In essence, estate planning is about being prepared for what life brings. We work to help you feel confident that you’re prepared for every contingency.
What is estate planning?
In simple terms, estate planning is a process of defining a combination of an individual’s choices and assets that involves individuals, their family members and in some cases, charitable organizations. The process of estate planning allows you to determine how and by whom your assets will be managed. Should you be unable to care for your own assets at some point in time, estate planning clarifies your intentions and ensures your wishes are carried out. An estate plan outlines when and under what circumstances your assets will be distributed during your lifetime and beyond.
Estate planning also puts in place a plan regarding personal care and health care decisions if you become unable to make these decisions during your lifetime. Many people assume that estate planning only involves the writing of a will. However, the estate planning process addresses nearly every circumstance. We’re here to help you form a complete plan for your future.
The process can also help you provide guidance to your family regarding any preferences, desires, or arrangements. This can help ease the burden of decision making for family members during a difficult time of grieving.
Does every individual need estate planning?
Regardless of the size and number of your assets, estate planning is a wise way to ensure your intentions are clear, and that they are carried out throughout your lifetime and after your death. If you have a small estate you can outline who should receive your assets after your death. You can also specify who should manage your estate, who should distribute the assets and who should pay outstanding debt. If these issues are not determined in advance, a judge will appoint someone to handle these matters. This is time-consuming, stressful and there’s no guarantee your wishes will be met.
If you have a large estate, it is even more important to have an estate plan in place. This will include methods for preserving assets for beneficiaries along with reducing or postponing estate taxes that will be due at the time of your death. Estate planning is also applicable to younger people who want to plan for their future. Regardless of the age of the individual, estate planning is smart.
Our attorneys understand how important estate planning is and is committed to ensuring your desires are carried out.
Call our office to schedule a time to come in and start the estate planning discussion. We offer free initial consultations which allows you to know what your options are and what costs are associated for each option.
We serve the communities of Burlington, Waterford, Lyons, Lake Geneva, Salem, Muskego, Union Grove, Paddock Lake, Racine, Kenosha, and Milwaukee. Give us a call. Initial consultation is free.