Just what do those terms mean?
Estate Planning deals with how you want your assets distributed after your death.
The most common document involved in Estate Planning is a Will. It controls what happens to certain assets after you die. But a Will isn’t the only document that can be used. Assets can be re-titled to have co-ownership with the survivor taking the asset after a co-owner dies. Many assets can have designated death beneficiaries including real estate, financial assets, and business ownerships. Assets that are controlled by another valid piece of paper, are NOT controlled by a Will. I work with my clients to understand their assets, their goals, and what documents will best meet their needs.
The second most common term people hear about is likely a Trust. A Trust is a separate legal entity (like a business) that holds property for a designated purpose and time. A Trust does not always avoid probate. A Trust does not always ensure eligibility for Medical Assistance and help paying for a nursing home. Some trusts can do those things, but they must be written for those purposes, funded properly, and clients need to understand the rules and live with them. Trusts are generally a life-long commitment and most of the work of having a trust is not done by the lawyer who creates it. Most of the work is done by the client who maintains it.
Elder Law handles managing assets and assigning decision-making powers while you are alive.
Elder planning documents help clients designate decision-makers and delegate powers while the client is still alive. A Power of Attorney for Finances and Property names and individual to manage your assets while you are still alive. It can be tailored to your needs – temporary, permanent, immediate, delayed, and you can pick and choose how much authority you give your agent. A Health Care Power of Attorney designates a person to make your health care decisions if you are not able to. It also can be tailored to reflect your personal choices about nursing home placement, life-saving measures, mental health care, and more. A Declaration to Physicians (the Wisconsin name for a Living Will) instructs your health care agent and doctors about what types of care, procedures, medication, or other interventions you do (or don’t) want to receive if you are at the end of your life.
I have been helping people through these processes for years. Some of the documents people need to accomplish what they want are fairly simple forms. I can meet with you once to understand what you want, draft and send you documents, and at the second meeting we can sign everything. You can take home the originals, I will keep a digital copy. Other situations may demand more ongoing work, revisions to documents, and a comprehensive plan. Contact Kirk Law Office to set a meeting where you can discuss your wishes and goals and receive the documents you need to achieve those goals.
More information about elder law and estate planning are available from the Wisconsin State Law Library. Just follow the link from the highlighted topics. You can also visit the State Bar of Wisconsin’s page on Wills and Estate Planning.