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Estate Planning is an efficient way to allow for the administration of your financial and personal assets if you die or if you become mentally or physically incapacitated. Itu2019s a grisly topic and it can require some time to get everything set up. So you must consult with an estate attorney in Wisconsin before you go for the estate planning process.
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7 KEY STEPS OF ESTATE PLANNING
When it comes to estate planning in Wisconsin, there are several important steps to consider: 1) Set Goals and Assess Your Assets: Begin by defining your estate planning goals and taking stock of your assets including identifying your property, investments, bank accounts etc.
2) CREATE A WILL: Draft a legally valid will that outlines how you want your assets to be distributed after your death. 3) ESTABLISH POWER OF ATTORNEY: Designate a trusted individual as your power of attorney. This person will have the legal authority to make decisions on your behalf if you become incapacitated.
4) CONSIDER A LIVING WILL: Prepare a living will or advance healthcare directive to outline your preferences regarding medical treatment and end-of-life decisions. 5) CREATE A TRUST: A trust can provide additional control and flexibility over the distribution of your assets while minimizing probate and tax implications.
6) REVIEW BENEFICIARY DESIGNATIONS: Ensure your beneficiary designations are up to date on accounts such as life insurance policies, retirement plans, and investment accounts.
7) CONSULT WITH AN ESTATE PLANNING ATTORNEY: Seek professional advice from an estate planning attorney in Wisconsin. They can help you , ensure your documents comply with legal requirements etc.
Remember, estate planning is a highly individualized process, so it's essential to consult with an attorney who can provide personalized guidance based on your unique circumstances.
CONTACT US (262) 812-6262 paralegal@elcwi.com www.elderlawcenterofwisconsin.com