Neighbor News
Attorney Mitchell Barrock Helps People Prepare for Estate Planning
Attorney Mitchell Barrock lists the top three estate planning preparedness tips.
September is National Preparedness Month, and this includes estate preparedness. “People need to be prepared when planning for their estate,” said Mitchell Barrock, founder of The Law Offices of Barrock & Barrock. “For example, did you know that trusts, such as a spendthrift trust, can give you control over your assets even after you are gone?”
To help people with estate planning preparedness, Barrock lists the following three tips:
No. 1: Simple will or probate. “If your total estate is less than $50,000, a simple will may be enough because the courts allow an estate to be transferred simply through summary proceedings or affidavit of transfers,” says Barrock. “However, if the total value of your estate is greater than $50,000, you will most likely be forced to go through probate to get your assets transferred, which can be expensive, time consuming and very public.”
No. 2: Non-probate proceedings. “Are you aware that going through probate is a public proceeding where the whole world can find out about the value of your assets, what you own and who gets your estate?” asks Barrock. “In a world of electronic monitoring where our whole life is up for scrutiny, nobody wants the public to be able to spy your estate and expose your and your family members’ personal business. There are much more private ways of safeguarding your assets without going through probate proceedings.”
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No. 3: Trust and other estate planning tools. Probate proceedings can take up to 18 months or longer to conclude. “Why have to wait for your last wishes to be completed when there are quick and inexpensive ways to accomplish the same things, such as a trust or other estate planning tools?” concludes Barrock.
About Mitchell Barrock, The Law Offices of Barrock & Barrock
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Mitchell Barrock is licensed to practice law in Wisconsin Supreme Court, Wisconsin Seventh Circuit Court of Appeals, and Wisconsin Federal Court (Eastern and Western District). He is a member of the Trial Lawyers’ Association and Wisconsin State Bar Association. Barrock & Barrock specializes in personal injury, family law and estate planning. For more information, call (262) 783-7711, or visit http://www.barrocklaw.com. The law office is located at 13500 W. Capitol Dr., Suite 201, Brookfield, WI 53005.