thumb-planningThe first of the year has come and gone and most resolutions have already been forgotten. If your resolution was to implement or update your Will and Power of Attorney documents, you need to get this done.

Stop procrastinating. Everyone needs a Will and Power of Attorney (POA) for Health Care and for Finance. In fact, your POAs should be your priority, even over a Will. Why you might ask…there are several answers to this question.

In the state of Wisconsin, if you’re married and your spouse becomes incapacitated, you cannot make any health care decisions or financial decisions on their behalf unless you are their Power of Attorney.

Your Will is the document that goes through probate. Our goal is to prevent your beneficiaries from having to go through probate. If all of your beneficiary designations are done, and done correctly, your Will simply ends up transferring your personal possessions to your beneficiaries.

For example, if you place a beneficiary designation on your bank or credit union accounts and that designation is Payable on Death (POD) those assets will then bypass probate without needing to be placed in your Will. This is just one of things that can be done in the beneficiary process that is free. Another is naming beneficiaries for your Life Insurance and retirement accounts, so they automatically bypass probate.

Other less expensive documents like a Life Estate will transfer titled property probate free and provide protection from a nursing home after the 5 year look back period has expired.

Our concern is not only that these important documents are part of your retirement plan but that they are done correctly. Far too often people buy other products or documents that are unnecessary, and potentially very costly, which provide the same if not lesser benefits.

Save yourself, your beneficiaries, and your estate a lot of time and money by implementing or updating your Will & Power of Attorney documents now.  Don’t wait another day, call us now for a FREE review of your Estate Plan.  If you don’t currently have an Estate Plan, call us to help you implement a plan today.