1. Durable Power of Attorney for Finances (POA for Finances)
Imagine you have a bank account, a car, and some other stuff you own. If something happens and you can’t handle these things yourself (like if you’re in an accident or fall ill), you need someone you trust to take care of your money and other financial stuff for you. That is where your Milwaukee estate planning lawyer comes in to help.
Example: Let’s say you’re in the hospital and can’t pay your bills or manage your bank account. If you’ve set up a POA for Finances, the person you choose (your “agent”) can step in and handle these things for you. For expert guidance on drafting a POA and other estate planning needs, consider consulting with Milwaukee Power of Attorney Lawyer.
2. Will
A Will is a document where you decide who gets your stuff after you pass away. If you don’t make a Will, the court decides who gets what, which can be a long and messy process. It is important to consult with a Milwaukee Will Lawyer to ensure that your possessions and future are protected.
Example: If you have a collection of video games and you want your little brother to have them, you would write that in your Will. Without a Will, the court will decide who gets your games, which might not be what you wanted.
Bonus for Parents: If you have kids under 18, your Will can name who you want to take care of them if something happens to you. Instead of leaving this decision up to the courts, you choose someone you trust. Guardianship is an important part of an estate plan if you have minor children.
Example: If you’re a parent and you pass away, you can name a close friend or relative to be the guardian of your children, so they don’t end up in the care of strangers.
3. Trust
A Trust is like a special box where you put your assets (money, property, etc.) and decide who gets what when you pass away. Unlike a Will, a Trust helps you avoid the long court process called probate, which can delay things and be expensive. A Milwaukee Trust Lawyer can help you determine what should be put in the trust instead of a will.
Example: If you have a lot of valuable stuff and you want it distributed quickly and easily to your family when you’re gone, you can set up a Trust. This way, your family doesn’t have to wait for the court to figure things out.
Why It Matters Now
Planning your estate early is smart because it makes things easier for your family later. It’s not just something older people do—starting now can save a lot of hassle and ensure your wishes are followed.
Example: By planning ahead, you make sure your stuff goes where you want it to and your family doesn’t have to deal with confusing court processes or surprises.
If you need help setting this up, reach out to a Milwaukee lawyer who specializes in estate planning, like Konstantakis Law Office at (414) 427-6181. They can guide you through the process and make sure everything is set up just the way you want.
