In Cedarburg, Wisconsin, estate planning is the process of deciding what you want done with your property after your death (which is, of course, a very personal decision), and then setting up the legal and financial arrangements to guarantee that your wishes are carried out.
The drafting of a will, which simply states what you wish to be done with your property after death, is normally one of the most essential parts of an estate plan. Of course, it's rarely the only one. There are many other things you might want to include, depending on your objectives.
In addition to a well-drafted will, a comprehensive estate plan should contain things like a living will (healthcare directives made in advance, in case you become incapacitated and unable to make or express such decisions), funeral instructions, and instructions relating to organ donations.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. Nonetheless you should initially discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Cedarburg, Wisconsin?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some usual considerations in making this decision, however, are your health, age, and the amount of assets involved.
For example, if you're unmarried, and in your early 20's, estate planning is probably not the most essential thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
Individuals who are, for different possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Cedarburg, Wisconsin estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
If you are elderly, and have a massive amount of assets in Cedarburg, Wisconsin, estate planning may be more essential at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is essential if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a Cedarburg, Wisconsin Estate Planning Attorney?
Estate planning in Cedarburg, Wisconsin is not always difficult, but it certainly can be. In moderately-sized to large estates, with a considerable number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.