If you're in your 70s and haven't created an estate plan yet, now is the time. Estate planning isn't just about who gets what when you pass-it's about protecting yourself during your lifetime and making sure your family isn't left with a legal mess. It's also about peace of mind, knowing that your wishes will be respected and that your loved ones won't be burdened.
Contact us by either using the online form or calling us directly at 414-253-8500 for legal assistance.
Estate Planning Is About More Than a Will
Many people think estate planning only means having a will. While a will is important, it's only one piece of a complete plan. A proper estate plan also protects you during your lifetime and makes transitions easier for your family.
Here are the key components:
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Will - Distributes your property after death.
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Revocable Living Trust - Keeps your assets out of probate and can help manage your estate during incapacity.
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Durable Financial Power of Attorney - Lets someone you trust manage your finances if you can't.
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Healthcare Power of Attorney - Appoints someone to make medical decisions if you're unable to do so.
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Living Will - States your wishes for end-of-life care and medical interventions.
Why It's Important to Act Now
Here's why waiting can cause more problems than you think:
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Health issues can strike unexpectedly. Stroke, dementia, or injury can leave you unable to make legal decisions.
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You must be of sound mind to sign legal documents-if you wait too long, it may be too late.
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Your family may have to go to court to get permission to help you if there are no legal documents in place.
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Your wishes may not be followed without proper legal direction.
What Happens Without a Plan?
If you pass away or become incapacitated without an estate plan:
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The state decides who inherits your property, not you.
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The court may appoint someone to manage your finances or health care-possibly someone you wouldn't have chosen.
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Probate court can be expensive and time-consuming for your loved ones.
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Family conflict is more likely without clear instructions.
Related reading: What Are the Potential Consequences of Not Having an Estate Plan?
What an Estate Plan Can Do for You
A well-prepared estate plan offers both protection and control. It helps ensure that:
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Your wishes are honored. You get to choose who receives your property and who manages your affairs.
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You stay in charge for as long as possible. Tools like powers of attorney and trusts give you flexibility while protecting you if you ever need help.
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You avoid unnecessary taxes and fees. With the right plan, you can minimize estate taxes and legal costs.
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Your family stays out of court. A good plan keeps loved ones from having to go through probate or guardianship proceedings.
You're Not Too Late-and You're Not Alone
It's common to feel overwhelmed, or even guilty, for not having done this sooner. But the truth is, many people don't complete their estate plan until their 70s-and it's still very possible to put everything in place. What matters most is acting now, while you're able to.
Working with an experienced estate planning attorney can make the process easy to understand, efficient, and tailored to your unique goals.
You've Worked Hard Your Whole Life-Protect It
You've built a life. You've raised a family. You've accumulated savings and property. Now it's time to make sure all of it is protected-and that your loved ones aren't left picking up the pieces.
At Heritage Law Office, we help individuals and couples in their 70s create solid, thoughtful estate plans. We listen to what matters to you and make the process clear and manageable.
Ready to get started? Contact us today online at HeritageLawWI.com or call 414-253-8500 to schedule your consultation.
Frequently Asked Questions (FAQs)
1. Is it too late to start estate planning in my 70s?
No, it's not too late. As long as you are mentally capable of understanding the documents you sign, you can create a valid estate plan. Many people start estate planning in their 70s, especially as retirement, health concerns, or family discussions bring the topic to the forefront.
2. Do I need both a will and a trust?
Possibly. A will directs how your assets are distributed after death and names an executor. A trust can help avoid probate, manage assets during your lifetime, and offer more privacy. Whether you need one, both, or additional tools depends on your goals, the value of your estate, and your family dynamics.
3. What is the role of a power of attorney?
A power of attorney allows someone you choose to handle your finances or make medical decisions on your behalf if you are unable to. Without one, your family may have to go to court to get permission to help you.
4. How do I choose the right person to manage my affairs?
Look for someone who is responsible, trustworthy, and organized. This could be an adult child, other relative, or friend. It's also a good idea to name a backup person in case your first choice is unable or unwilling to act when needed.
5. Will estate planning help prevent family conflict?
Yes, a clear and legally sound plan reduces confusion and disagreements. When your wishes are documented properly, your loved ones don't have to guess or argue over what you would have wanted.