In Onalaska, Wisconsin, estate planning is the process of determining 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 ensure 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 typically one of the most critical 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 include 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.
Most importantly, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can truly take on such responsibility.
What Type of Estate Plan Do I Need in Onalaska, Wisconsin?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some general considerations in making this decision, however, are your health, age, and the amount of assets involved.
If you are young and unmarried, estate planning probably doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very dangerous job, such as the military.
There is one group of unmarried people for whom estate planning in Onalaska, Wisconsin is absolutely necessary: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take various steps to secure these rights, such as granting power of attorney, and writing them into your will.
Other groups for whom estate planning is very critical in Onalaska, Wisconsin are people who are elderly and/or have a lot of assets. This may be the point in one's life where estate planning is most critical. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is extremely important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Onalaska, Wisconsin Estate Planning Attorney?
In Onalaska, Wisconsin, estate planning is rarely simple, even if it's not the most intricate thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.