Estate Planning During Downsizing: Why Your Plan Matters

Here at Jess Lex Homes, we value our vendor partners and the work that they do for our downsizing clients. We have curated a robust vendor list, called our Downsizing Directory, that contains resources for every stage of your process. If you haven’t requested access to our Downsizing Directory yet, you can request a copy here. 

We’d like to highlight one of our fantastic vendors, Gregg A. Auby, Attorney with Laffey, Sebranek, Auby & Ristau, S.C. Read on as he introduces himself and what his business can do for you while you’re downsizing.

Vendor Feature: Greg A. Auby - Attorney
Laffey, Sebranek, Auby & Ristau, S.C

“If you don’t have an estate plan, the State of Wisconsin has one for you.” Those words – heard by me in an estate planning seminar very early in my career - have stuck with me during more than 30 years of the practice of law. In a recent survey, it was estimated that nearly eighty percent of Americans have no estate plan in place. In the absence of an estate plan, the State of Wisconsin has default provisions in place to cover various situations.

For example, if you become incapacitated and unable to communicate as to your health care decisions, an “agent” named under a validly-executed Health Care Power of Attorney can make those health care decisions for you, in accordance with your wishes. In the absence of a Health Care Power of Attorney, the default statutory process is an expensive, time-consuming guardianship proceeding in which the Court appoints a legal guardian to make those decisions.

Relatedly, if you become incapacitated and unable to make your own financial decisions, an “agent” named under a valid-executed General Durable Power of Attorney can make those financial decisions for you, in accordance with your wishes and best interests. In the absence of a General Durable Power of Attorney, the default statutory process is the same expensive, time-consuming guardianship proceeding in which the Court appoints a legal guardian to make those decisions.

If you don’t take the time to create a Will or Trust, or as importantly, designate “payable-on-death” beneficiaries of your accounts, you leave your loved ones with a potentially messy, time-consuming, expensive probate administration. Moreover, your accounts and assets may not even go to your intended beneficiaries, as the default, intestate provisions under the Wisconsin statutes dictate who receives your accounts and assets, absent an estate plan.

So, I would urge you to contact an estate planning attorney to make sure that you have the documents in place to ensure that your wishes are carried out in the event of incapacity or death. If you previously did your estate planning, it’s a good idea to have your estate planning attorney review the plan periodically to make sure that it still reflects your wishes. Most people find that the estate planning process is not as complicated or burdensome as they expected, and leaving your grieving loved ones with a carefully constructed estate plan, rather than a jumbled mess that potentially involves the Court system, is an important legacy to leave. If you need an experienced estate planning attorney, please don’t hesitate to contact me at any time. Let’s work together to protect your legacy.

Reach out today to find out how Gregg A. Auby, Attorney with Laffey, Sebranek, Auby & Ristau, S.C. can help your family throughout your downsizing journey.