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Estate planning plays an important role in protecting your assets after your death and ensures your final wishes are carried out and your loved ones are provided for. However, before creating one, it’s helpful to understand the steps involved in the process. Over the years, the attorneys at Scott & Heenan LLC have guided many Grant County, WI, residents through the different stages of putting together a solid plan that would hold up in court. To get you started, they outline what to expect from the endeavor.

The 5 Stages of Estate Planning

1. Hire an Attorney

When developing the paperwork, it’s wise to hire an attorney. They will advise you on all the legal documents you need to build a plan that most suitably addresses your situation. They also help you avoid making errors that can result in significant delays and extra costs when it comes time to distribute your assets.

2. Draft a Will

A will is a crucial part of any estate plan. It allows you to leave instructions on how you want your assets allocated to your heirs and who should take over guardianship of your minor children. In the absence of such a document, the courts will make these critical decisions on your behalf.

3. Appoint a Power of Attorney

estate planningEstate planning doesn’t just focus on what happens after you die. It also ensures that your affairs are properly managed if you become incapacitated. By appointing someone you trust to be your power of attorney, you can feel confident that medical and financial decisions will be made in your best interests.

4. Choose Beneficiaries

As you take inventory of your finances and assets, you want to choose your beneficiaries carefully. They include the family members, friends, and charity organizations that you will assign your property to. Leaving behind clear direction will ensure your belongings and money don’t end up in the wrong hands.

5. Prepare for Estate Taxes

Although most people don’t have to worry too much about owing estate taxes, it’s better to be prepared. Talk this over with your attorney and find out what you need to do to minimize the amount you might owe and maximize the assets your loved ones will receive.

Having a valid estate plan can make all the difference in what happens to your assets and how well your family is taken care of after you pass. With the assistance of an estate planning lawyer, the process of putting together a comprehensive plan will seem much less daunting. Contact Scott & Heenan LLC at (608) 348-9506, or visit their website for additional information on the legal services they provide. Backed by over 50 years of experience, they offer the quality guidance you need to create a plan that best reflects your desires and interests.

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