Estate Planning
Our estate planning professionals work closely with you to identify and work toward
your goals with regard to wise planning and decision-making for your estate.
Family Wealth Planning Tools
A variety of estate planning documents can help you dispose of your assets. The
question is knowing which ones are appropriate for your situation. Your actual documents
will have to be tailored to your specific situation and be drafted by your attorney.
Four invaluable estate planning tools are:
- Financial Inventory
A basic first step in family wealth planning is to inventory the assets you hold
and how they are titled. You should also review your retirement plan and insurance
contracts for critical beneficiary designations.
- Will
A will is typically your most valuable estate planning instrument. An up-to-date
will should result in an orderly, sensible and effective disposition of your wealth
specifying to whom it should go, when it should be distributed, and in which form.
As a part of your plan, your will may direct money to others in trusts, rather than
outright. Or before your death, you may choose to pass on wealth through gifting.
- Power of Attorney
A power of attorney enables you to designate another person as your "attorney-in-fact"
to act on your behalf. There are three types of designations:
- Durable Power of Attorney
- Healthcare Power of Attorney
- Living Will or Declaration to Physicians
- Marital Property Agreement
It may be important to have a marital agreement as part of your financial plan,
especially in a marital property tax state such as Wisconsin. This agreement is
critical in easing the administration of an estate by making sure property is classified
as "intended."
Other Planning Instruments
Although there are a number of other estate planning instruments, such as property ownership arrangements, business provision or disclaimers, the plan instruments required depends on your specific circumstance.
A well-conceived plan which includes the four basic planning tools listed above can prove invaluable by reducing family conflict and financial hardship. If you set your goals and put your plan in writing, your family should not suffer unintended consequences and you will have helped preserve your wealth within the family.
Once you have classified your assets, we can work with you and your attorney to help you map out your estate plan by choosing the best instruments that meet your specific needs.