Estate Planning Needs: Critical Questions You Must Ask Yourself To Decide Your Estate Plan in Wisconsin
Estate planning can be daunting. This guide answers key questions to help you understand your estate planning needs in Wisconsin.
Estate Planning Needs: Who Needs an Estate Plan?
Anyone with assets, regardless of age, who wants control over their assets’ distribution and decisions regarding their estate should have an estate plan.
Estate Planning Needs: Key Estate Planning Documents
Learn about five essential estate planning documents:
- Will: Specifies asset distribution and guardian for minor children.
- Trust: Avoids probate, dictates asset distribution terms.
- Marital Property Agreement: Classifies marital assets.
- Financial Power of Attorney: Manages finances during life.
- Healthcare Power of Attorney: Makes medical decisions.
Consequences of No Estate Plan
Dying without a will results in intestacy. Court-supervised asset distribution may not align with your preferences, potentially causing disputes among heirs.
Probate is the legal process that manages asset distribution when someone passes. It can involve disputes and lengthy court proceedings.
Avoiding Probate in Wisconsin
Prevent probate by:
- Establishing a trust
- Naming beneficiaries for accounts
- Using transfer-on-death deeds
- Holding joint financial accounts
Updating Your Estate Plan
Review and update your estate plan after major life changes or tax law revisions to ensure its relevance.
5 Crucial Estate Planning Questions
- What Are My Assets? Document all assets, including digital ones, and share the list with your estate planning attorney.
- Who Should Care for My Children? Designate a guardian who aligns with your values.
- Who Makes Decisions for Me? Choose someone to make financial and medical decisions if you become incapacitated.
- Who Oversees My Estate? Select a trusted personal representative or executor.
- Am I Prepared for Aging? Plan for long-term care, insurance, and retirement needs.
Ensure your estate planning needs are met with the help of Dahlberg Law Group’s experienced attorneys. Contact us to secure your legacy.