FAQ – Estate Planning

When should I create an estate plan?

Many people put off creating wills, trusts and other estate planning documents, but this can be a mistake. If you are an adult with any assets at all, or have minor children, establishing even a simple estate plan can spare your loved ones future potential conflict and expense.

How can I maintain control over important decisions if I become incapacitated?

If you establish estate planning documents called powers of attorney, you can appoint a trusted person to make decisions regarding your health care and finances. A living will, or advance health care directive, gives specific instructions as to the medical treatment you would like to receive or not receive.

Who should I appoint as a power of attorney?

A power of attorney should be someone you trust to look out for your best interests in the event you become incapacitated. You might want to consider someone who has shown wise judgment and selflessness in the past. A strong will is also important, as this person may encounter conflict with others claiming to know your wishes better. For practical purposes, someone who lives in geographical proximity to you is also a good choice.

What happens if I die without a will?

Without a last will and testament in place, your wealth and assets will be divided in accordance with South Dakota intestate succession laws. It is unlikely the state's plan aligns with your own wishes, which is why it is important to take the time to create a will and other estate planning documents.

How can I avoid probate?

Some property passes outside of the probate process. Through skilled use of trusts, you may be able to help your loved ones avoid much if not all of the probate process.

Contact A Lawyer For Answers To Your Estate Planning Questions

For answers to your specific estate planning questions, talk with an experienced attorney at The Krause Law Firm in Sioux Falls. You can reach our law offices by telephone at 605-610-3496 or online by filling out a brief contact form.