National data indicates that about half of all Americans do not have a will or estate plan. Should any of them pass away before they have managed to create one, their loved ones could face numerous challenges. Do not leave your family stressed while mourning your passing. Make estate planning one of your New Year’s resolutions with help from the following tips.
Why Everyone Should Have an Estate Plan
People use all sorts of reasons to put off estate planning. Some are young and think they do not have a need. Others are middle class parents with few liquid assets. Still some simply cannot bring themselves to face the possibility of their death. Yet every single one of these groups should have an estate plan – if for no other reason than to ensure that their wishes are carried out, should they ever experience a tragic accident, sudden incapacitation, or unexpected death.
Preparing for Your Estate Plan
Creating an estate plan is a highly unique experience – one that requires you to examine your own situation, needs, and wishes carefully. However, there may also be some common considerations to make. For example, while each party will create their own estate plan, couples should attempt to work together during the process. Those who have young children should discuss and then decide upon potential guardians. Individuals who value quality of life over quantity will need to consider their health care proxy carefully to ensure the person they choose is able to adhere to their wishes. All should take a realistic look at their finances, assets, debts, family dynamics, and potential tax obligations prior to speaking with an attorney.
Why an Attorney is Critical in the Process
While the internet offers tools and simple plug-and-print forms for wills and certain estate planning forms, these options are often limited in their scope. They may not adhere to state laws, or they might fail to notify you of a serious but simple-to-fix issue. Further, there may be alternative options available to you that could save your family time, stress, and money upon your passing. In short, estate planning is not a “one size fits all” process. This is why an attorney is so crucial. Able to protect your rights, best interests, and family’s financial future, they can provide you with creative solutions to fir your needs.
Contact Our Milwaukee Estate Planning Lawyers
At the Law Offices of Rollie R. Hanson, S.C., we take a personalized approach to estate planning because we understand that your situation, needs, and concerns are unique. Learn more about how our Milwaukee estate planning lawyers can assist you with your estate planning needs. Call 414-321-9733 and schedule your initial consultation with us today.