Estate planning is usually low on a person’s list of priorities until a life event occurs that forces the person to contemplate their own death. The most common life events that cause someone to begin to think about estate planning is getting married, having children, amassing a large asset or amount of money, or the death of a parent, relative, or close friend.
One question about estate planning that our attorneys are asked quite often is, “Why do I need a Will if I do not have children?” Our answer, “Because everyone needs a Will and a comprehensive estate plan regardless of whether they have children, are single or married, or have a little or a lot.” Failing to have a Will results in the state of Wisconsin deciding what happens to your property upon your death. Furthermore, failing to prepare for your incapacity prior to death may result in your healthcare wishes not being honored if you cannot speak for yourself.
Do I Need a Will or other Estate Planning Documents if I Do Not Have Any Children?Read More »