How to Get Started With Estate Planning

Estate planning is the process of arranging for the transfer of your assets after you pass away. It is a crucial step in ensuring that your loved ones are taken care of and your assets are distributed according to your wishes. It involves creating legal documents such as wills, trusts, and power of attorney to protect your assets from probate and ensure that your wishes are carried out and your family is taken care of in the way you want.

If you’ve been thinking about estate planning but aren’t sure where to start, this guide lays out the basics. If you live in the greater Milwaukee area or anywhere in the state of Wisconsin, feel free to contact me, Attorney Paul Margerie, with questions about your unique situation and how you can get started protecting your family’s future.

What are the Elements of an Estate Plan?

Though each person’s estate planning needs are a little different, most estate plans contain the following elements:

• A Will: A will (or “Last Will and Testament”) is a document that specifies how your assets will be distributed after your death. A will also contains information about who will act as guardian for your minor children should you pass away unexpectedly.
• Trusts: A trust is a legal arrangement where a trustee holds and manages your assets on behalf of your beneficiaries. Trusts can be beneficial for minimizing the hassle of probate and in situations where you want to specify how your assets are handled and distributed.
• Power of Attorney: A financial power of attorney is a document that authorizes someone to act on your financial behalf if you become incapacitated and can no longer do so on your own.
• Health care directives: A health care directive is a crucial document that specifies your medical wishes if you become incapacitated. A related document, the HIPAA release, authorizes your doctor to release medical records to your family should you become unable to do so yourself.

While these are the basic building blocks of most estate plans, they all look a little different. Keep reading to learn more!

Who Should Have an Estate Plan?

Everyone should have an estate plan, regardless of their net worth. However, estate planning is a little more pressing for some people than others. If you are a parent, it is essential to have an estate plan to ensure that your child is taken care of if something happens to you and your partner.

High-net-worth individuals should also have an estate plan to minimize taxes and protect their assets. Estate planning can help high-net-worth individuals avoid probate, which can be expensive and time-consuming. Additionally, estate planning can help protect your assets from lawsuits and creditors.

Truly, if you have anything that you care about in your life, you should protect it with an estate plan.

When Should You Get Started on Estate Planning?

It is never too early to start estate planning. Even if you are just starting your career, it is essential to have an estate plan in place to protect your growing assets. As you accumulate assets and your life circumstances change, it is essential to update your estate plan to reflect those changes. Many people start estate planning when they have children or purchase a home, but it is ok — even encouraged — to start earlier than that. Estate plans can and should be changed regularly to reflect your current life circumstances, so even if you start simple, you can always make adjustments in the future.

Why Work with an Experienced Estate Planning Attorney?

While it is possible to create an estate plan without a lawyer, it is generally not recommended. Estate planning laws and regulations can be complicated and there are estate planning laws that are specific for each state. Working with an experienced Wisconsin estate planning attorney can help ensure that your documents are accurate, valid, and legally binding in this state.

Additionally, an experienced estate planning attorney can help you navigate complex tax laws and minimize your tax liability. They can also help you avoid common mistakes and pitfalls that could invalidate your estate plan.

Drawbacks of Creating an Estate Plan Without a Lawyer

Attempting to create an estate plan without a lawyer can have serious consequences. Mistakes or oversights in your estate plan can leave your assets vulnerable to probate, creditors, or lawsuits.

Additionally, if your estate plan is not legally valid, it may not be able to withstand legal challenges from your beneficiaries. Finally, attempting to create an estate plan without a lawyer can be a time-consuming and frustrating process, leading to potential errors or mistakes.

Margerie Law: Your Greater Milwaukee Estate Planning Resource

Estate planning is an essential part of planning for the future. No matter where you are in life, having an estate plan can help protect your assets and ensure that your loved ones are taken care of after you pass away.

Hi, I’m Attorney Paul Margerie. At my practice, Margerie Law, my team and I understand the importance of protecting your family’s future through estate planning. With years of experience, I know the ins and outs of estate planning and help local individuals just like you craft custom estate plans that meet their needs. I works closely with my clients to understand their unique situations and develop a comprehensive estate plan that protects their assets and loved ones. Whether you are a new parent, have multiple properties, are a high-net-worth individual, or are just looking to learn more about how to protect your future, we can help you navigate the complex world of estate planning with ease and confidence. Contact Margerie Law today to schedule a consultation and take the first step in securing your family’s future.

By Paul Margerie, Owner of Margerie Law

Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.