It doesn't matter how old you are or how much you have. You should understand what would happen to your assets and your loved ones, your kids, and your pets, if something happened to you. I can't tell you when you will die or become incapacitated. I can tell you that planning for it makes things better for your loved ones if and when it does happen.
Estate planning is more than just creating a will. A good plan will keep your family out of court and conflict, and protect you if you can't act for yourself. The plan should consider:
Who will make your medical decisions for you if you can't?
Who will access your bank accounts?
Who will raise your kids or pets long term? What about in an emergency?
Does your estate need to go to probate? How much will that cost?
And so much more...
If something happened to you right now, who would come forward to care for your kids? What if something happened to both parents? This probably won't happen while your kids are young. But if it did, the right planning could change your kids' lives. Make sure you are the one to decide how your kids are raised rather than a judge.
Planning for blended families requires thoughtful consideration. There are often delicate family dynamics to work through. Did you know that the state's plan for you may give some assets to your children from a prior marriage rather than to your spouse? You should be the one to decide how things are split between your kids and spouse, rat
Planning for blended families requires thoughtful consideration. There are often delicate family dynamics to work through. Did you know that the state's plan for you may give some assets to your children from a prior marriage rather than to your spouse? You should be the one to decide how things are split between your kids and spouse, rather than the state. Doing so will help avoid future conflict.
Single people need planning more than they know. Who will come forward to make medical decisions for you if you can't? Who will access your bank accounts to pay your mortgage if you can't? Make sure that you choose who would do these things rather than a court. Learn what the state's plan is for you if you don't have one.
Did you know that pets are treated as personal property (just like jewlery or furniture) in the probate process? You can plan for who would care for your pets, and even how they are cared for, if you plan properly in advance. Pet trusts are included with every trust plan.
Wisconsin is a community property state. Do you know what that means for you and your new or future spouse? Did you know that you won't have access to your spouse's bank accounts in an emergency unless you plan properly? Did you know that you cannot make medical decisions for your spouse during their incapacity without court approval? Sta
Wisconsin is a community property state. Do you know what that means for you and your new or future spouse? Did you know that you won't have access to your spouse's bank accounts in an emergency unless you plan properly? Did you know that you cannot make medical decisions for your spouse during their incapacity without court approval? Start planning early to make sure you know what you need to know.
Do you have property that you want to keep in the family, such as a family cabin? Planning in advance can help lessen family conflict so that the property can be a source of enjoyment rather than emotional or financial stress.
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