The Basic Elements of an Estate Plan: What Every Wisconsin Resident Needs to Know
Making a will is one of the most important things you can do for yourself and your loved ones. Unfortunately, many people die without a will or any other type of estate plan in place. This can create a lot of chaos and confusion for your loved ones after you die.
If you want to make sure that your wishes are carried out after you die, it’s important to have an estate plan in place.
In this blog post, we will discuss the basic elements of any estate plan and why they are so important. We will also talk about how Fricker Law can help you create a comprehensive estate plan that meets your specific needs.
Understanding Estate Plans
An estate plan is a collection of legal documents that outline your wishes for what should happen to your property and assets after you pass away or in the event of your incapacitation. Estate planning is important for everyone, especially those with children, homeowners, and those with significant assets. Without an estate plan, the courts will decide who will benefit from your property and, if you have minor children, who will act as their guardian. This process can be extremely stressful, emotional, and expensive for families. That’s why it’s so critical to have an estate plan.
The Basic Elements of an Estate Plan
There are many different elements that can be included in an estate plan. The most basic estate plan will include a will. A will is a legal document that specifies how you want your property and assets to be distributed after you die. Importantly, a will also outlines who will act as guardian for your minor children should you pass away. You can also use a will to appoint someone to act on your behalf if you become incapacitated.
In addition to a will, every Wisconsin resident should have a healthcare power of attorney and a financial power of attorney. A healthcare power of attorney gives someone the authority to make medical decisions on your behalf if you become incapacitated. A financial power of attorney gives someone the authority to manage your finances on your behalf if you become incapacitated. You can choose the same person to act as agent in both roles, or different people. The most important aspect of these documents is the fact that you get to choose someone who you know and trust.
Trusts are another common element of an estate plan. Trusts can be used for a variety of purposes, including avoiding probate, protecting assets, and reducing taxes. If you’re considering adding a trust to your estate plan, it’s important to talk to an experienced estate planning attorney who can help you choose the right type of trust for your needs.
The Dangers of Not Having an Estate Plan
If you die without a will or estate plan in place, your property will go through probate. Probate is the legal process that is used to determine how your property should be distributed after you die. If you have a will, the court will follow the instructions that are laid out in the will. If you don’t have a will, the court will use Wisconsin’s intestacy laws to determine how your property should be distributed. Even if you have an estate plan in place, its possible some of your assets will still go through probate. If this is your situation, working with an experienced probate attorney practice like Fricker Law is a great idea.
Fricker Law is the preferred probate and estate planning lawyer in the greater Milwaukee area. We have years of experience helping people create comprehensive estate plans that meet their specific needs. If you’re ready to get started on your estate plan, contact us today to schedule a consultation. We look forward to helping you protect your loved ones after you’re gone.
