probate, to provide for loved ones with disabilities or for young beneficiaries, and to minimize tax liability.
Powers of attorney are documents that designate another to make decisions in the event you are unable to. Wisconsin law provides for a financial power of attorney and a health care power of attorney. These documents are important to ensure that your wishes are followed in case you become disabled or unable to make decisions for yourself, and to avoid a lengthy and costly guardianship procedure.