Who Needs Estate Planning In Wisconsin?
The following article will cover:
- The concept and importance of estate planning, including aspects like power of attorney and asset distribution after death.
- The consequences in Wisconsin when someone dies without proper estate planning documents, including the intestacy scheme and potential escheatment.
- Wills as a means of expressing asset distribution wishes, along with the need for additional measures like trusts to avoid probate and secure the financial future of minor children.
What Is Estate Planning?
Estate planning is essentially the procedure through which you determine the future of your assets after your demise. It also involves other crucial aspects like assigning power of attorney for finances and for healthcare, which come into play if you are incapacitated and unable to handle your affairs. It’s not uncommon for the executor of the estate and the agent or power of attorney to be assigned as part of the estate planning process.What Happens When Someone Dies Without A Will In Wisconsin?
In the absence of proper estate documents, the state employs an ‘intestacy scheme’ to distribute the deceased’s assets. Depending on individual circumstances such as marital status, presence of children, or even extended family, the distribution of assets varies. Usually, assets flow to the children, parents, siblings, and cousins in the stated order. If no legal heir is found, the state obtains ownership of the assets, a process known as ‘escheatment.’What Is A Will? Is A Will Enough On Its Own In Wisconsin?
A will is a legal document expressing your wishes concerning the distribution of your assets after your death. If executed properly—witnessed by two individuals, signed, and dated—it’s generally sufficient. However, forming a trust can allow assets to pass outside of probate, providing an effective means to avoid the probate process.What Are The Most Common Types Of Trusts Used In Wisconsin And Their Purpose?
- Trusts for vacation properties, preserving these assets for future generations.
- Special needs trusts, designed to provide some form of income to a disabled family member while also enabling them to receive state support, often in the form of Medicaid benefits.
Are Those All Types Of Trusts?
No, there are more types of trusts, primarily designed for tax avoidance. However, Wisconsin Wills and Trusts typically deals with the types mentioned above. Trusts for tax avoidance are usually managed by larger law firms and cater to individuals with estates worth more than the current tax exemption threshold of approximately 13 million dollars.What Documents Do We Need In Place To Care For Our Minor Children If Both Parents Become Incapacitated Or Die?
If both parents become incapacitated or die, it’s crucial to designate someone in advance who could potentially be appointed as the guardian of the minor children. Courts generally respect parents’ wishes in these cases, ensuring a smooth transition of guardianship. Additionally, parents can establish a trust as a contingency plan for the unexpected. The trust can provide additional security by directing their assets into individual trusts for each child if the parents were to pass away while the children are still minors. By doing so, you can ensure your children’s financial future, even in the face of uncertainty. For more information on the Need For Estate Planning Attorney 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.More Information:
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