Estate Planning and Probate
Planning for the end of your life is an uncomfortable process that many put off until it is simply too late. Estate planning involves more than simply drawing up wills or trust documents. Estate planning gives you the security of knowing that your wishes will be carried out even when you are no longer able see them through. It is a process in which the attorney and the client work together closely, examining a wide range of family, financial, insurance and retirement considerations to determine the full extent of the client's estate planning needs and goals. Patton, Hoversten & Berg, P.A. provides clients with a variety of estate planning tools to achieve the desired result.
Wills. A will is one of the most common estate planning tools used. A will is the legal document used to distribute property upon your death. This is the simplest way to make sure that your property is transferred according to your wishes. A will can also nominate a guardian for your minor children and a personal representative to handle your estate upon death. Because of changes in your life such as the birth of a child, purchasing new real estate, marriage or divorce we recommend that you review your will every three to five years to keep your will current.
Trusts. Trusts provide significant flexibility for handling various estate planning needs. A trust can be used to minimize estate tax, to provided a disabled loved one with a continuous income stream, to make small distributions of assets at specific intervals, or to make distributions to support your favorite cause. A trustee is selected to manage the trust assets and make distributions according to your instructions. Unlike wills which become part of the public record, revocable trusts are private and prevent strangers from learning confidential information. They are also a favorite estate planning tool to avoid probate as well as possible will contests.
Health Care Directives. A Health Care Directive, commonly known as a living will, is one of the most important documents a person can have. A Health Care Directive appoints a person to make decisions about your medical treatment when you are no longer able to make those decisions yourself. A Health Care Directive is vital to make sure the person making those decisions is a person you trust. Without a Health Care Directive, a guardianship proceeding is necessary for those decisions to be made. Guardianship proceedings can be very costly and most importantly, result in a court deciding who will be appointed guardian.That person may not be the same person you would chose.
Financial Powers of Attorney. Financial Powers of Attorney are also an important tool used in estate planning. A power of attorney allows another person to make financial decisions for you. The power of attorney can allow the person you select to sign documents on your behalf, transfer real estate and other assets, pay bills and a variety of other financial transactions. The power of attorney can also be as limited as you chose.
Guardianship & Conservatorship. When an individual is no longer capable of making decisions and they have not established a health care directive or financial power of attorney, it is often necessary to request that a guardian and conservator be appointed. Guardians are appointed to make decisions about medical treatment and care. They can determine who the doctor will be and where the individual will live. A conservator handles the financial matters of the individual's estate.
Elder Law. Many of our clients are interested in knowing their rights and responsibilites regarding long term care and nursing home expenses. Careful planning is required to fully utilze the alternatives available for payment of those expenses. A thorough knowledge of the complex medical assistance rules is necessary to properly advise our clients and our experienced elder law attorneys regularly attend and participate in continuing education programs related to those rules and the latest planning techniques. We have advised hundreds of families on how to legally plan for long term care and nursing home expenses.
Probate. Probate is the legal process of transferring property owned by you upon your death. Your property is gathered up, your bills are paid, and the remainder is distributed to your heirs if you have no will, or to the people you provided for if you die with a will. Certain types of property such as joint tenancy property, jointly held bank accounts, payable-on-death accounts, and life insurance policies which name a beneficiary can be transferred without going through probate
Estate Planning Attorneys:
William Hoversten
Blaine Johnson
Daryl Bail
Cliff Gardner
CarolHanks
The estate planning attorneys at Patton, Hoversten & Berg, P.A. can provide creative ideas to help you form an estate plan of your own. If you are interested in evaluating your estate plans please contact us by using our Contact Us page or contact our Waseca office at 507-835-5240, our Owatonna office at 507-451-9000, our Janesville office at 507-234-5106, or toll-free at 1-888-835-5244.
