What Is Estate Planning?

You can save your loved ones a lot of money and frustration by devising a plan for the management of your health care and property if you become severely disabled or pass away.

A Wisconsin estate planning attorney can help you with:

• Advance health care directives telling how you want your health care managed if you ever become too ill to speak for yourself
• Powers of attorney appointing someone to manage your property and sign legal papers for you if you become unable to take care of your own affairs
• Wills and probate that transfer your property to selected beneficiaries upon your death
• Trusts that provide for the care of children or disabled persons, minimize taxes or protect against creditors
• Ways to avoid probate that transfer property at death - insurance, gifts, joint ownership of property, bank accounts
• Medicaid eligibility planning

Advance Directives for Medical Care

Advance health care directives are written instructions telling how you want your health care to be managed if you become so ill you can't speak for yourself. Wisconsin law permits adults, aged 18 or older and of sound mind, to make advance directives that include the following documents:

• Living Will (Declaration to Physicians): You can indicate whether you want to receive life support (like artificial respirators) or feeding tubes if you develop a terminal condition and are near death or are in a permanent coma. Even if you have a living will, life support and feeding tubes won't be withdrawn if it would cause pain and discomfort not relieved through other measures
• Health Care Power of Attorney: You can authorize someone, such as a close friend or family member, to make health care decisions for you if you become so sick you're unable to make these decisions yourself

Your health care directive must be signed by two witnesses over age 18. They can't be relatives, financially responsible for your health care, have any claim to your estate, or be an employee of your health care provider or care facility other than a chaplain or social worker.

Powers of Attorney

In Wisconsin, you can sign a durable power of attorney to appoint someone to handle your assets if you become severely disabled. A power of attorney should include the power to:

• Manage and transfer all assets
• Deal with the IRS
• Make gifts on your behalf
• Create and amend any trusts you set up

You don't need to transfer any assets when you sign a power of attorney. It is a good idea to keep the person you've chosen informed about your ongoing financial matters.

Making a Will

In Wisconsin, you can make a valid will if you are at least 18 years old and of sound mind. The will must be in writing and be signed by you, signed by you with the assistance of another person who has your consent or signed in your name by another person at your direction and in your presence. At least two witnesses must sign your will after witnessing the signing of your will, your acknowledgment of your signature on the will or your acknowledgment of your will. 

In the will you can:

• Distribute your property
• Select a guardian for your minor children
• Name an executor or personal representative to manage the probate of your will and the distribution of your property after your death.

You can change your will by making a new will that replaces or revokes the old one or by making an addition to the will, called a codicil. Changes such as a marriage, divorce, birth or adoption of a child, new property ownership or moving to another state should cause you to review your will and consider whether it should be changed to fit your new situation.

A Wisconsin lawyer who does estate planning can explain the consequences of some of the most basic choices you must make in writing your will. It makes sense to have an estate planning lawyer draft your will so you avoid costly mistakes and achieve your intended results.

Related Resources on Lawyers.com^sm

- Contact an Estate Planning Law Lawyer in your area for specific legal advice, and read about Trusts & Estates: Selecting a Good Lawyer
- Need a form? Access hundreds of Personal Legal Forms, including an Living Will, Power of Attorney and Last Will & Testament
- Read Trust Basics, Gloria Allred Wills & Estate Planning Tips and other Estate Planning articles and information
- Legal Dictionary
- Visit the Legal Forums for discussions on Estates, Wills & Probate topics