Estate planning is an essential process. So, while it may be uncomfortable to plan for when you are not around, it is crucial to have an estate plan to ensure that your wishes are followed, your legacy is secured, and your family is taken care of. An estate plan is important no matter your age or wealth. A Milwaukee estate planning lawyer can help you create a range of legal documents that cater to your needs.
Frequently Asked Questions
Who will take care of the kids?
If you have minor children, estate planning is even more important. You can appoint a guardian or guardians to look after your minor children in the case that you are unable to care for them. Guardianship designations are made in a will.
Read this blog post for more information about special considerations for estate planning with minor children.
What happens if I’m out of it? Who will make the decisions?
If you are incapacitated in the hospital and are unable to make decisions, then it is important to have a power of attorney document to ensure that your wishes are followed even when you personally cannot make the decision. A healthcare power of attorney document outlines a healthcare agent of your choice who can make decisions in the case that you cannot.
Read here for more information about healthcare power of attorney or financial power of attorney.
Who gets what when I’m gone?
A will is a key document in many estate plans and outlines how your assets and property will be distributed after your death. If you do not have a will, then your estate goes through intestate succession unguided. A will provides clear instructions for the probate process on how you want your assets distributed and to whom.
A Milwaukee Will lawyer can guide you on your options when it comes to the distribution of assets. Read here for more information about wills.
Would a trust make sense for me?
A trust is also a key document in many estate plans. Read here for more information about trusts compared to wills. A trust avoids the probate process entirely and can offer some tax benefits.
See here for more information about Milwaukee trust lawyers.
How can I preserve more money for my heirs?
By understanding estate taxes, you can work with an experienced Milwaukee estate planning lawyer to design your estate plan to maximize your heirs’ inheritances.
Read our blog post about the impact of taxes on your estate plan in Wisconsin.
What happens to my business when I’m gone?
It is essential to have a succession plan if you have a business to ensure that your wishes are followed, and your values are maintained even after you are not in control of the business.
Read here for more information about Milwaukee business succession lawyers.
Contact a Milwaukee Estate Planning Lawyer
Estate planning is an essential process for everyone. A Milwaukee estate planning lawyer can help guide you on the important documents that fulfill your unique goals and needs. Contact us today to start planning for the future.
