Wisconsin music fans may recall the death of musician Prince in 2016 and the news that he had died without a will. Now almost two years since his death, Prince's heirs still have not received their inheritance. However, the government has been paid millions in taxes by the estate and is asking for more.
Estate planning is important for those who live in Wisconsin or anywhere else in the country. These days, it can also be a good idea to include digital assets in such a plan in addition to physical and more traditional assets, like a home or car. By including the passwords to social media accounts or other online properties, individuals can prevent their grieving families from having to find and gain access to them.
Not all Wisconsin parents are able to take care of their children for a variety of reasons. Life doesn't always go as planned, and life's struggles can sometimes get the better of them. This can cause parents to exhibit a variety of behaviors toward their children that could harm them.
For many people in Wisconsin, estate planning can be exceptionally important to ensure that their loved ones are cared for after they die. At the same time, the stresses and unpleasant thoughts that can be associated with creating an estate plan can deter many individuals from drafting the necessary documents. One 2016 study indicated that over 64 percent of people in the United States don't have a will, leaving a probate court to determine the future of their property whether or not it would correctly reflect their wishes.
There may be family conflict that interferes with a Wisconsin resident's estate plan. In a survey by TD Wealth, 44 percent of estate planning professionals said this was the biggest problem they encountered. Lagging far behind were issues such as tax reform at 25 percent and a volatile stock market at 12 percent.