P.O. Box 7 • 215 North Lake Avenue Phillips, WI 54555 Phone: 715-339-2196 Fax: 715-339-4664
P.O. Box 151 • 170 North 4th Avenue Park Falls, WI 54552 Phone: 715-762-3258 Fax: 715-762-3289
Slaby, Deda, Marshall, Reinhard & Writz LLP
| Bohn Web Design Copyright © 2010 to Present. All rights reserved. | Technical Assistance: Lynne@BohnWebDesign.com |
TOLL FREE: 1-800-543-6440

Estate Planning

Wills A will is an estate planning tool that clearly lays out how a person wants their assets distributed upon death. Without a will, a person dies “intestate,” and their assets are handed out as directed by state law. There are certain legal formalities that must be complied with for a will to be valid. A will can be amended or revoked, if the correct legal procedures are followed. Wills may also contain provisions recommending who the decedent, or person who created the will, prefers be appointed as guardian of their children or even contain a trust within the will for the benefit of their children. At death, an estate with a will should be probated. Most wills are done for a flat fee, but the cost depends on the specifics of your situation. Please contact Slaby Deda Law Offices for a consultation to discuss your estate planning needs. Trusts A trust is a form of estate planning. Many people prefer trusts because they avoid the probate process and allow the settlor, or person who creates the trust, to have more control over the assets in the trust, even after death. The trust document puts certain assets in trust and names a trustee, who is the person who will manage and distribute those assets. Many people select themselves to be trustee while they are alive and competent, but then name a back-up trustee in the event the settlor becomes incompetent or dies. It is common for a settlor to choose a close relative or friend to be back-up trustee. The trust will also name beneficiaries, who are the people who will receive the benefits of the assets in the trust. The trust can provide certain conditions for the beneficiaries to receive the income from these assets, such as the beneficiary reaching a certain age. There are many different kinds of trusts that are used in estate planning. However, the most common type is a revocable living trust.  Once a trust document is created, the assets that are to go in the trust must be re-titled in the name of the trust. Though a trust is an important estate planning tool, a trust cannot reduce a person’s estate taxes.  Furthermore, a trust has administrative expenses, including fees paid to the trustee for managing the trust assets. Talk to an attorney at Slaby Deda Law Offices to determine if a trust is the right estate planning tool for you. Power of Attorney for Healthcare A “power of attorney” (POA) means a person, the principal, has given another, the agent, the power to make their decisions for them. A power of attorney for healthcare (POAH) is a form of advanced directive. A POAH gives a person the opportunity to plan ahead, while they are competent now, to provide for what will happen if they are to become incompetent.  In a power of attorney, an agent is appointed to make the health care decisions in the event the other becomes incompetent. Most people choose their spouse or other close family member to be their POAH agent. The agent should discuss end of life matters with the principal before something happens so that they know what action to take if the person becomes incompetent. The decision to determine that a person is competent is made by doctors. Two doctors must agree that the person is incompetent before the health care power of attorney goes into effect and the person named in the health care power of attorney begins making decisions. The health care power of attorney also includes clauses dealing with specific health care decisions. As long as a person is competent, a person can make changes in a power of attorney for health care. A power of attorney for health care is different than a living will, though people sometimes use the terms interchangeably. A power of attorney for healthcare is more flexible, giving an agent the authority to make decisions as they may come up, while a living will specifically states exactly what a principal wants to happen and at what point, without appointing an agent.   Power of Attorney for Finance A power of attorney for finance (POAF) is a document where an agent is given the authority to make financial decisions for another, the principal. The POAF document can be broad, giving the agent a lot of power, or narrow, limiting the agent’s power. Depending on what specific powers a principal wants to grant, the agent could have the authority to sign financial legal documents on behalf of the principal or simply do the principal’s banking. An agent should sign anything they do on behalf of the principal in a specific manner. Most people choose their spouse or a close relative to act as their POAF agent. A POAF may either take effect immediately upon signing or upon the principal becoming incompetent. Most clients choose to draft a durable power of attorney, meaning that the POAF lasts even if the principal becomes incompetent. Having a POAF can be useful in the event a person is homebound or having trouble figuring out their financial affairs. Furthermore, a POAF may avoid the need for a formal guardian of the estate to be appointed. Funeral Directives A funeral directive is a document stating a person’s instructions for how they would like their final wishes to be carried out. An agent is appointed by the principal (the person creating the document) to carry out the wishes of the principal. Things that may be specified include whether the principal wishes to be cremated or buried or what funeral arrangements they would like. The directions in a funeral directive can be as specific as the principal would like, including what religious ceremonies should be performed, viewing of the body, music, and financing.
P.O. Box 7 • 215 North Lake Avenue Phillips, WI 54555 Phone: 715-339-2196 Fax: 715-339-4664
P.O. Box 151 • 170 North 4th Avenue Park Falls, WI 54552 Phone: 715-762-3258 Fax: 715-762-3289
Slaby, Deda, Marshall, Reinhard & Writz LLP
TOLL FREE: 1-800-543-6440

Estate Planning

Wills A will is an estate planning tool that clearly lays out how a person wants their assets distributed upon death. Without a will, a person dies “intestate,” and their assets are handed out as directed by state law. There are certain legal formalities that must be complied with for a will to be valid. A will can be amended or revoked, if the correct legal procedures are followed. Wills may also contain provisions recommending who the decedent, or person who created the will, prefers be appointed as guardian of their children or even contain a trust within the will for the benefit of their children. At death, an estate with a will should be probated. Most wills are done for a flat fee, but the cost depends on the specifics of your situation. Please contact Slaby Deda Law Offices for a consultation to discuss your estate planning needs. Trusts A trust is a form of estate planning. Many people prefer trusts because they avoid the probate process and allow the settlor, or person who creates the trust, to have more control over the assets in the trust, even after death. The trust document puts certain assets in trust and names a trustee, who is the person who will manage and distribute those assets. Many people select themselves to be trustee while they are alive and competent, but then name a back-up trustee in the event the settlor becomes incompetent or dies. It is common for a settlor to choose a close relative or friend to be back-up trustee. The trust will also name beneficiaries, who are the people who will receive the benefits of the assets in the trust. The trust can provide certain conditions for the beneficiaries to receive the income from these assets, such as the beneficiary reaching a certain age. There are many different kinds of trusts that are used in estate planning. However, the most common type is a revocable living trust.  Once a trust document is created, the assets that are to go in the trust must be re-titled in the name of the trust. Though a trust is an important estate planning tool, a trust cannot reduce a person’s estate taxes.  Furthermore, a trust has administrative expenses, including fees paid to the trustee for managing the trust assets. Talk to an attorney at Slaby Deda Law Offices to determine if a trust is the right estate planning tool for you. Power of Attorney for Healthcare A “power of attorney” (POA) means a person, the principal, has given another, the agent, the power to make their decisions for them. A power of attorney for healthcare (POAH) is a form of advanced directive. A POAH gives a person the opportunity to plan ahead, while they are competent now, to provide for what will happen if they are to become incompetent.  In a power of attorney, an agent is appointed to make the health care decisions in the event the other becomes incompetent. Most people choose their spouse or other close family member to be their POAH agent. The agent should discuss end of life matters with the principal before something happens so that they know what action to take if the person becomes incompetent. The decision to determine that a person is competent is made by doctors. Two doctors must agree that the person is incompetent before the health care power of attorney goes into effect and the person named in the health care power of attorney begins making decisions. The health care power of attorney also includes clauses dealing with specific health care decisions. As long as a person is competent, a person can make changes in a power of attorney for health care. A power of attorney for health care is different than a living will, though people sometimes use the terms interchangeably. A power of attorney for healthcare is more flexible, giving an agent the authority to make decisions as they may come up, while a living will specifically states exactly what a principal wants to happen and at what point, without appointing an agent.   Power of Attorney for Finance A power of attorney for finance (POAF) is a document where an agent is given the authority to make financial decisions for another, the principal. The POAF document can be broad, giving the agent a lot of power, or narrow, limiting the agent’s power. Depending on what specific powers a principal wants to grant, the agent could have the authority to sign financial legal documents on behalf of the principal or simply do the principal’s banking. An agent should sign anything they do on behalf of the principal in a specific manner. Most people choose their spouse or a close relative to act as their POAF agent. A POAF may either take effect immediately upon signing or upon the principal becoming incompetent. Most clients choose to draft a durable power of attorney, meaning that the POAF lasts even if the principal becomes incompetent. Having a POAF can be useful in the event a person is homebound or having trouble figuring out their financial affairs. Furthermore, a POAF may avoid the need for a formal guardian of the estate to be appointed. Funeral Directives A funeral directive is a document stating a person’s instructions for how they would like their final wishes to be carried out. An agent is appointed by the principal (the person creating the document) to carry out the wishes of the principal. Things that may be specified include whether the principal wishes to be cremated or buried or what funeral arrangements they would like. The directions in a funeral directive can be as specific as the principal would like, including what religious ceremonies should be performed, viewing of the body, music, and financing.
| Bohn Web Design Copyright © 2010 to Present. All rights reserved. | | Technical Assistance: Lynne@BohnWebDesign.com |
TOLL FREE: 1-800-543-6440
TOLL FREE: 1-800-543-6440