Articles Tagged with estate planning

While planning for a catastrophic accident is something we may never want to think about, creating a power of attorney for someone to act in our best interest in the event that we become incapacitated is an important aspect of estate planning. Even in cases in which we make a full recovery, we still may need someone to take care of our finances or act on our behalf for a period of time while we recover.

In Wisconsin, these legal arrangements are called “durable powers of attorney” and allow someone to name another individual as the “attorney in fact” to make important healthcare decisions when someone faces an end of life scenario. Some of the scenarios where someone may have to exercise their durable power of attorney over another could be cases where someone is on a respirator or has severe brain damage and  unlikely to make a recovery.

Wisconsin law 155.01 et seq. Allows individuals to create a durable power of attorney for:

Creating a will and planning your estate is an incredibly important process that all adults need to think long and hard about, especially if they have children. Without a last will and testament, vital decisions about your estate will be left up to the courts or someone who might not be the best choice to oversee the process.

If you are married and believe you might not need a will because your spouse will naturally inherit the home and raise the children, you may not be taking into account some of the worst case scenarios. Should the unthinkable happen and both you and your spouse pass away with minor children, the decision over who will raise the children will be up to the courts if neither of you took the time to craft a will.

In that scenario, a court will need to choose a guardian to raise the children and oversee any assets that pass down. Letting a judge decide who will take care of your children can end up being an extremely emotional situation for some families, particularly if surviving family members disagree over who is best suited to take on the responsibility. If for no other reason than the sake of minor children, couples need to create a will spelling out who exactly will become their children’s guardian.

Facebook Legacy Contact - What Happens to my Facebook Account When I Die?Digital assets have become one of the leading problems in estate planning because attorneys are rushing to catch up with the technology and the laws governing who may have access to your online accounts once you pass. Most people now have multiple social media accounts that have a wealth of information they may want family and/or friends to have once they are gone. On the other hand, some people may have information in their social media accounts that they prefer to be deleted never to see the light of day by another person.

Therefore, in addition to providing for your family’s financial security, protecting your assets, and ensuring your assets are distributed according to your wishes, you must now consider what to do with your online social media accounts when you die. Facebook has made this a little easier for account holders.

Facebook Legacy Contact

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