Wisconsin estate owners should review changes in these laws with an attorney at any time that they wish to protect their assets and plan for the future. New tax laws could hinder the ability of the owner to prevent high inheritance taxes imposed on family members based on changes and emerging requirements. If you wish to make changes to your will or begin the estate planning process, you should contact a Probate Lawyer in Beaver Dam WI today.
Legal Guardianship for Your Children
The most common requirement for an estate plan is to identify the name of a guardian for minor children in the event that the natural parent dies. If the parent doesn’t have a will that addresses this requirement, it is possible that the state may take action, such as rending the child as a ward of the state if an adult family member doesn’t file a petition to become a legal guardian. Without the assignment of a legal guardian, any minor child who doesn’t have a living, blood relative at the time of the natural parent’s death is placed in an orphanage or foster care until the child is adopted.
Pet Ownership
Pet owners can also assign ownership of their animals through estate planning. This prevents the likelihood that the animal will end up in an animal shelter after the owner’s death. Any pets that are not adopted through these services undergo euthanasia after a predetermined amount of time to reduce the pet population.
Final Expenses
Estate owners can address concepts associated with their final expenses through estate planning. This includes which life insurance policies are to be used for these purposes. They can also devise a plan for their funeral and identify the service that they prefer. Concepts such as whether they wish to be buried or cremated are also addressed in these sections of their will.
Estate planning provides an estate owner with power over their property, assets, and who will raise their children. It designates an owner for their properties and allows them to make arrangements to reduce costs associated with the transfer of title and more. If you wish to discuss these concepts with a Probate Lawyer in Beaver Dam WI today, you can Click here to acquire further details.
