Typically, estate planning is not at the top of most people’s to-do lists. However, by planning sooner rather than later, you can give yourself and your loved ones the peace of mind that your wishes are in writing. It is never too early to talk to an attorney and create your estate plan. Keep reading to learn more about when you should start and update your estate plan.
What is an Estate Plan?
Before going into when you should start and update your estate plan, it is helpful to understand what exactly an estate plan is. By definition, an estate plan is a set of documents that protects your interests and your loved ones in the event of your death or a debilitating condition. Without at least a basic will, family members would be faced with difficult decisions, and the state of Wisconsin would determine who inherits your property.
In order to protect your loved ones, you need an estate plan. You do not want to leave them to handle difficult decisions or for decisions to be made by the state of Wisconsin instead of being made yourself. This is why you should schedule a consultation with an estate planning attorney at Dahlberg Law Group today.
When Should I Start My Estate Plan?
Usually, most people assume that you have to be wealthy or at an older age to create an estate plan. This is not the case. Individuals and families from all walks of life and stages of life are eligible to start an estate plan.
If you are getting married, getting divorced, bringing a child into the family, buying a new home or retiring, you should create your estate plan. Also, if you own a small business, an estate planning attorney can ensure your business succession planning dovetails with your estate planning.
Start and Update Your Estate Plan with an Attorney from Dahlberg Law Group Today
At Dahlberg Law Group, our attorneys have the compassion and expertise to help you get your estate plan started. Having an estate plan will provide for your care and help avoid unnecessary disputes or delays in settling your estate. Our attorneys also handle estate administration to make the administration process easy for your loved ones. Connect with our experienced attorneys today to get started.
When Do I Need to Update My Estate Plan?
Once you have your estate plan made, it can be all too easy to forget to update it as life progresses. However, whenever you have a major life change or someone enters or leaves your family, you should revisit and update your estate plan. For example, changes in the family such as birth, death, marriage or divorce warrant updates to your estate plan. Also, if there are changes to relevant tax laws, you should also review and update your estate plan.
If you are uncertain whether you need to update your estate plan, contact your attorney. It is always better to ask a few questions than to not update your plan when it is needed. For any of your estate planning questions, contact our experienced attorneys at Dahlberg Law Group.
Connect with Business Law Attorney John Dries for All of Your Estate Planning Needs
With over 40 years of experience, business law attorney John Dries has the passion and expertise to help you set up your estate plan. John understands that this is a sensitive process and will work with you to make sure your wishes are put into writing just as you want them. Not only does John have the compassion to work with you, but he is also well-versed in Wisconsin estate planning so you can be confident everything will be handled the correct way. Click here to set up a consultation with John today.