What Would Happen to Your Family If Something Happened to You?
Who would take care of your children? Who would handle your finances? Would your spouse know what to do? Who could make medical decisions if you were unable to make them yourself?
These are difficult questions, but you do not need to have all the answers today.
Estate planning gives you a chance to make important decisions while you are healthy and able to make them for yourself. It can provide clear instructions for your family, name people you trust to help, and make a difficult time easier for the people closest to you.
At Margerie Law, we help individuals and families throughout Milwaukee, Wauwatosa, Brookfield, Elm Grove, and nearby communities create estate plans that are clear and practical.
You do not need to be wealthy. You do not need to be retired. And you do not need to understand estate planning before you call us. You simply need a place to start.
Estate Planning Is About More Than What Happens After You Die
Many people think estate planning means writing a will. A will is an important part of a plan, but it is only one piece.
A complete estate plan can answer questions about what happens during your lifetime as well.
What happens if an accident or illness leaves you unable to manage your finances? Who can make healthcare decisions for you? Who can access important information? Who should step in if the first person you selected cannot serve?
Your estate plan can also address what happens after your death. It can provide instructions for your property, identify the person who will handle your estate, and help parents plan for their minor children.
The goal is simple: make important decisions now so your family has clear direction later.
Do I Really Need an Estate Plan?
For most adults, estate planning is worth considering much earlier than they expect.
You may want an estate plan if you:
- Own a home
- Have minor children
- Are married
- Have retirement accounts
- Have life insurance
- Own a business
- Have savings or investments
- Want to choose who handles your affairs
- Want to choose who receives your property
- Want someone you trust to make healthcare or financial decisions if necessary
You do not need millions of dollars in assets. For many younger families, the most important parts of estate planning have very little to do with wealth.
Parents may be most concerned about naming guardians for their children. A married couple may want to make sure each spouse can handle important matters during an emergency. Someone living alone may want to choose exactly who can make healthcare and financial decisions.
Your estate plan should reflect your life rather than someone else’s idea of what an estate plan should look like.
What Documents Are Included in an Estate Plan?
There is no single document called an “estate plan.”
Instead, an estate plan usually includes several legal documents that work together. The documents you need depend on your family, property, finances, and goals.
Last Will and Testament
A will provides instructions for certain property after your death and allows you to name a Personal Representative to handle your estate.
For parents, a will serves another important purpose: it allows you to nominate a guardian for your minor children.
That alone makes a will an important document for many young families.
Durable Power of Attorney
A Durable Power of Attorney addresses financial matters during your lifetime.
It allows you to name an agent who can act for you according to the authority provided in the document.
This can become especially important if an accident or illness leaves you unable to handle your own financial affairs.
Healthcare Power of Attorney
A Healthcare Power of Attorney allows you to name someone to make healthcare decisions if you cannot make those decisions yourself.
Think carefully about who you select.
You want someone you trust and someone who can handle important decisions during a stressful situation.
Trusts
Some families may also benefit from a trust.
Trusts can serve several purposes, but they are not automatically necessary for everyone.
Whether a trust makes sense depends on your property, family situation, goals, and how you want certain assets handled.
We can help you understand whether a trust would provide a real benefit or whether a simpler estate plan makes more sense.
Estate Planning Is Especially Important for Parents
Having children changes the estate planning conversation. Parents are no longer planning only for themselves.
One of the first questions we encourage parents to consider is who they would want to care for their children if both parents were unable to do so.
This can be a difficult decision.
You may be choosing between siblings, parents, close friends, or other people you trust. Location, age, family relationships, parenting values, health, and willingness to serve can all affect the choice.
There may not be a perfect answer. The important thing is to make your wishes known rather than leaving the decision completely unaddressed.
Parents should also think about money. Who would manage assets for your children? How would life insurance fit into the plan? At what age would you want children to have control over an inheritance?
These are the types of questions we can work through together.
What Happens If You Become Incapacitated?
This is one of the most overlooked parts of estate planning.
People naturally focus on what happens after death, but an estate plan can also help if you are alive and temporarily or permanently unable to handle certain decisions.
Imagine you are seriously injured in an accident. Bills still need to be paid. Financial matters may need attention. Medical decisions may need to be made.
Who has the authority to help? Your powers of attorney can provide answers before an emergency occurs.
You choose the people you trust. You can also name backup agents in case your first choice cannot serve.
This type of planning can be important at almost any adult age. Serious illness and accidents do not only affect older people.
Does My Spouse Automatically Handle Everything?
Marriage does not make estate planning unnecessary. Couples often assume that if something happens to one spouse, the other spouse will simply be able to handle everything. Your financial life may be more complicated than that.
You may have individually owned accounts, retirement benefits, life insurance, real estate, business interests, or other property. You also need to consider what would happen if both spouses were affected by the same accident or event.
Estate planning allows each spouse to clearly name trusted people and document important wishes. It also gives couples an opportunity to sit down together and make sure they understand the family plan.
Both spouses should know which documents exist, where they are stored, and whom to contact if help is needed.
What Happens If You Die Without an Estate Plan?
If you do not make certain decisions yourself, Wisconsin law and court procedures may determine what happens next.
That may not match what you would have chosen. Your family may also be left trying to answer questions you could have answered ahead of time.
Who did you want handling your estate? Who did you want to receive your property? Who did you want caring for your children? Who should manage money for them?
Estate planning cannot remove every difficulty your family may face after a death. It can, however, give them clearer instructions.
That can be incredibly valuable during an already emotional time.
Do I Need a Will or a Trust?
This is one of the most common questions people ask us. The answer depends on your situation.
A will and a trust are different estate planning tools. One is not automatically better than the other. A will may be enough for many families. Other families have circumstances that make a trust useful.
Your decision can depend on the property you own, your family, your goals for your beneficiaries, and how you want your assets handled.
We do not believe in making an estate plan more complicated simply because more options are available.
Our job is to explain those options clearly and help you understand what makes sense for you.
Estate Planning Should Change as Your Life Changes
Creating an estate plan does not mean you put the documents in a drawer and never think about them again. Your life will change.
You may get married or divorced. You may have a child. Your children will grow up. You might buy a new home, change jobs, start a business, or build more retirement savings.
Relationships change too. The person you selected for an important role ten years ago may no longer be the person you would choose today. Major life events are good reminders to review your estate plan.
Even without a major change, it makes sense to look at your documents from time to time and ask whether they still reflect your wishes.
At Margerie Law, ongoing reviews are included with customized estate plans for current clients so plans can be adjusted as life changes.
When Should You Start Estate Planning?
A good time to start is when you have people, property, or decisions you want to protect. For many people, that happens much earlier than retirement.
Common reasons people begin estate planning include:
- Getting married
- Having a baby
- Buying a first home
- Becoming a parent
- Starting a business
- Building retirement savings
- Experiencing a serious health issue
- Caring for aging parents
- Realizing an old estate plan is outdated
You do not have to wait for a major event either.
If you have been thinking, “We really should get our wills done,” that may be enough of a reason to get started.
Frequently Asked Estate Planning Questions
Am I too young for estate planning?
Estate planning is not based only on age.
If you have children, property, financial accounts, or people you want to make decisions for you, there are reasons to have a plan.
Young parents can have some of the most important estate planning decisions to make because minor children depend on them.
Do I need an estate plan if I do not have children?
Yes, estate planning can still be important.
You may want to choose who receives your property, who handles your financial matters, and who can make healthcare decisions for you.
Without children, it can be even more important to clearly identify the people you trust for these roles.
Do I need an estate plan if I do not have a lot of money?
Estate planning is not limited to wealthy families.
Your home, retirement accounts, insurance, savings, personal property, and other assets can all be part of the picture.
Powers of attorney and healthcare planning are also important regardless of how much money you have.
Can I create my own will online?
Online services can create forms, but they cannot fully understand your family or identify every issue that may affect your plan.
A document can look complete without addressing an important concern.
Working with an estate planning attorney gives you the opportunity to ask questions and understand how your documents work together.
How long does estate planning take?
The timeline depends on your situation and how quickly you are comfortable making decisions.
A simple estate plan does not need to become a long project.
One of the biggest delays is often simply getting started.
What should I bring to my first estate planning meeting?
You do not need to arrive with a perfectly organized binder.
It can help to have a general idea of your major assets, insurance, retirement accounts, family members, and people you may want to name in important roles.
If you are missing information, that does not mean you should postpone the meeting.
How often should I update my estate plan?
Review your plan after major changes in your family, finances, property, or relationships.
It is also smart to review older documents periodically even if nothing major has happened.
Ask yourself whether the people you named are still the people you would choose today.
Can I change my estate plan later?
Estate plans are often updated as life changes.
Having another child, buying a home, getting married or divorced, or changing your mind about someone you named can all lead to updates.
You do not have to predict your entire future when creating a plan today.
Does everyone need a trust?
No.
Trusts can be useful estate planning tools, but they are not automatically necessary for every person or family.
We can help you understand the advantages and responsibilities involved so you can decide whether a trust makes sense for your situation.
What if I already have an estate plan from years ago?
Bring it with you.
An older plan may still work well, or parts of it may need to be updated.
We can review your existing documents in light of your current family, finances, and wishes.
You Don’t Need to Have Everything Figured Out
One of the easiest reasons to delay estate planning is thinking you need all the answers first. You don’t.
Maybe you have not decided who should serve as guardian. Maybe you do not understand whether you need a trust. Maybe you have retirement accounts from several jobs and are not sure how they fit into your plan.
Those questions are part of the process. The important thing is to begin.
A conversation with an estate planning attorney can help turn a list of unanswered questions into clear decisions.
Talk With a Milwaukee Estate Planning Attorney
Estate planning is about making life easier for the people you care about and keeping important decisions in your hands.
At Margerie Law, we help individuals and families in Milwaukee, Wauwatosa, Brookfield, Elm Grove, and surrounding Wisconsin communities create estate plans that fit their lives.
We will listen to your concerns, explain your choices in plain language, and help you decide which documents make sense for your family.
Whether you are creating your first estate plan or reviewing documents you created years ago, our team is here to help.
Call us at (414) 254-4784 to schedule an appointment with a Milwaukee estate planning attorney. We have offices in Wauwatosa and Elm Grove and also offer virtual estate planning services.
About Us
Hi, I'm Paul and I believe I'm the best estate planning attorney in Brookfield, WI. I help my clients understand their options and put a plan in place to protect their most valuable assets for future generations. Working closely with top financial professionals I help families of all sizes and types plan for tomorrow in order to enjoy today. I proudly serve clients in Milwaukee, Brookfield, Elm Grove, Wauwatosa, and throughout SE Wisconsin. If you need Estate Planning help, a Will, a Trust setup, or are just looking for some life planning advice, give me a call today.
