When it comes to estate planning, some people wait till their retirement while some ignore it completely. Will attorneys Wisconsin advice to make a will and don’t wait for your retirement.
Let’s first debunk the myths related to estate planning
Myth: Estate planning is only for rich
Fact: Estate planning is not only for the wealthy. It’s important for all. It’s all about passing down your assets to people you want.
Myth: Estate Planning should be done only after retirement
Fact: You shouldn’t wait till your retirement. Life is unpredictable. It’s always the best to have a plan in place.
Myth: My legal heirs will handle it.
Fact: Legal heirs may or may not handle everything maturely. Many disputes arise, hence, it’s always better to put your wishes on paper so that later on there would be no issues.
Myth: I don’t need a legal opinion
Fact: Like doctors are experts in their field, lawyers are expert in theirs. A legal opinion will help you know whether you are on the right track or you need to make some amendments.
What is Estate Planning?
Estate planning is passing the assents from one generation to another. You are in-charge of deciding which of your assets, money, and valuables are passed down to whom. It’s a dynamic process and should be reviewed regularly in case there are any changes in your family situation or laws in your country.
Importance of Estate Planning
Dying without a will can leave your family in complications. There could be issues and disputes in the family that can snatch the peace of your family. We live in a materialistic world and everyone wants to grab a bigger pie. You must have seen that families get torn over the issues of getting more money. Instead of hoping that your family would divide the assets equally, take things in your own hands and plan a will.
How to Go About Estate Planning?
Wills
A will can be prepared by anyone who is 18 or above and is in the sound state of mind. Will is a great way to ensure everything is taken care of and your family doesn’t need to fight or worry as you distribute everything as per your own choice.
There is no need to keep putting off the work of making a will. Nothing is certain and with age people are not in good health and they might not even be in a position to make a will due to their ill health.
You can always revise the will as per your circumstances. So, there is no specific age to make a will, if you are 18 or above and in good mental health, you can make a will.
In the following circumstances, you must make a will:
Married or in a relationship
To provide financial security to your partner and strengthen the bond as well as for the peace of mind, you must make a will.
Started a family
When you have dependents to support, the responsibility falls on your shoulder. Along with financial planning, draft a will.
A situation of divorce or re-marriage
When in the case of divorce, the will needs to be re-drafted considering the aspect of alimony. Similarly, for a remarriage, you have to make changes to the existing will. For instance, re-marrying couple could have children from previous marriage and in order to safeguard your assets, you must make a will.
Illness
God forbid, when someone is diagnosed with a life-threating disease, and there is no will, then there is time to make one as you don’t want your family to suffer financially.
Final Words
Having a will is important, you should meet an estate planning attorney to have answers to all your questions and save yourself and your family from financial and mental burden.
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