Easy Steps for Creating a Basic Estate Plan in Milwaukee

Creating an estate plan can be complicated, but it is essential to ensure your wishes are carried out. Without an estate plan in place, assets will be distributed according to the laws of the state and not necessarily in accordance with your specific wishes.

Having a basic estate plan in place can provide peace of mind that your assets will be allocated according to your wishes and the future of your family is secure. With the help of an estate planning attorney, the process will be easy and painless.

Here are the key steps for creating a basic estate plan in Milwaukee this article will cover:

Summary

1. Understand State Laws
2. Decide Who Will Administer Your Estate
3. Draft Your Will
4. Protect Your Assets
5. Consider Other Estate Planning Tools
6. Update Your Plan Regularly
7. Choose the Right Estate Planning Attorney

1. Understand State Laws

It’s important to understand the laws in the state where you live when creating an estate plan. Each state has different regulations and requirements for distributing one’s wealth, so knowing what those are can be critical when setting up an estate plan. Enlisting the help of a Milwaukee or Wauwatosa estate planning lawyer will help you grasp Wisconsin state laws to be aware of.

2. Decide Who Will Administer Your Estate

Deciding who will administer your estate is a fundamental step in creating a basic estate plan. This person, often referred to as a personal representative, is responsible for carrying out the wishes outlined in your will.

This includes tasks like managing your assets, paying off any debts, and distributing inheritance to beneficiaries you list. It’s crucial to choose someone you trust and who is capable of handling these responsibilities. This could be a family member, a close friend, or even a professional like an attorney.

3. Draft Your Will

A will, also known as a “last will and testament,” ensures that your wishes are upheld after your death. In the will you will legally name your personal representative, as mentioned above, to carry out your wishes. Your will should include detailed instructions on how your assets (money, property and possessions) should be distributed after your death, including specific gifts (bequests).

If you have minor children, you will also name guardians. These will be people you love and trust who can care for your children upon your passing.

While you can write your own will, it’s best to consult with an estate planning attorney to ensure all legal requirements are met. Estate planning is not just about documents and money; it’s about your values and your family’s future.

4. Protect Your Assets

The first step to protecting your assets is to identify them. Start by taking inventory of your estate, which includes all your properties, investments, and valuable possessions. Once you’ve determined what you own, you can start planning how to protect these assets, possibly through creating a trust.

Trusts can help you avoid probate, reduce estate taxes, and ensure that your assets are distributed according to your wishes. Additionally, asset protection can involve designating beneficiaries for your primary assets to ensure they go to the proper individuals.

5. Consider Other Estate Planning Tools

Tools beyond drafting a will can include things like establishing trusts, designating powers of attorney, and outlining healthcare directives. For instance, revocable living trusts can be a key tool for efficient estate management. They allow you to maintain control over your assets during your lifetime and simplify the transfer of these assets upon your death.

Powers of attorney can be crucial if you ever become unable to make decisions for yourself. A healthcare directive, also known as a living will, allows you to specify your wishes regarding medical treatment if you’re incapacitated. There are many additional tools to consider, and your estate planning attorney can help you identify ones that will be beneficial to you.

6. Update Your Plan Regularly

Once an estate plan is in place, it’s important to review it regularly and update it when necessary. Life changes such as marriage, divorce, the birth of a child, or the death of a loved one can significantly impact your original estate plan.

Changes in financial circumstances or property ownership should also trigger a review of your estate plan. Additionally, changes in tax laws or other relevant legislation can affect how your assets are distributed or taxed, making regular revisions necessary. It’s recommended to review your estate plan at least every three to five years, or whenever major life changes occur.

7. Choose the Right Estate Planning Attorney

Finding an experienced and knowledgeable attorney is key when it comes to creating an estate plan. A qualified estate planning lawyer will be able to guide you through the process, answer any questions you may have, and make sure your wishes are accurately documented and carried out.

Fricker Law Office, located in Wauwatosa, has decades of experience in estate planning and probate law and can help ensure your plan is designed to cover all of your assets and family needs. Call Fricker Law Office today so you can rest assured knowing that your assets and wishes are protected.