Wisconsin Estate Planning Basics

1. Wisconsin Estate Planning Basics Life is unpredictable. We don’t know when we’ll die, if we’ll become incapacitated at some point, or when an emergency will occur. Proper estate planning can protect your family, assets, and interests. With an estate plan, you can choose where your wealth goes after you die. You can appoint a person to make decisions on your behalf in the event that you are incapacitated. You can choose how digital accounts and other online assets will be handled after death. You can choose how you want to transfer your wealth to charitable organizations, either while you live or after you die. If you don’t set up a proper plan, the state will decide how to distribute your assets after you die. This process is called ‘probate’ and it can be a time- consuming and overly expensive process. It can actually take a long time before assets actually reach your surviving family. There may also be certain inheritance taxes that will need to be paid. Beyond this, family members will not be able to make decisions on your behalf should you be incapacitated or absent. In the end, setting up an estate plan is the wise thing to do. You don’t want to wait until it’s too late, and a good plan will make sure your loved ones are taken care of and financially secure. There are a number of tools available for your estate planning needs including: wills, revocable trusts, and powers of attorney. An experienced attorney can help you decide what is needed for your individual situation. Call J Peterman Legal Group today for a free consultation: (262) 790-5719 jpetermanlegalgroup.com?