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wisconsin estate planning faq

Estate planning allows you to take control of your finances, property, health care, and guardianship of minor children. Whether you’re a young adult or a retiree, setting up a plan is a great idea at any age. If you would like to know more about the most common Wisconsin estate planning FAQs, we have the answers for you. 

Why Is Estate Planning Important?

With this process, you can plan for the future. Along with that, you can make sure that all your assets are distributed according to your wishes. In short, your family will not have to deal with surprises after your passing. 

For those who have minor children, you can choose guardians for them in the plan. No matter what happens, you will be assured that they are protected even if you are no longer around. 

However, that is not all. Estate planning lets you stipulate all your healthcare decisions. You can outline your preference for medical treatment and end-of-life care through health care powers of attorney and living will documents. 

Estate plans also assist with financial management. With a power of attorney, you can empower someone to act on your behalf in the event that you become incapacitated. All your financial affairs will be effectively managed, providing you with a bit of peace of mind. 

What Are the Most Essential Estate Planning Tools?

There are some key parts of an estate plan that you should consider. For example, a will is vital. With that, you can outline how to distribute your assets and designate guardianship for any minor children. These are an essential piece of any estate plan. 

Living trusts are also an important part of an estate plan. You can use them as an alternative to a will. Plus, they can avoid probate and allow you to manage assets throughout your lifetime. 

Additionally, you don’t want to forget about setting up powers of attorney. They can be established to handle your healthcare or financial affairs. 

Who Needs a Will?

Writing a will is an important step that everyone should consider taking at some point in their life. Creating a will is vital if you have accumulated assets, such as property, investments, or business interests. You can ensure that your hard-earned wealth is distributed according to your wishes.

For parents with minor children, having a will is especially important. You can specify guardianship arrangements to protect your children’s well-being in the event that something happens to you and your spouse. This can help ensure that your children are cared for by someone you trust and their needs are met.

Even young adults should consider writing a will. While it may seem that only older individuals need to worry about it, accidents and unexpected events can happen at any age. Creating a will simplifies matters for loved ones and ensures that your assets are handled appropriately. If you only create one legal document for your estate plan, make it a will. 

Remember that estate planning is a proactive step toward securing your legacy and protecting your loved ones. Consult legal professionals to create a personalized estate plan that aligns with your unique circumstances.

What Happens If You Die Without a Will?

In Wisconsin, your surviving spouse or registered domestic partner will inherit your estate if you die without a will. This can be an advantage for those who want to ensure their spouse is taken care of after they pass away. However, complications may arise if the deceased has children from previous relationships or marriages. 

In these cases, the children may have to go through legal battles to ensure they receive a fair share of the inheritance. This can lead to a lot of emotional stress and financial burden on all parties involved. 

Let’s Get Planning for Your Future

If you are ready to get serious about your estate plans, the Collins Law Firm can help. Our estate planning legal team has decades of experience protecting your legacy. Contact us or call (414) 207- 6292. Schedule your free and confidential consultation today!

Talk to someone about your estate plan today. Free and Confidential.

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