Custom Estate Planning Services in Wauwatosa, Pewaukee, Shorewood and Milwaukee
Life is full of uncertainties, but one thing you can control is how your loved ones will be cared for if something unexpected happens. Estate planning is not just about distributing assets; it’s about providing clarity, protection, and peace of mind for your family during one of life’s most difficult times. At Collins Law Firm, we believe that estate planning is one of the most thoughtful gifts you can give to your spouse, children, and future generations.
We serve clients throughout the Wauwatosa, Pewaukee, and Shorewood areas of Milwaukee, as well as the surrounding communities including Whitefish Bay, Fox Point, Mequon, Cedarburg and Greendale. Our personalized and comprehensive estate planning services are designed to reflect your values and protect your legacy, ensuring that your wishes are honored and providing you with peace of mind.
Why Estate Planning Is a Gift to Your Family
Many people delay planning their estates because they believe it’s only for the wealthy or elderly. However, anyone with loved ones, property, or sentimental belongings should consider creating a plan. Without a plan, decisions about healthcare, finances, and assets can be left to the courts, causing unnecessary stress for family members and delays in finalizing the process.
A well-crafted estate plan not only helps to avoid legal complications, but also:
- Helps prevent family disputes by clearly defining who receives what after your passing
- Reduces emotional and financial burden during a difficult time
- Protects minor children by naming guardians in case of incapacitation
- Ensures continuity of care for loved ones
- Provides a roadmap for the future stability and success of your family
At Collins Law Firm, we take a personalized approach to estate planning, considering your unique needs and goals as a family.
Essential Components of a Custom Estate Plan
Every individual and family has different priorities, assets, and concerns. That’s why we offer customized estate planning solutions tailored to your unique situation – we don’t use one-size-fits-all approaches. Our core services include:
1. Last Will and Testament
A will is an essential part of any estate planning process. It allows you to:
- Name beneficiaries for your assets, including property, bank accounts, and other personal items.
- Appoint a trusted individual to manage your affairs after your death, known as an executor.
- Designate a guardian to take care of minor children in the event of your passing.
- Express your final wishes regarding your funeral arrangements.
Without a valid will, Wisconsin law determines how your assets will be distributed, potentially leaving out close friends, charities, or even estranged relatives that you would prefer to exclude. A simple and properly drafted will can help prevent confusion, court battles, and unwanted outcomes.
2. Revocable Living Trusts
While a will only becomes effective after death, a living trust can be activated as soon as it is created and offers several significant advantages:
- It avoids the need for probate, saving time, court fees, and unnecessary publicity for your family.
- It allows for smooth management of your assets if you become unable to manage them yourself.
- It provides privacy, unlike a will which becomes a part of the public record.
- It enables flexible distribution of your assets, such as staggered inheritances for younger family members.
In Wisconsin, a revocable trust can be an effective tool for managing your estate. It allows you to have full control over the trust and to change or cancel it at any time while you are alive. This makes it a more flexible option compared to other types of trusts.
3. Powers of Attorney
No one plans to lose their ability to make decisions, but illness or injury can happen at any age. That’s why every person should have two important documents in their estate plan:
- Durable Financial Power of Attorney – This document names an agent to take over your finances if you’re unable to manage them yourself. This includes paying bills, managing investments, and selling property.
- Healthcare Power of Attorney (or Medical Power of Attorney) – This document designates someone else to make medical decisions for you, based on your values and wishes.
These documents ensure that you have the right to choose who will act on your behalf rather than a judge. They also help prevent the need for expensive and invasive guardianship procedures.
Planning for What Matters Most
At Collins Law Firm, we provide more than just legal advice. We take the time to understand your unique circumstances, including family dynamics, concerns about aging parents or children with special needs, business interests, and even wishes for cherished possessions or charitable donations. Whether you’re a young parent, retiree, or small business owner, we work with you to create a plan that evolves as your needs change.
We also review and update existing plans in light of life changes, such as marriage, divorce, birth, move or shift in financial circumstances, so that your documents always reflect your current situation.
Serving Southeastern Wisconsin with Compassion and Expertise
As a locally-based law firm, Collins Law is dedicated to making estate planning more accessible, understandable, and less stressful for families in the greater Milwaukee area. We understand that discussing financial matters can be difficult, but our team approaches each conversation with empathy, patience, and professional expertise.
Our clients appreciate our clear explanations and proactive guidance, as well as our dedication to their long-term well-being. We are not just document writers; we help our clients create a lasting legacy of care and intention.
Complimentary Estate Planning Workshops
Start Your Plan Today—For Their Sake
Estate planning is not about preparing for death, it’s about protecting the people you love while you’re still here. By taking action now, you can spare your family the guesswork, courtrooms, and heartache that might come later.
Collins Law Firm handles estate planning for Wauwatosa, Pewaukee, Milwaukee, and surrounding communities including Shorewood, Whitefish Bay, Fox Point, Mequon, Cedarburg, and Greendale. Call the firm today at 414-207-6292 to get started.
Common Estate Planning FAQs
Estate planning is about more than just distributing wealth; it’s about ensuring your wishes are honored and protecting your loved ones from unnecessary stress and conflict. Without a plan, state law (intestacy) dictates who receives your assets, which may not align with your intentions. A plan also designates guardians for minor children, specifies healthcare preferences, and appoints trusted individuals to manage your affairs if you become incapacitated. It is a fundamental act of care, regardless of estate size.
A Will is a legal document that directs how your assets are distributed after your death and can name guardians for minor children. It only takes effect upon your death and must go through the probate court. A Revocable Living Trust is a legal entity that holds ownership of your assets during your lifetime. You control it as the trustee, and it allows for seamless management of your assets if you become incapacitated and for immediate, private distribution to beneficiaries after your death, typically avoiding probate. Most comprehensive plans utilize both.
If you are unable to make financial or medical decisions and lack Powers of Attorney, your family would likely need to petition the court for guardianship or conservatorship. This is a public, often lengthy, and expensive legal process where a judge appoints someone to manage your affairs. By establishing a Durable Financial Power of Attorney and a Healthcare Power of Attorney (also called an Advance Directive), you choose your agents in advance, ensuring your affairs are handled privately by someone you trust.
You should review your estate plan every 3-5 years or immediately after any major life event. Significant changes that necessitate an update include marriage or divorce, the birth or adoption of a child, a substantial change in your financial situation, the death of a named beneficiary or fiduciary, a change in your state of residence, or revisions in state or federal tax laws. Regular reviews ensure your plan continues to reflect your current wishes and family dynamics.
Yes, with thoughtful planning. While direct, outright distributions may be vulnerable, strategies like establishing a trust for your children’s benefit can provide protection. Assets held within a properly drafted trust are not considered the child’s direct property, offering a layer of security against potential future creditors, lawsuits, or in the event of a divorce. We can tailor provisions to balance protection with your child’s access and flexibility.
Avoiding probate is often a primary goal in estate planning due to its public nature, potential for delay (often 4-18 months), and associated costs (court fees, legal fees). Planning tools like revocable living trusts, joint ownership, and beneficiary designations allow assets to transfer directly to beneficiaries outside of court supervision, offering greater privacy, efficiency, and often reduced expense for your loved ones.