Most of us probably don’t want to think about a time when we are no longer around but it makes a lot of sense to plan for this eventuality and, if you don’t, it could turn out to be an expensive and emotive legacy that you would rather not be remembered for.
When it comes to estate planning in Wisconsin, or anywhere else for that matter, there are some compelling reasons why it makes a lot of sense to write a will.
Providing for your family
The fundamental issue with not making a will is the fact that you are not leaving any specific instructions as to what you want to do with your assets, which means that your money and property might not end up going to your loved ones or it could take a very long time to sort out.
None of know when our last day is going to be and because of that uncertainty it is wise to have everything sorted with regard to your financial affairs long before that fateful day arrives.
If you don’t write a will, the courts and the government could take some while to sort out your estate and that could mean that your family is left without the money they need for a long time after you pass away.
If you want to be sure that you continue to provide for your family after you have gone the way to achieve that aim is to ensure that you write a will.
Looking after your children
Your financial priorities and situation will change as you go through life and you can update your will at any time to reflect these changes.
If you have children, making a will allows you the opportunity to look after your children in any circumstances.
This could mean naming someone you want to act as a guardian for your children as well as outlining financial arrangements.
Without this vital information detailed in a legal document, it could create an uncertain future for your children at a time when they are going to be most vulnerable.
No doubt what you wanted
When you write a will it takes away any uncertainty with regard to what you wanted everyone to have and it eliminates the prospect of a dispute.
When there is no will in place, it can often happen that there are family disputes, which is emotionally challenging and disruptive, and expensive too when lawyers end up trying to sort out the situation.
Keep taxes to a minimum
Another major incentive to write a will is the prospect of lower taxes.
Estate taxes and legal fees can add up to a tidy sum and this is money that will come out of your inheritance.
Writing a will and getting professional help in relation to tax-efficient estate planning is one of the best ways to protect what you have worked so hard for and allows your family to keep as much of that money as possible.
These are just some of the convincing reasons why you can’t afford to risk leaving your family with a financial headache after your gone, which you can avoid if you write a will.