Estate planning may seem like a task to put off until you are older. However, that is not the case! By planning today, you can save your loved ones a lot of stress from making difficult decisions in the future. While estate planning may seem like a stressful process, by starting today, you will feel better about your future. Below are 10 reasons why you should start setting up your estate plan.
1. Estate Planning Secures Your Wishes.
While no one wants to expect the worst, having an estate plan is the best way to prepare for unforeseen and difficult situations. It can be challenging to think about who will take care of your family, make important decisions for you or inherit your assets when you are gone. However, in doing so, you make sure that your wishes are put in writing and cannot be disputed.
2. Protect Your Loved Ones.
One of the most important reasons for having an estate plan is to protect and care for your loved ones. Not only can you designate who your assets go to, but you can also grant guardianship of your children or a family member that cannot take care of themselves. This way, you can continue to care for your loved ones no matter the circumstances.
You can also help a family member in need with conservatorship. This is where you appoint a conservator to manage the finances and healthcare of a struggling loved one. The benefits of conservatorship are that you and your family can have peace of mind that a professional is caring and managing sensitive matters for your loved one.
3. Take Care of Your Spouse and/or Children.
If you are married and have children or are planning on either, you need an estate plan. By setting up a will or trust, you can make sure that your spouse, children or both are taken care of. Without a will or trust, the state of Wisconsin will determine how your property is dispersed. To avoid this, set up your estate plan today and be confident that your family will be secure.
4. Protect Your Future Self.
Planning now can also protect yourself in the future. If you become incapacitated and are unable to make decisions by yourself, you can grant a person you trust the power of attorney to make important decisions for you. This way, you can be confident that you will be supported by someone with your best interest in mind.
5. Ensure Your Plan is Carried Out.
You can ensure that your plan is carried out in the way you want with an estate plan. If you do not have an estate plan, the state of Wisconsin will disperse your property as they see fit. To handle your property and assets as you wish, set up an estate plan today to give you and your loved ones the peace of mind that your wishes will be protected.
6. Can Secure Your Small Business Succession.
If you own a small business, you have invested a lot of time and energy into running and managing it. You can ensure that the ownership of your business goes to someone you trust by creating an estate plan. If you are gone or are no longer able to run your business, having an estate plan can make the process of changing ownership goes smoothly so that your family and business avoid any difficulties.
7. Estate Planning Could Minimize Estate Taxes.
By taking the time to meet with an estate planning attorney you can discuss options that could minimize estate taxes. There are options like setting up a trust for your children or setting up a marital trust that can lessen the taxes taken out of your estate. Each situation is different, so make sure you have an experienced attorney on your side to advise and help you throughout the process of setting up your estate plan.
8. Distribute Your Assets How You Want.
It can also be challenging to decide how you want to distribute your assets. However, by having an estate plan, you will be able to take the time you need to decide how you want them to be distributed. If you do not have a will, you give up the chance to choose whom your property goes to. Therefore, set up your estate plan today to take control and protect yourself and your loved ones.
9. Help Avoid Probate Disputes.
By putting your wishes in writing, you can avoid probate disputes that will only cause rifts in your family. Even if someone tries to dispute your will, having a plan that is set up the right way will avoid the dispute from altering your wishes.
During this process, make sure that you hire an attorney you trust to be confident that everything is handled according to Wisconsin law so that there is no chance for your will to be challenged.
10. Estate Planning Saves You and Your Family from Future Difficulties.
All in all, having an estate plan will save you and your loved ones from future difficulties. Whatever your circumstances may be, it is never too early to start planning. In doing so, you will ensure that your wishes will be honored. You can also make changes to your estate plan, so if your circumstances change, your estate plan can be adapted to account for it.
Begin Your Estate Plan Today with Attorney John Dries
Today is the best time to start your estate plan. At Dahlberg Law Group, attorney John Dries has the experience and dedication to help you throughout the entire process of setting up your estate plan. With over 40 years of experience, John will work with you to make sure your wishes are put in writing and carried out.
Want to learn more about estate planning? Connect with John today to set up a consultation.