Wills, trusts, Powers of Attorney
Wills dictate distribution of assets after death, trusts manage assets, Powers of Attorney grant authority over legal decisions.
"Secure Your Legacy"
"We believe in helping people create wealth and protect it so it can be passed down to loved ones. Everyone needs an estate plan, regardless of the size of your assets or your marital status. At Wick Law, we specialize in helping small business owners craft estate plans so they can avoid excess taxes and ensure their wishes are carried out. Wick Law can help you create a legal estate plan so you can feel confident about the future of your personal and business assets."
What is estate planning?
Estate planning is the process of determining what happens to your belongings when you die. It’s family wealth planning. Estate planning makes sure there is a plan in place for your property and financial assets, including what happens to your money, how is it distributed, who gets your personal belongings, who will care for your children, and, if you are an entrepreneur, who will keep your business running and what will happen to it, and more.
In addition to instructions on how to distribute your property, an estate plan might include a trust or power of attorney. At Wick Law we will help you determine what options are best for your unique situation.
What is Included in Your Estate?
Your estate includes your home and any other real estate you own, personal belongings like furniture and electronics, vehicles, and equipment. It also includes your savings and checking accounts and other investments. Small business owners, if you are a solopreneuer, your bsuienss is likely a part of your estate.
Planning your estate
Estate planning involves creating a plan for the future of your loved ones and, if you own a business, the future of the business.
Every person should have a will, but it is especially important if you have a minor child. This document will make clear who is in charge of orchestrating the transfer of assets and who will have custody of your minor child if you die. A will also dictates what will happen to your personal assets after you pass.
Sometimes it can be advantageous to have a trust prepared, so that your assets and wealth do not immediately pass to a beneficiary upon your death. Instead, your trust will appoint a third party, or trustee, to hold on to the assets for a period of time. The trust will state which items are part of the trust, when the trustee needs to pass them to the beneficiary, and who the beneficiary will be. A trust gives you more control over how and when your assets will be distributed to your family and loved ones. A trust also protects your assets from creditors and sometimes can be used to minimize taxes.
Powers of Attorney
A power of attorney (POA) is a legal document that states a person may make decisions on your behalf. A power of attorney is helpful with you need care and are incapable pf making decisions due to declining health. General powers of attorney give a designated person the ability to make decisions on your behalf regarding any matter, such as finances, managing bank accounts and property.