+ I need to create an estate plan. Where do I start?

The first step in creating an estate plan is to create a list of your assets and think through who you would want those assets to transfer to when you pass away. You will also want to think about who would be in the best position to serve as your personal representative, your financial agent, your health care agent, guardians for your minor children, etc.

To help you get started, feel free to download our Estate Planning Questionnaire, which is designed to help you organize the information you will need to create an estate plan.

+ I have an estate plan. How often should I review it?

Typically, we recommend that you review your estate plan every three to five years, or when there is a major life event. A major life event may include any of the following: the birth or adoption of a child or grandchild; when your child or grandchild reaches adulthood; marriage; divorce; illness or disability of one of your beneficiaries; death or change in circumstances of your agents, trustee, or named guardians; significant increase or decrease in assets; and when the laws governing estate planning change.

+ Where should I store my estate planning documents?

After you have completed your estate plan, we recommend that you store your documents somewhere safe, and ideally, fire proof. This could be in a safe in your home, a filing cabinet, or a safe deposit box at the bank. Regardless of where you choose to store your documents, it is critical that you tell your agents where your documents are and how they can access them. For additional information about what to do with your documents once they are complete, you can review “Where Should you Keep your Estate Planning Documents”.

+ Who should I consider including as my agent?

When trying to decide who should serve as your personal representative, trustee, or financial agent, we often suggest choosing someone in your circle who has the skills necessary to complete the tasks that will be required of them. In each of these roles (personal representative, trustee, or financial agent), your agent will be helping to sort through and manage your assets and pay off your creditors.

Generally, someone who is organized and is able to successfully manage their own financial affairs would be a good candidate. When trying to decide who you would like to serve as your health care agent, we again recommend that you choose someone who you feel will be able to carry out your wishes. Your health care agent may become responsible for helping make routine medical decisions on your behalf, such as obtaining second opinions or requesting a medication check, as well as more substantial decisions surrounding your end of life care.

Once you have selected an agent, it will be important to discuss your medical and/or end of life wishes with them to ensure that they are comfortable carrying them out, if need be.

+ What if I don’t have someone close to me who is capable of serving as an agent?

Not every person has a deep bench of trusted contacts to serve as their financial power of attorney, health care power of attorney, or even the executor of their estate. The good news is that there are various resources in our community to fill that need. You can name a corporate trustee to serve as your financial power of attorney, the executor in your Last Will and Testament, or as the trustee in your Revocable Trust. Utilizing a corporate trustee for these roles can provide reassurance that your financial needs will be taken care of efficiently and effectively, regardless of what life brings your way.
While health care decisions are certainly more personal and, to some degree, sensitive, there are also corporate options that you can elect to make your health care decisions for you if you are unable to do so on your own. These companies are generally run by physicians or individuals with experience in the medical field who would be qualified to discuss your condition with your providers and make decisions that are both aligned with your wishes and in your best interest.

+ What is the difference between a Last Will and Testament and a Revocable Trust?

When creating an estate plan, the Last Will and Testament and Revocable Trust both serve to ensure that your assets get identified, your bills get paid, and your assets then get distributed to your chosen beneficiaries. The process used to accomplish that, however, is much different.

When you utilize a Last Will and Testament to transfer your assets, you will most likely have to go through the probate process. Probate is a court supervised process to ensure that all of your assets have been identified, all of your creditors have been properly notified and your outstanding bills paid off. The probate court will then ensure that your assets are distributed according to the terms outlined in your Will. The probate court will also provide your personal representative with domiciliary letters that evidence his or her authority to transact business on behalf of your estate. The average probate will take between twelve and eighteen months to complete.

When you utilize a Revocable Trust to transfer your assets, there is no need to go through the probate process. A Revocable Trust is created with your privacy in mind. A properly drafted Trust will provide your trustee with all of the authority necessary to begin handling your affairs without any court supervision. A Revocable Trust is also utilized to provide more efficient oversight of inheritance for minor or special needs beneficiaries, as well as real estate located outside of Wisconsin.

+ How long does it take to complete an estate plan?

To some extent, that depends on the complexity of your plan. At DeLeers Legal, LLC, we make every effort to get your initial drafts out within 6-8 weeks of you signing your engagement letter. Once you receive your initial drafts, the timeline is some what up to you, as you will need to take time to review your drafts, provide us with any missing information or changes, and then schedule a time to come in and sign the documents. Most plans are completed, start to finish, within 4-6 months after the engagement letter has been signed.