This article will explore questions that many clients have failed to contemplate or made a decision regarding prior to their initial planning consultation. Often the questions presented below elicit the “I never thought of that” response. Not all of these questions will apply to everyone. Fortunately, the disaster-type scenarios almost never occur. Problems with family
This article will attempt to answer basic questions about estate planning during the coronavirus outbreak.
WHO
Every individual 18 and over should have a basic estate plan. This has not changed since the coronavirus outbreak. People are now paying greater attention to the need. Most think of estate planning as a task for older adults.
A comprehensive estate plan review is recommended at a minimum of every three to five years. Other circumstances may create the need for a more frequent review. This article will present the factors you should consider when deciding whether to schedule an appointment to review your current plan with an estate planning attorney.
I HAVE
Deciding whether to use a will or a trust is often the most pivotal decision made during an initial planning meeting. The entire structure of the plan depends on this choice. Ultimately, the decision should made by the client only after an understanding of the pros and cons of these two planning tools is understood.
Selection of your agent is the most important decision made when completing your Health Care Power of Attorney (HCPOA). Your agent will make health care decisions for you when you are unable to make them for yourself. Before selecting the appropriate person, you should have a understanding of what the job is. Once the position
Using a form for a Health Care Power of Attorney is riskier than having an experienced estate planning attorney assist you in preparing the document. Most common problems with self-prepared forms include failing to complete in a legally valid manner, making conflicting or unclear directions to your agent, or failing to provide adequate guidance. I
Every adult in Wisconsin needs at least a basic estate plan. Yes, even a college student buried in debt needs at least two documents. These documents are a health care power of attorney and a financial power of attorney. The focus of this basic planning is to ensure the student has someone to make health
A basic estate plan covers incapacity planning and the disposition of property upon death. Most individuals when thinking about estate planning planning only focus on the later part–death. When I meet with clients, I always start with the incapacity planning first. The initial focus should be on matters that can help you while you are
I prefer not to overburden a prospective estate planning client with unnecessary homework prior to our initial meeting. Procrastination is the biggest obstacle to planning. My approach is to avoid providing an additional obstacle to getting the process started. So how much preparation is necessary to make the meeting productive for all of the participants.
I know some excellent plumbers and electricians that work in the area where I live. I occasionally use their services. But I almost always try to do it myself first. I am usually very careful before I start a project by first reviewing videos on YouTube or reading a how to manual. Many suppliers of
