One of the most important parts of estate planning is the distribution of your assets. For individuals with children, the process of determining who gets what may be simplified in some ways by leaving assets with their children. However, the process of estate planning is just as important, and can be somewhat more difficult, for those without children. A Milwaukee estate planning lawyer can help you cater your estate plan to fulfill your goals.
Create a Will
A will is an essential part of many people’s estate plans and allows you to give instructions to the court when your estate goes through probate. If you die without having created a will, you died ‘intestate’ and the decision on how to distribute your assets is up to the court. So, while you may not have “obvious” heirs because you don’t have children, it is essential to create a will to ensure that your assets are distributed how you wish. The inheritance hierarchy if you die without a will typically starts with surviving spouse, to children, then to grandchildren. If you have no living heirs, your estate could pass by default to the state.
You can distribute assets however you may please. Without children, you may want to leave some possessions to a long-time friend, or a niece/nephew, or a sibling. You can also leave funeral instructions or preferences in a will. A Milwaukee will lawyer can help you ensure that your wishes are followed and having a will limits the stress that you put on your loved ones during an already difficult time.
Donate to Charity
You can also appoint charities or non-profit organizations as a beneficiary in your will to leave a legacy beyond your lifetime. Charitable donations can get complicated tax-wise, so it is essential to hire an experienced Milwaukee will lawyer who can help you maximize your donations.
Appoint a Personal Representative
A personal representative, also known as an executor, is someone entrusted by you with the responsibility to carry out your wishes outlined in your will. Whereas someone with children may appoint an adult child as a personal representative, those without children might want to consider another family member or friend. A personal representative carries a significant responsibility to carry out the preferences and arrangements you have outlined, and their duties may include selling property, settling your debts, filing documents with the court, or distributing your assets.
It is important that your appointed personal representative is someone you trust that has the character and capability to fulfill your wishes. Outside of your family and friends, you may also hire a professional personal representative, contact a Milwaukee will lawyer for experienced legal advice to certify that you are making the right decision for you.
Establish a Power of Attorney
While a personal representative makes decisions after you pass, a power of attorney makes decisions for you if you are incapacitated. A healthcare power of attorney can make decisions if you are incapacitated in the hospital whereas a financial power of attorney can make decisions for you surrounding your property, investments, taxes, and debt if you are incapacitated. If you are married, your power of attorney is not automatically your spouse, instead you still must grant them power of attorney by creating a document to allow them to act on your behalf. It is also important to have a alternative power of attorney in the case that your primary power of attorney is unable to fulfill their duties as well. Planning for the worst is difficult, but a Milwaukee estate planning lawyer can help you ensure that your future is protected.
Contact a Milwaukee Will Lawyer
You may believe that because you don’t have children you don’t need an estate plan. However, you are incorrect, without children you especially need an estate plan to ensure that your wishes are followed. A Milwaukee will lawyer can help you create an estate plan and a will that protects your legacy and secures your future.
