Estate Planning With a Probate Attorney in Wausau, WI
Many people don’t realize the importance of having a will, even if they don’t have much money. Without providing any directions about how you want your money and property distributed after your death, your estate can be managed by the courts and the laws of the state. Your assets may be distributed in a way that you would not approve of. Your dependents, if you have any, may not receive what you want them to receive, and neither will others who may not be related to you, or charities you love, or anyone else. It isn’t too early to begin formulating a plan with a probate attorney in Wausau WI. You can always make changes to your paperwork later, as things come up and as life changes occur.
Many people need help when they make up a will. A probate attorney Wausau WI can sit down with you and help you with a will, whether your estate is simple or complicated. If you already have a will, and if it’s been three to five years since you created it, attorneys recommend that their clients sit down to review their will and update it as necessary. If you created your will in another state, that other state’s laws would apply, so that’s another reason to update your will if you move.
A revocable trust or a living trust is an option to have instead of a will to manage your estate and avoid having your assets go through probate. A revocable trust is a way to say ahead of time how you want your money handled while you’re still living and if you become incapacitated and unable to handle your affairs yourself. The trust then continues after your passing so that your wishes for your assets are carried out.
An irrevocable trust is, like the name says, irrevocable. Once assets are in the hands of the trust, the person who granted the funds no longer has any control of them. This option may help a grantor to reduce their tax obligation while at the same time protecting assets that are to go to both individuals and charities. The assets in the trust may be protected from having to be taken out to pay for nursing home care and medical bills in the future.