The One Conversation Every Parent in Milwaukee Should Have

Parents talk about their children’s future all the time. You may discuss schools, activities, vacations, college, and where your family wants to live.

There is another conversation that is much easier to put off. What would happen to our children if we could no longer care for them?

It is not a comfortable question, but talking about it does not have to be scary. For parents in Milwaukee, Wauwatosa, Brookfield, and Elm Grove, this conversation can be the first step toward creating an estate plan that gives the entire family more direction and peace of mind.

Article Summary

1. Start With the Most Important Question
2. Talk About Who Would Raise Your Children
3. Discuss How Your Children Would Be Supported
4. Make Sure Both Parents Understand the Estate Plan
5. Talk About Who Could Make Decisions for You
6. Make Important Information Easy to Find
7. Turn the Conversation Into an Estate Plan
8. Talk With a Milwaukee Estate Planning Attorney

1. Start With the Most Important Question

The conversation can start with one simple question: If something happened to both of us, who would we want to care for our children?

You do not need to answer every estate planning question in one evening. Start there.

Each parent may already have someone in mind. Sometimes both parents immediately agree. Other couples discover that they have very different ideas. That is okay.

The value of the conversation is finding out what each person thinks before there is ever an emergency. Talk about the people you trust, where they live, their relationships with your children, and whether they could realistically take on the responsibility.

2. Talk About Who Would Raise Your Children

Choosing a guardian is one of the hardest estate planning decisions for many parents.

You may have several family members you love and trust. That does not mean each one would be the right person to raise your children. Think about everyday life.

Would your children need to move? Would they be able to stay close to friends and family? Does the person share your parenting values? Are they willing and able to take on the responsibility? Age, health, family relationships, and financial stability can also be part of the discussion.

You do not need to find someone who would parent exactly as you do. That person probably does not exist. Instead, look for someone you trust to provide your children with a safe and loving home.

Our guide on how to choose a legal guardian for your minor children can help you work through this decision.

3. Discuss How Your Children Would Be Supported

Choosing a guardian answers one important question, but it does not answer every question. Parents should also discuss money. How would your children be financially supported if you were no longer there?

Consider your life insurance, savings, retirement accounts, home, and other assets. You should also think about how those assets would be managed while your children are young. A large amount of money left directly to a young person may not be what you want.

Your estate plan can provide instructions for how certain assets should be handled for your children. The right approach depends on your family, finances, and goals.

4. Make Sure Both Parents Understand the Estate Plan

In some families, one person handles most of the financial paperwork.

One spouse may know where the insurance policies are kept, how the retirement accounts work, and which attorney prepared the will. That system may work during everyday life, but it can create problems during an emergency.

You should also understand your beneficiary designations. Life insurance and retirement accounts may have beneficiaries listed separately from your will, so these choices should be reviewed as part of the larger plan.

5. Talk About Who Could Make Decisions for You

Estate planning for parents is not limited to planning for death. You should also discuss what would happen if one of you were alive but unable to make decisions.

Imagine that one parent experiences a serious accident or illness. Who could handle important financial matters? Who could make healthcare decisions if that parent could not communicate?

Powers of attorney can address these situations. A financial power of attorney can give a trusted person authority to handle certain financial matters. A healthcare power of attorney can name someone to make healthcare decisions if needed.

These documents are important for younger adults too. If you are unsure which documents belong in your plan, 5 Estate Planning Documents Every Young Family Needs provides a useful starting point.

6. Make Important Information Easy to Find

Having the right documents is important. Being able to find them is important too. Both parents should know where estate planning documents and other important records are kept.

Think about the information someone might need during an emergency. This could include insurance information, financial account details, contact information for your attorney, and the location of your estate planning documents.

You do not need to leave passwords and private financial information sitting in an unlocked drawer. You simply need a system.

Your spouse or another trusted person should know where to begin if they suddenly need to handle important responsibilities. You should also make sure your original estate planning documents are stored safely. Our article on where you should store your will explains some of the factors to consider.

7. Turn the Conversation Into an Estate Plan

Talking with your spouse is an important first step. The next step is putting those decisions into the proper estate planning documents.

A conversation at the kitchen table does not replace a will, powers of attorney, or other legal documents. This is where an estate planning attorney can help.

You can bring your questions, concerns, and even the decisions you have not been able to make yet. Your attorney can explain your options and help you understand how different parts of an estate plan work together.

You also do not need to have everything figured out before your first meeting. Knowing how to prepare for estate planning can make that first appointment easier, but your attorney should help guide you through the decisions you still need to make.

8. Talk With a Milwaukee Estate Planning Attorney

At Margerie Law, we help parents in Milwaukee, Wauwatosa, Brookfield, Elm Grove, and nearby communities create clear and practical estate plans. We can help you think through guardianship, wills, powers of attorney, beneficiaries, and the other decisions that matter to your family.

You do not need to walk into our office with everything figured out. Bring your questions. We will help you understand your choices and create a plan that reflects what matters most to you.

If you have been putting off this conversation, now is a good time to have it. Contact our team to speak with a Milwaukee estate planning attorney and take the next step toward putting your family’s wishes in writing.