The Benefits Of Having An Estate Plan In Wisconsin

The following article will cover:

• Avoiding Conflicts Between Heirs in Estate Planning.
• Protecting Assets from Creditors and Lawsuits with Estate Planning Documents.
• Timing and Review of Estate Planning Documents.

Can I Set Up My Estate Plan To Avoid Potential Conflicts Between Heirs?

Yes, the key to avoiding conflicts between heirs is to have a clear, legally enforceable estate plan. If you anticipate that some heirs may challenge your will, ensure it is executed properly to withstand potential court battles. In situations where an heir is receiving less or being excluded, it’s advisable to explicitly state this in the will and provide a rationale. This can preempt challenges based on the claim that the individual was unintentionally forgotten.

Can My Estate Planning Documents Protect My Assets From Creditors And Lawsuits During My Lifetime As Well As Up To Death?

Only an irrevocable trust can protect your assets from creditors and lawsuits both during your lifetime and after death. Typically, trusts used for estate planning are revocable, allowing the trustor to buy, sell, give away, and alter the trust’s assets. Creditors can reach these assets, unlike those in an irrevocable trust, which the trustor can’t access and are therefore protected from creditors, except under unusual circumstances.

When Is The Best Time To Set Up My Estate Planning Documents?

There’s no “wrong” time to establish your estate planning documents. However, certain life events like having children, getting married, entering a second marriage, or reaching senior age often prompt people to consider their estate planning needs more urgently.

How Often Do I Need To Review My Estate Planning Documents? Can I Make Changes Or Updates At Any Time?

Yes, you can make changes to your estate planning documents at any time. Major life events such as the death of a beneficiary, marriage, or divorce are cues for reviewing and possibly updating your estate plan. Even without these events, a routine review every five to seven years is prudent to accommodate unanticipated changes in life circumstances.

Do I Need A Madison, Wisconsin Estate Planning Attorney, Or Can I Do This On My Own With An Online Estate Planning Service?

While you can set up a basic will or even a trust online, it may not address all the complexities of your situation, and you might not even know which questions to ask. It’s often more beneficial to consult with an attorney, who can guide you through the process and help ensure your estate plan is correctly set up. The cost of consulting a lawyer isn’t significantly higher than using an online service, and it can provide better peace of mind. For more information on the Benefits Of Having An Estate Plan In Wisconsin, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (608) 886-8483 today.