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Key Elements of Estate Planning in Wisconsin

When a person dies without a Will it is called intestate. Your property will pass through the probate process and the courts will decide who the beneficiaries are of your property/assets. Asset protection plans are a helpful forerunner for making a comprehensive estate plan. With our assistance, as an Asset Protection Attorney in Wisconsin, you can establish an asset protection plan that will help you to know your present net worth and how much wealth you can anticipate accumulating later on. So, call us today & schedule a free consultation with one of our experienced attorneys.

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Key Elements of Estate Planning in Wisconsin

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  1. Key Elements of Estate Planning in Wisconsin

  2. Will and Testament: A will is a legally binding document that outlines how an individual's assets should be distributed upon their death. It allows individuals to specify beneficiaries and appoint an executor to ensure the proper execution of their wishes.

  3. Trusts: Establishing a trust can be a valuable tool in estate planning. A trust allows individuals to transfer their assets to a separate legal entity managed by a trustee. This can provide benefits such as avoiding probate, reducing estate taxes, and maintaining privacy.

  4. Power of Attorney: This legal document designates a trusted person to make financial or medical decisions on behalf of an individual if they become incapacitated. It is essential to have both a financial power of attorney and a healthcare power of attorney in place to ensure that your wishes are carried out.

  5. Beneficiary Designation Properly designating beneficiaries on financial accounts, retirement plans, and life insurance policies is crucial to ensure that these assets are distributed according to your wishes.

  6. For parents with minor children, appointing a guardian is essential to ensure their well-being in the event of the parents' untimely death. This decision should be made carefully, considering the guardian's ability to provide for the children's physical, emotional, and financial needs. Guardianship for Minor Children:

  7. Conclusion Estate planning attorney makes sure when you are disabled, your loved ones are provided well and don’t face any financial issues. The estate planning attorney in Wisconsin creates a will or sets up a trust, and drafts the necessary documents to lay the legal groundwork for the estate plan to avoid the costly and time-consuming probate process.

  8. (262) 812-6262 Consult Us www.elderlawcenterofwisconsin.com For free consultation: paralegal@elcwi.com

  9. Thank You

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