Mueller Isabell Attorney At Law

Estate planning is a process.
It involves people-your family, other individuals and, in many cases, charitable organizations of your choice.
It also involves your assets (your property) and the various forms of ownership and title that those assets may take.
How and by whom your assets will be managed during your lifetime if you ever become unable to manage them yourself.
When and under what circumstances it makes sense to distribute your assets during your lifetime.
How and by whom your personal care will be managed and how health care decisions will be made during your lifetime if you become unable to care for yourself.

Every adult should have a General Durable Power of Attorney (Financial POA) and a Durable Power of Attorney (Health Care POA) as these agents have completely separate roles.
And, as your Estate Attorney, I can help you understand the significance of these important decisions and ensure that you have the right documentation in place.
You are the only one to make decisions regarding your finances and health care.
There are, however, two means by which someone else could obtain this authority and make decisions for you.

Names individuals (or charitable organizations) who will receive your assets after your death, either by outright gift or in a trust.
Nominates an executor who will be appointed and supervised by the probate court to manage your estate; pay your debts, expenses and taxes; and distribute your estate according to the instructions in your will.
A Will is carried out through the probate process.
Most assets in your name alone at your death will be subject to your will (probate).
Some exceptions include securities accounts and bank accounts that have designated beneficiaries, life insurance policies, IRAs and other tax-deferred retirement plans, and some annuities.

Probate is a court-supervised process for transferring a deceased person's assets to the beneficiaries listed in his or her will.
Typically, the executor named in your will would start the process after your death by filing a petition in court and seeking appointment.
Your executor would then take charge of your assets, pay your debts and, after receiving court approval, distribute the rest of your estate to your beneficiaries.
If you were to die intestate (that is, without a will), a relative or other interested person could start the process.

If you become incapacitated but have not previously signed both Financial and Health Care Power of Attorney documents, a legal proceeding called a Guardianship becomes necessary.
This is a stressful, time-consuming and expensive legal proceeding and can be avoided if the proper papers are in place.
When a Guardianship is established, the incapacitated person's legal right to make certain decisions about personal, medical, and/ or financial affairs are removed from him or her.
The responsibility for making such decisions is given to the court-appointed Guardian to exercise on behalf of the ward.