Donald Hyun Kiolbassa
Attorney At Law, Ltd
Estate Planning: Wills, Trusts, and Probate
Be prepared for unexpected life events with Estate Planning
Whether you just had a newborn baby or are planning for an elderly spouse or parent, it is important to plan for finances of loved ones.
There are 3 major sets of documents to consider in an Estate Plan:
WillGenerally speaking, a Will handles the administration of your Estate.
This includes items such as Guardianship over your children, Burial requests, and Distribution of Assets through the process of Probate.
TrustLoosely speaking a Trust is a vehicle that handles the distribution of assets.
Sometimes giving assets to loved ones is not as easy as you may think. For example, you may want to make sure that distributions of your Estate to your children happen at certain times and events to ensure that your children are ready for the responsibility of the asset.
Power of AttorneyA Power of Attorney is giving someone else the power to sign or make a decision on your behalf. Most people have 2 Power of Attorneys.
Property:This allows someone to sign or make certain financial decisions for you if you are not available or competent.
Healthcare:This allows someone to sign or make certain health decisions for you if you are not available or competent.