(262) 622-3814
Schedule a Free Consultation
(262) 622-3814
Estate planning is all about planning for the future. This means ensuring that your finances, healthcare decisions, and loved ones are protected no matter what happens.
Estate planning in Wisconsin allows individuals to prepare for the unexpected by creating essential legal documents such as wills, trusts, and powers of attorney. These tools help manage financial affairs, dictate healthcare preferences, and ensure that assets are distributed according to their wishes. Whether planning for old age, due to a health scare, or just to prepare for an unexpected event, estate planning provides peace of mind and security for both individuals and their families.
Estate planning in Wisconsin is the planning for one’s potential passing or incapacity by making financial decisions and healthcare decisions ahead of time. This is done through wills, trusts, and powers of attorney. In the event of or leading up to a death, such documents dictate a plan for anything from inheritances to advance healthcare directives.
Estate planning is crucial for anyone who wants to protect their assets, ensure their wishes are honored, and provide clarity for loved ones. Whether you have a few cherished possessions you want to protect or significant investments and a business, an estate plan can help prevent disputes and legal complications after your passing.
Here are some key groups who should consider having an estate plan:
Part of estate planning is designating a guardian for any children, ensuring they are cared for by someone they trust if the unexpected happens. Estate planning can also ensure there are no arguments amongst children about who inherits what. This is especially important in blended families.
If you own a home or other real estate, an estate plan can help ensure a smooth transfer of ownership and prevent probate complications.
A business succession plan can protect your company’s future and determine who will take over operations. Because the estates of business owners impact many people, like employees and stakeholders, it is especially important to have these decisions made ahead of time.
This includes older individuals, people who have specific health concerns, or people who just want to be prepared. Advance healthcare directives, such as a living will or healthcare power of attorney, ensure your medical preferences are followed if you become incapacitated. And special needs trusts are a great tool for people with a disability.
Whether you have savings, investments, or sentimental belongings, an estate plan helps ensure your possessions go to the people or causes you care about most.
Regardless of age or financial status, having an estate plan in place can provide peace of mind and security for both you and your loved ones.
As detailed above, estate planning is for many people in many different situations. Here are some common goals people look to accomplish in their estate planning:
Estate planning in Wisconsin involves several legal tools that help people protect their assets, provide for loved ones, and ensure their wishes are honored. Below are key potential options to be a part of your estate plan.
To best understand what your estate plan should all include, speak with an attorney who can assess your situation and make recommendations. Estate planning attorneys at Grieve Civil Law specialize in estate planning and are able to give keen insights on how best to prepare for the future.
A trust is a legal entity that allows an individual, known as a trustee, to manage assets on behalf of beneficiaries. Trusts can help avoid probate, provide tax benefits, and offer greater control over how and when assets are distributed. Common types of trusts in Wisconsin include revocable trusts, irrevocable trusts, and special needs trusts.
A will is a fundamental estate planning document that outlines how your assets will be distributed after your passing. It also allows you to name a guardian for minor children and an executor to oversee your estate. Without a will, Wisconsin’s intestacy laws will determine how your estate is handled, which may not align with your wishes.
A power of attorney (POA) grants a trusted individual the authority to make financial or medical decisions on your behalf if you become incapacitated. There are different types of POAs, including financial power of attorney and healthcare power of attorney, each serving a crucial role in protecting your interests.
In Wisconsin, a marital property agreement can help couples define how their assets will be classified and distributed. These agreements can clarify the division of property in the event of death or divorce and help avoid potential disputes. They are particularly useful in blended families, second marriages, or situations where one spouse has significant individual assets. Two types of marital property agreements include prenuptial agreements and postnuptial agreements.
Once an estate plan is in place, it must be properly executed to ensure assets are distributed and managed according to the individual’s wishes. This often involves legal processes such as probate and trust administration.
Probate is the legal process where a person’s assets are distributed and debts are settled after they pass away. In Wisconsin, if a person dies with a will, the probate court ensures that the executor follows the will’s instructions. If someone dies without a will (called intestate), state law dictates how their assets are distributed. While probate can be time-consuming and costly, some estate planning strategies—such as trusts—can help individuals minimize or avoid the process altogether.
For those who have established a trust, trust administration is the process of managing and distributing assets according to the terms of the trust. Trust administration includes the management of a trust during the settlor’s life and after. Unlike probate, trust administration typically does not require court involvement, allowing for a more private and efficient transfer of wealth.
The trustee, appointed by the trust creator (settlor), is responsible for managing the trust’s assets, handling tax obligations/debts, and ensuring beneficiaries receive their designated distributions. Proper trust administration ensures that the settlor’s wishes are honored while protecting the interests of the beneficiaries.
There are many different state and federal laws and statutes that go into the various pieces of estate planning. Some of the key types include:
Property laws outline ownership rights and the responsibilities associated with owning, transferring, or managing property. Property law is primarily determined at the state level, so assets held in Wisconsin are subject to Wisconsin’s property laws. However, property such as real estate located outside of Wisconsin is subject to the laws of the state it is located.
When an individual passes away, their property must be legally transferred to heirs or designated beneficiaries. The Wisconsin probate process ensures that the deceased person’s estate is properly distributed. The probate court also confirms that the asset distribution aligns with legal requirements.
The Bureau of Indian Affairs (BIA) manages probate proceedings for the estates of indigenous people.
Wisconsin does not impose a gift tax on lifetime transfers, nor does it have an inheritance or estate tax on property transferred at death. However, federal estate tax laws still apply to larger estates exceeding federal exemption limits.
While it is possible to create a basic estate plan using online templates, consulting with an experienced estate planning attorney can ensure that your documents comply with Wisconsin laws and fully protect your assets and loved ones.
Mistakes can lead to unintended consequences, such as probate delays, tax burdens, or disputes among heirs. Speak with an attorney at Grieve Civil Law today to ensure your wishes are followed.
Estate planning is an overarching term that encompasses a lot of different things. For this reason, the best way to start this process is to have a discussion with an estate planning attorney. You can explain your situation and what your goals are, then the attorney can recommend different estate planning strategies to accomplish those goals.
Yes, probate can be avoided, but only if planning is done ahead of time. One of the most common ways to avoid probate is by using a trust. Trusts do not go through the probate process if set up correctly. The court usually only has to get involved if there is a disagreement on how the trust should be administered.
Estate planning should be a continuing project. Estate planning documents should be updated as family circumstances change, key assets change, and laws change.
Some specific examples of when to update an estate plan include:
Here at Grieve Civil we recommend going back to your estate plan every 3-5 years to ensure your goals and wishes remain the same. Then, if something needs to be changed, contact your attorney to perform an amendment to your plan.
When someone passes away without an estate plan, their assets are distributed according to Wisconsin’s intestacy laws. These laws are applied in the probate process where an executor will also be assigned to the estate. Usually, the person assigned as the executor is the person who files with the probate court on behalf of the person who passed.
Ready to visit or revisit your estate plan? Get in touch with Grieve Civil Law attorneys to review your goals
