For people that are looking to ensure that their estate is well handled after they pass away, it will be important to work closely with an estate planning attorney in Stevens Point, WI. This type of planning for the future can ensure that a person’s wishes in terms of how things should be handled after they pass away are clearly documented and easy for the executor of the estate to carry out.
Different Financial Station, Different Estate Plans
From a financial standpoint, estate planning is going to be a bit different depending on a person’s financial situation in life. For people that have an estate valued at over $5 million, establishing a trust in which estate assets and the control of the estate are transferred to a designated trustee is the best way to avoid probate, avoid costly estate taxes and have a person’s wishes carried out in their entirety. However, establishing a trust can be extremely complicated and expensive, which is why working with an estate planning attorney makes so much sense.
Preparing for Probate
If a person doesn’t have an estate worthy of creating a trust, making sure that everything is taken care of in terms of debts, taxes, and any other issues ahead of time will make the probate process quick and inexpensive. When an estate has to be valued and remaining taxes or debts have to be paid off, this can leave the executor of the estate, which is normally a family member, in a very unenviable position of dealing with a complicated legal process. With the help of an estate planning attorney and with the benefit of naming a probate attorney to help the executor through the process, probate can be expedited and streamlined with proper preparation.
Working with an estate planning attorney in Stevens Point, WI is imperative if you’re planning on leaving assets behind for family members. It also vital if you want to make sure that any of your affairs that you cannot manage on your own because of an illness or age are handled by people you trust. In any of these events, the assistance of Duncan Disability Law, S.C. in estate planning is invaluable. You can also connect them on Facebook.
