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Why You Need an Estate Plan

Posted by Noah Sarkauskas | May 20, 2022 | 0 Comments

Most people put off estate planning because they think they don't have enough assets to make it worth their time. But that's not always the case. Even if you only have a small estate, it's important to have an estate plan in place so that your loved ones can avoid costly and time-consuming legal proceedings after your death. Heritage Law Office can help you create an estate plan that meets your specific needs and protects your loved ones. Contact us today for more information.

Everyone Should Have an Estate Plan

While no one likes to think about their own mortality, estate planning is an important step that everyone should take to ensure that their assets are distributed according to their wishes. An estate plan can also help to avoid disputes amongst family members and ensure that important decisions are made in a timely manner.

By putting an estate plan in place, you can have peace of mind knowing that your affairs are in order and that your loved ones will be taken care of. While the process of estate planning can seem daunting, working with an experienced attorney can help to make the process much simpler. With a well-crafted estate plan, you can ensure that your wishes are carried out and that your loved ones are taken care of after you're gone.

When Should I Create an Estate Plan?

You should create an estate plan when you no longer feel comfortable with the default rules provided by your state. If you do no have an estate plan, the state has a default one setup for you. The laws vary from state to state and can change from year to year. The default rules may not be in line with your desires.

There are a few key life events that usually signal the need for an estate plan. If you get married or divorced, have children, start a business, or acquire significant assets, you should strongly consider an estate plan.

What is Included in an Estate Plan?

An estate plan is a critical tool for anyone who owns property or assets. At its most basic, an estate plan helps to ensure that your property and assets are distributed according to your wishes after your death.

However, an estate plan can do much more than simply list out who should receive your assets. It can also help to minimize taxes, preserve assets for future generations, and protect your loved ones in the event of incapacity.

Common estate planning documents include the following:

The specific components of an estate plan will vary depending on the needs of the individual. Each of these documents are tools. You need to have the right tool for the job. As a result, it is important to work with an experienced attorney to create an estate plan that meets your unique needs.

The Benefits of Having an Estate Plan in Place

Estate planning is an important way to protect yourself and your loved ones in the event of your death. A well-crafted estate plan can ensure that your assets are distributed according to your wishes, and it can help to minimize the financial burden on your family.

If you don't have an estate plan, your assets will be distributed according to your state's intestacy laws. Intestate succession laws differ from state to state. The intestacy laws are also subject to change from year to year. Additionally, if you have no estate plan and no surviving spouse or blood relatives, your assets may go to the state.

An estate plan can help you control who inherits your assets and when they inherit them. It can also help reduce the amount of taxes your heirs will have to pay. Without an estate plan, you have no say in how your assets are distributed or who inherits them. If you have minor children, it is especially important to have an estate plan so that you can designate a guardian for them. If you die without a will or other estate planning documents, the court will appoint a guardian for your children. The court will also decide how your assets will be divided among your heirs. An estate plan can help you ensure that your assets are distributed according to your wishes and that your children are taken care of by the guardians you choose.

Even if you don't have a large estate, an estate plan can provide peace of mind for both you and your loved ones. Taking the time to create an estate plan is one of the best gifts you can give to those you care about.

Why You NEED a Lawyer to Help You Create Your Estate Plan

While it may be tempting to draft your own will in order to save money, there are several reasons why this is not a good idea. First of all, state laws vary widely when it comes to estate plans, so it is important to have documents that comply with all relevant regulations. Secondly, a properly drafted will can help to avoid disputes among your heirs. If your family is already prone to conflict, drafting your own estate plan is likely to increase tensions. Finally, there are a lot of important decisions to make. Who will inherit your assets? How can you minimize taxes and expenses? What should you do if you become incapacitated? One mistake can be very costly, and it can have serious repercussions for your loved ones.

An experienced lawyer can help you answer these questions and create a plan that meets your specific needs. Estate planning is not a one-size-fits-all process, and a lawyer can tailor your estate plan to your unique circumstances. In addition, a lawyer can provide invaluable guidance on the legal aspects of estate planning, such as wills and trusts. If you want to ensure that your estate plan is created correctly and efficiently, it's important to work with an experienced lawyer.

How Heritage Law Office Can Help You Create Your Estate Plan

When it comes to estate planning, there are a lot of important decisions to make. Heritage Law Office can help you navigate this process and create an estate plan that meets your unique needs.

We start by getting to know you and understanding your goals for your estate. We then work with you to develop a plan that accomplishes those goals. This may include creating a will, setting up trusts, or using other estate planning tools. Our goal is to help you create a plan that gives you peace of mind, knowing that your loved ones will be taken care of if something happens to you.

Contact an Estate Planning Attorney in Wisconsin, Minneosta, or California

Whether you are young or old, have a lot of assets or few, it is important to have an estate plan in place. An estate plan can help ensure that your wishes are carried out after you die and can provide peace of mind for you and your loved ones.

If you need assistance creating an estate plan or have any questions, Heritage Law Office can help. We have experienced attorneys who will work with you to create a plan that meets your unique needs. Give us a call at 414-253-8500 or send us a message for more information!

About the Author

Noah Sarkauskas

Bringing technology, automation, machine learning, and a systematic approach to the legal world, Noah Sarkauskas is making the legal field significantly more efficient. Noah leverages technology to complete your legal work in a significantly quicker and more time-efficient matter while simultaneo...

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