It is important to know that an estate plan is not just a plan for after you are gone. An estate plan also includes legal documents stating your wishes while you are still here. While every situation is different, every single person can benefit from having an estate plan in place because we are all going to face a moment when decisions have to be made and it is easier to have those decisions mapped out in advance.

The typical estate plan starts with your “during life” decisions. If you are young and healthy, a Health Care Power of Attorney and a Financial Power of Attorney are advisable to have. These two documents list someone you choose to make decisions for you if you become incapacitated and cannot make decisions for yourself. Every adult faces the risk of a car accident or some other emergency where he or she could be sidelined for a while. The mortgage payment still needs to be paid on time and you need someone in place who has the authority to do it. If the unthinkable happens and you pass away, you need a plan for how you want your assets distributed to your loved ones. If you have minor children, you absolutely need to plan out who would take care of them and how you would pay for their care. If you don’t have children, you still need a plan stating how you would like your assets distributed because if you don’t, you will have an “intestate” estate. This means your assets would be distributed according to Wisconsin law which could lead to your assets being distributed to relatives that you may not intend. Your close friends or favorite charities would not be eligible to receive anything. 

Finally, the best reason for needing an estate plan is to ease the burden on your loved ones. Remember that they will be scared if you have a medical emergency and grieving your loss if you go. The more organized your plan is, the easier it will be for your loved ones to carry it out. Having everything in order will be the best gift you can give them.

This column is provided as a public service by Attorney Laura L. Colt. While the information in this column is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.

Call 608-524-8231 LaRowe Gerlach Taggart LLP to make an appointment with Attorney Laura Colt to begin your Estate Planning process today. Additional information regarding LaRowe Gerlach Taggart LLP available on our website at www.lgtlaw.com.