The Financial Power of Attorney appoints a person to make all of your financial decisions in the event that you cannot make them yourself. The benefit of this is that you can avoid the hassle and cost of having someone go to court and get named your guardian. You can allow your Financial Power of Attorney to be effective immediately or else become effective at a later date or event, such as your incapacity. An agent under your Financial Power of Attorney can only act during your lifetime, meaning upon the death of the individual, the agent’s authority ceases.

The Health Care Power of Attorney appoints a person to manage all of your medical decisions if you can’t make them yourself. The benefit of this is that it allows you to put someone you trust in charge of your medical choices, as opposed to having the Court appoint someone to make these decisions if you cannot. It may also be used to make or refuse to make an anatomical gift (donation of all or part of the human body to take effect upon the death of the donor). Like the Financial Power of Attorney, the Heath Care Power of Attorney can take effect immediately or upon incapacitation – it is up to the individual to make that decision. Looming medical decisions can have a powerful impact and grave consequences if not done right – keep those important decisions in your hands by putting a Health Care Power of Attorney in place.

Disclaimer: The above information is provided as general information, not as legal advice, and does not create an attorney client relationship. Before making any decisions regarding legal matters, individuals should consult with a qualified attorney.

If you don’t appoint a guardian for your minor children when you die, a judge will decide who raises your children. Creating a Will avoids this and puts you in control of your children’s future

Contrary to popular belief, in Wisconsin a handwritten Will is unenforceable. This is known as a “holographic will” and it is not recognized in Wisconsin. In order for a Will to be enforceable, certain legal formalities must be met.

Unfortunately, the old adage “you get what you pay for” is true when it comes to Wills. Today, there are many commercially designed “do it yourself” Will kits on the market. They are appealing because the cost is less than that which you would pay an attorney. However, there are many traps for the untrained eye. Estate tax consequences and administrative complications could arise due to lack of estate planning experience and a lack of understanding the law. In the end, you will end up paying more to fix the “do it yourself” mistake.

Many attorneys would agree that putting together other documents in place that allow others to make decisions for you in the event you become incapacitated is recommended. These documents are a Health Care Power of Attorney and the Durable Power of Attorney (which handles the financial affairs). Often times, these two documents are prepared along with the Will.

At the Law Office of Geoffrey J. Lorenz, LLC, we are able to make recommendations that best fit your lifestyle and your budget at an affordable cost to you and your family. Contact us today.

Disclaimer: The above information is provided as general information, not as legal advice, and does not create an attorney client relationship. Before making any decisions regarding legal matters, individuals should consult with a qualified attorney.