General Information

The following is a brief description of the positions that need to be addressed in estate planning documents. Please consider whom you may want to name and provide addresses and phone numbers for those whom you expect to include. We will discuss this more fully during our meeting before any final decisions are made.

 

Personal Representatives

The Personal Representative manages property that is titled in your name and does not pass by joint ownership, beneficiary designation or other nonprobate court mechanism. If a probate proceeding is necessary, the Personal Representative manages your debts, taxes, and distributions to beneficiaries. If using a Revocable Living Trust as your primary estate planning tool, most duties shift to the Trustee(s), which is why many people name the same person(s) or trust company for both roles, and more than one Personal Representative can be named.

Trustees

If you include a Revocable Living Trust in your plan, Trustees manage funds held in or transferred to the trust and distribute assets according to trust provisions after your death or disability, and more than one Trustee can be named. Any individual over 18 or a trust company can serve as Trustee regardless of residency, and you can initially serve as Trustee of your own Revocable Trust.

Agent for Health Care Power of Attorney

An agent under a Health Care Power of Attorney will make health care decisions for you if you become incapacitated. You may name a successor agent if your primary agent cannot serve but you cannot name co-agents.

Attorneys in Fact for Durable Power of Attorney for Financial Matters

Agents under a Durable Financial Power of Attorney are granted broad powers to manage your personal and financial matters during your lifetime, including signing checks, dealing with social security issues, managing your retirement accounts, and filing taxes. This authority can be granted either upon execution of the document or only in the event you become unable to handle your finances. Multiple agents can be named to serve in this role.

Guardians

Disregard this section if there are no minor children. If any children are under age 18, Guardian(s) will be responsible for their day-to-day care and living arrangements. Guardians need not be Wisconsin residents, and more than one Guardian can be named.

If you have certain people in mind to fill these roles, please include their names, addresses and phone numbers.

Completing this summary with the approximate value of your assets and liabilities will assist us in developing your overall estate plan, assessing your needs for tax planning, and anticipating situations that might arise upon your death. Although detailed information regarding each and every asset is not required at this stage, providing more detailed information requested in the enclosed schedules will be extremely helpful. If you have a recent financial statement, you may attach that instead.

NOTE: If you have a current financial statement prepared by your financial advisor, accountant, or other agent, you may attach that rather than filling out the following tables.