In Wisconsin, estate owners start the planning process to achieve asset protection. The process involves setting up trusts and creating documents to prevent seizure through probate. A Probate Attorney in Mayville WI offers assistance with the planning process for all estate owners.
What are Irrevocable Trusts?
Irrevocable trusts are set up to transfer assets out of the estate quickly. Once the assets are transferred, they are no longer a part of the estate. The transfer stops the assets from entering into the probate process. The estate owner still owns the assets, and he or she identifies a successor to take control over the trust once the original owner dies.
How are Trust Funds Set Up?
Trust funds are opened by the estate owner through their attorney. The estate owner deposits as much money as they prefer into the account. They can continue to make deposits throughout their lives. The estate owner sets up provisions for the beneficiary. Typically, the beneficiary receives access to the trust according to age requirements set up by the estate owner.
Provisions in a Will
A will is a document that directs an executor when distributing the estate owner’s assets and wealth. It also defines new guardians for minor children and any provisions associated with the assignment. If the estate owner has a business, the will defines who will run it and take possession after the owner’s death.
Why Should You Set Up a Health Care Directive?
A healthcare directive defines the owner’s health care proxy who will make decisions about the estate owner’s medical care. The directive also determines if the owner wants any extraordinary measures such as life support. The directive may also provide a power of attorney for the proxy to manage certain monetary assets for the owner.
In Wisconsin, estate owners create a plan for distributing their wealth and assets. The plans direct an executor of the estate owner dies. They include a will, irrevocable trust, trust funds, and health care directives. A power of attorney is provided under certain circumstances such as debilitation or mental incapacity. Estate owners who want to schedule an appointment contact a Probate Attorney in Mayville WI or visit Qbslaw.com right now. You can also visit them on Facebook.