Estate Planning - FAQs

A: If you pass away without an estate plan, your assets will be distributed according to Wisconsin’s intestacy laws, which may not align with your wishes. Additionally, your family could face lengthy probate proceedings and unnecessary legal expenses.

A: The best time to start is now. Estate planning is not just for the elderly—it’s for anyone who wants to protect their assets, minimize taxes, and ensure their loved ones are cared for.

A: Yes, you should update your estate plan whenever you experience a major life event, such as marriage, divorce, birth of a child, acquiring significant assets, or moving to a different state.

A: A will outlines how your assets should be distributed upon your death but must go through probate. A trust allows assets to be transferred without probate and provides more control over how and when assets are distributed.

A: Online templates may not comply with Wisconsin laws or cover your unique situation. An estate planning attorney ensures your documents are legally valid and tailored to your needs.

A: Your assets will be distributed according to state intestacy laws, which typically give priority to spouses and children. If you have no immediate family, your estate may go to distant relatives or, in rare cases, the state.

A: Wisconsin does not recognize handwritten (holographic) wills even if they are properly signed and witnessed. Wills must be typed and signed by yourself and two witnesses. It’s best to work with an attorney for this.

A: It depends on your goals. A revocable living trust allows flexibility during your lifetime, while an irrevocable trust offers tax advantages and asset protection. Other options include special needs trusts, charitable trusts, and spendthrift trusts.

A: Yes. Assets placed in a properly structured trust can pass to beneficiaries without probate, saving time and legal expenses.

A: Your trustee should be someone responsible and financially savvy. Many people choose a family member, trusted friend, or a professional fiduciary, such as a bank or attorney.

A: A power of attorney (POA) allows someone to make financial or healthcare decisions on your behalf if you become incapacitated. Without one, your family may need to go to court to obtain guardianship over you.

A: A financial POA gives someone authority over your financial matters, while a healthcare POA allows someone to make medical decisions for you if you’re unable to do so.

A: Yes, you can name co-agents, but they must work well together. Alternatively, you can appoint a primary agent and a backup (successor) agent.

A: Also called a living will, it outlines your medical preferences, such as life support or organ donation, in case you become incapacitated.

A: A durable POA takes effect immediately and continues if you become incapacitated. A springing POA only takes effect under specific conditions, such as a doctor’s certification of incapacity.

A: Wisconsin does not have a state estate tax, but federal estate taxes apply to estates exceeding $13.99 million (as of 2025 and double for married couples). Proper planning can help minimize tax burdens.

A: Irrevocable trusts, business entities, and strategic asset structuring can help shield your estate from lawsuits and creditor claims.

A: Yes, strategies like gifting, setting up irrevocable trusts, and utilizing the annual gift tax exclusion ($19,000 per recipient in 2025) can help reduce estate taxes.