Many Green Bay residents and others throughout Wisconsin put off estate planning because they think they don’t need to worry about it until later in life. However, accidents can happen anywhere and anytime. Without proper planning, including writing your will, your family’s financial future might not be secure. Here are some of the potential consequences of not writing a will and planning for your estate after your death:
The State Determines Who Gets Your Assets
If you don’t write a will, Wisconsin’s intestacy laws dictate who inherits your property. These laws follow a strict order, starting with your spouse and children, then moving to other relatives like parents or siblings. This process may not reflect your wishes or your family’s specific needs.
Family Disputes Over Assets
Without clear instructions, family members may disagree over who should receive certain assets. This can lead to prolonged disputes, strained relationships, and costly legal battles that deplete your estate’s value.
Lack of Guardianship Designations for Minor Children
If you have minor children, not naming a guardian in a will means the court decides who will care for them. The court’s choice may not align with your preferences or the best interests of your children.
Higher Probate Costs and Delays
When no will or estate plan exists, your estate must go through probate, which can be time-consuming and expensive. The lack of clear instructions often results in additional administrative costs and delays, reducing the inheritance your beneficiaries receive.
Unintended Beneficiaries
Without a will and estate, your assets may go to individuals you wouldn’t have chosen, such as distant relatives or, in rare cases, the state. Additionally, stepchildren, unmarried partners, and close friends are typically excluded under Wisconsin’s intestacy laws, regardless of their relationship to you.
Tax Implications
Without an estate plan, there’s no opportunity to minimize taxes on your estate through strategic planning. Your estate may face unnecessary federal or state taxes, leaving less for your heirs.
Missed Opportunities for Charitable Giving
If you intend to leave part of your estate to charity, this won’t happen without proper documentation.
No Planning for Crucial Health or Financial Decisions
Estate planning also includes documents like powers of attorney or living wills. Without these, your family may face the challenges of making medical or financial decisions on your behalf if you become incapacitated.
How We Can Help You Create Your Estate Plan
At Peterson, Berk & Cross, we believe proper estate planning is essential for securing your wishes after your death and guarding your family’s financial future. We can help you create a personalized estate plan to make sure your family honors your wishes and receives as much as possible from your estate. We’ll guide you through drafting a clear, legally enforceable will to specify how your assets should be distributed. If you need additional tools, such as trusts, we’ll explain your options and help you structure them to meet your goals.
Our team can also prepare essential documents like powers of attorney and healthcare directives, empowering people you trust to manage your affairs if you cannot do so yourself. Whether you’re concerned about guardianship for minor children, tax planning, or charitable giving, we can provide tailored solutions to meet your needs. Let us help you build a comprehensive estate plan with confidence and care. Call us now at (920) 831-0300 or reach out online for a free consultation.