When Wisconsin residents are creating an estate plan, they might think about wills and trusts and forget about beneficiary designations. These are documents that people sign to name a beneficiary for assets such as a retirement account. Sometimes, they are neglected after life changes.
Some people in Wisconsin might be interested in legacy planning. While some individuals might think the term has connotations of wealth or ego, it simply is another way to think about estate planning.
If you are a child of divorce, you probably have very clear memories of the drama your parents went through during that time. Perhaps you witnessed screaming fights or the cancerous tension that grew into lifelong resentment. Maybe, after the divorce was over, you watched your custodial parent struggle to make ends meet because the divorce left him or her with nothing.
Many people living in Wisconsin understand the importance of having a will. They know that a will can protect their assets and prevent their loved ones from having to go through a lengthy court process. However, there is more to estate planning than writing a will, and even those who have modest assets can benefit from certain legal strategies.
Most couples in Wisconsin get married without thinking their marriage will end in divorce. However, the fact is that divorce occurs often and may even be predictable. Researchers have found that there are several factors that predict future divorces.
Many Wisconsin residents may think that they aren't wealthy enough to need a will. That is not true. Even the poorest person needs a will. Perhaps they only have a bank account or a beat-up old car, but these are things that need to be disposed of when a person dies.
Married couples in Wisconsin may work hard to make sure that their marriages last. However, they may be interested to learn about certain factors that can make them more likely to get a divorce.