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
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.