If you haven’t started your estate plan, now is the perfect time to begin. Estate planning isn’t just for the wealthy or elderly—it’s a crucial step for anyone who wants to protect their loved ones and their assets. Life can throw surprises your way, and having a comprehensive estate plan helps protect your legacy while providing guidance to your family about how to carry out your last wishes.
At Peterson, Berk & Cross, S.C., we recommend starting your estate planning journey early to prepare for whatever the future holds.
Reasons to Start an Estate Plan Early
Starting an estate plan early is wise for several reasons. First, a proper estate plan helps ensure that your assets are distributed according to your wishes after your death. This step can help stave off potential conflicts among family members. An early start lets you clearly outline how your property, investments, and personal belongings should be handled, providing peace of mind for you and clarity for your heirs.
Second, life is unpredictable. Health issues, accidents, or sudden changes in circumstances can occur at any time. By having an estate plan in place, you protect your family from the stress and uncertainty that can arise during difficult times. This preparation helps others manage your affairs if you cannot do so yourself.
Last, starting early gives you the advantage of updating and refining your plan as your life evolves. Whether you acquire new assets, start a family, or experience significant life changes, you can adjust your estate plan to reflect your current situation.
What’s in a Typical Estate Plan?
Everyone’s estate plan varies according to their specific needs, but common components of these plans include:
- Will: Your will names an estate executor and specifies how they are to distribute your assets after your death. This document can name guardians for minor children.
- Trust: A trust is a legal instrument in which a trustee is appointed to manage assets during your lifetime and distribute them after your death, often without having to go through probate.
- Durable Power of Attorney: This document appoints someone to make financial decisions on your behalf if you become incapacitated.
- Healthcare Power of Attorney: A Healthcare Power of Attorney designates someone to make medical decisions for you if you cannot do so yourself.
- Living Will: A Living Will states your wishes regarding medical treatments and end-of-life care.
- Life Insurance, Retirement Accounts, and Payable on Death Accounts: All these instruments represent funds that can be transferred to others upon your death. Each requires a beneficiary designation so the funds go to the people you choose.
How We Can Help with Your Estate Plan
At Peterson, Berk & Cross, S.C., we understand that creating or updating an estate plan can feel overwhelming. Our experienced attorneys can guide you through every step. We will help you identify your goals, draft necessary documents like wills, trusts, and powers of attorney, and see that all the details of your plan comply with Wisconsin law. We offer personalized advice tailored to your unique situation so you’ll know your assets are protected and that your heirs will honor your wishes.
Let us provide the experience and support you need to create a comprehensive estate plan. Call Peterson, Berk & Cross today or reach out online for a consultation.