Estate Planning In Wisconsin: Why It’s Never Too Early To Start

Estate planning is a crucial step in managing your future and ensuring your wishes are respected, regardless of your age or the size of your estate. In Wisconsin, understanding the essentials of estate planning – including wills, trusts, powers of attorney, and healthcare directives – is vital. This guide will provide you with insights into these key components, tailored specifically for Wisconsin residents.

The Importance Of Estate Planning

Estate planning is not just for the wealthy or elderly; it’s a proactive measure for anyone who wants control over their assets and healthcare decisions. It can save your family time, money, and stress in the event of your incapacity or death. Starting early also allows you to make necessary adjustments as your life circumstances change.

1. Drafting A Will

A will is a fundamental part of any estate plan. In Wisconsin, a will allows you to:

• Dictate how your assets will be distributed after your death.
• Appoint a guardian for minor children.
• Name an executor to manage the distribution of your assets.

Without a will, your assets will be distributed according to Wisconsin’s intestacy laws, which may not align with your wishes.

2. Establishing Trusts

Trusts are another vital tool in estate planning, offering more control over how your assets are managed and distributed. Types of trusts include:

• Revocable Living Trusts: Allow you to retain control over your assets during your lifetime and specify how they should be handled after your death.
• Irrevocable Trusts: Provide tax benefits and asset protection but require you to relinquish control over the assets placed in the trust.

Trusts can also help avoid the lengthy and public process of probate, providing privacy and expedited distribution to your beneficiaries.

3. Powers Of Attorney

A Power of Attorney (POA) in Wisconsin authorizes another person to make decisions on your behalf should you become incapacitated. There are two main types:

• Financial POA: Grants someone authority to handle your financial affairs.
• Healthcare POA: Allows someone to make medical decisions for you if you’re unable to do so.

Selecting someone you trust to act as your POA ensures that your affairs are managed according to your preferences.

4. Advance Healthcare Directives

An advance healthcare directive, also known as a living will, specifies your wishes regarding medical treatment if you’re incapacitated. In Wisconsin, this document is crucial for ensuring that your healthcare preferences are followed, particularly in end-of-life situations.

Starting the Estate Planning Process

• Take Inventory of Your Assets: Include everything from property and bank accounts to digital assets.
• Consider Your Family Dynamics: This will influence decisions about guardianship, asset distribution, and POA appointments.
• Consult with an Estate Planning Attorney: Professional guidance is invaluable in navigating the complexities of estate law and ensuring your documents are legally binding and reflect your wishes.

Why Choose Bosshard Parke For Your Estate Planning Needs

At Bosshard Parke, we understand the nuances of Wisconsin’s estate laws and the importance of personalized estate planning. Our experienced team in La Crosse and Sparta is dedicated to helping you create a comprehensive estate plan that meets your specific needs and provides peace of mind for you and your loved ones.

Whether you’re starting your estate planning journey or looking to update existing documents, reach out to one of our experienced attorneys at Bosshard Parke. We’re here to ensure that your estate planning process is thorough, tailored, and aligned with your long-term goals.

Disclaimer: This article is for informational purposes only and should not be considered legal advice. If you need legal counsel, please contact a qualified attorney directly.