Common Wisconsin Estate Planning Questions
Estate planning can come with many complex questions. Attorney Ashley Lillesand-Leonhard understands the challenges that come with preparing your estate plan. She can help you learn more about your options so that you can create a plan that fits your needs and that of your family. Here are answers to some of the most common questions about estate planning.
Why Do So Many People Avoid The Topic Of Estate Planning In The Milwaukee Metropolitan Area?
No one wants to sit around and think about what happens if they get sick or, worse yet, pass away unexpectedly. But that attitude is leaving you and your loved ones vulnerable. If you don’t have a plan, your family will be left guessing. Oftentimes, families are left feeling uncertain and guilty. Some small and relatively inexpensive steps now will make sure you and your family are covered.
Isn’t Estate Planning Just For Rich People?
This is a common misconception, and it may be why more people don’t have an estate plan. But anyone with assets – even just a car and some nice furniture – and anyone with minor children should have an estate plan. A good estate plan will help your family by providing support for your spouse, preserving assets for later generations and protecting your family’s privacy. A bad estate plan, or no estate plan, could lead to higher taxes and costs.
If We Have A Will, Isn’t That Enough?
A will is typically the first – and sometimes only – thing people think about when it comes to estate planning. A will can be useful for saying who gets what when you die, but a trust can also articulate your wishes for your assets as well as avoid probate. Trusts are particularly good for conveying your intent after death to distribute your assets to your beneficiaries when they reach a certain age or under special circumstances.
Discuss your plans and wishes with your family, especially the one you’ve designated as your health care agent. Start the conversation by telling your kids that you want to make sure they have all the information they need. Let them know this is because you care about them, and you want to avoid extra headaches and stress for them. Let them know where the documents are stored. More than half of adult children (52%) don’t know where their parents store their estate documents.
When Should I Review My Estate Plan And Make Sure It’s Still Up-To-Date In Waukesha?
Life events, both big and small, can impact your estate plan. It’s wise to review your plan every three to five years. It’s also a good idea to do so when something big happens in your life. These big events could be:
- Getting married or divorced
- Having a child or grandchild
- Buying or selling a home
- Starting a business
- Receiving an inheritance
- Relocating to a different state
When you review your plan, double-check that the people you’ve chosen as beneficiaries, guardians and executors are still the right choices. Also, see if any changes in tax laws might affect your plan.
What If I Become Incapacitated And Don’t Have An Estate Plan In Wisconsin?
Without an estate plan in Wisconsin, things can get really complicated if you become unable to make decisions for yourself. The court might have to appoint a guardian to handle your health care and finances. This can be a long, costly and stressful process for your family.
To avoid this, think about creating:
- A durable power of attorney for finances
- A health care power of attorney
- A living will
These documents let you choose who will make decisions for you if you can’t. They also provide guidance about your medical treatment preferences. Having these documents in place gives you control over your care and makes things easier for your loved ones during a tough time. Remember, planning ahead is always the best approach. Don’t wait until it’s too late to make these important decisions.
Estate Planning Featured On Milwaukee’s WTMJ 620AM
Ashley Lillesand-Leonhard and financial advisor Brad Allen go over steps with WTMJ that you can take to get your estate plans up to date.
Get Started On Your Estate Plan Today
Attorney Ashley Lillesand-Leonhard, founder of Lillesand Leonhard Law LLC, brings simplicity and clarity to the estate planning process. As your estate planning lawyer, she can help you create a comprehensive plan that will help you pass your legacy on to the next generation. For a free consultation in Milwaukee County, contact Ashley Lillesand-Leonhard online or call 414-488-6511.