WILLS - Can Mirror Your Heart, Mind and Spirit

The act of dying poses great hardship on the survivors. A properly drawn will can ease that hardship and mirror your heart, mind and spirit. If you don’t have a will, the intestate laws of your state will make choices for you and your family.

What Happens if you Die Without a Will?
If you die without a will, your property is distributed according to the intestate laws of your state of residence.

Under the present Wisconsin Law, if there is no will, all of the decedent’s estate will go to the surviving spouse. If the decedent leaves children of a prior marriage, the surviving spouse will get half, and all of the children of the decedent will share the other half. If there are minor children and there is no will, the court will determine who cares for those children, who will manage the funds of the children and will approve disbursements or payments made on behalf of the children.

What is a Will?
A will is a voluntary act - no one can make the provisions most appropriate for you - BUT YOU. A will is a written document which directs the distribution of your property after your death. You may designate who will distribute the property (personal representative) and name someone to care for your minor children (guardian). In addition, you may make specific bequests to named individuals or charities. You can also establish a trust by proper provisions in your will.

Does Survivorship Marital Property, Joint Tenancy or Life Insurance Substitute for a Will?
In some cases, survivorship marital property, joint property or life insurance may substitute for a will. Survivorship marital property and joint property are automatically transferred to the survivor; insurance policies can direct the proceeds be paid directly to a beneficiary. Remember, however, that a will has several other important functions, such as naming a guardian for minor children and saving taxes. You may also need alternate beneficiaries in case you and the other joint owner (often a spouse) die together. Usually joint tenancy or life insurance simply are not adequate substitutes for a well drawn will.

Can a Will Save Money for Your Estate?
Well drawn provisions can reduce estate taxes. For instance, the use of a marital deduction clause can result in a distribution that makes maximum use of existing tax laws, with the savings of thousands of dollars. You may also eliminate the cost of a bond for your personal representative by including a simple clause stating that no bond is required. Clear provisions for minor children often avoid costly and clumsy court supervised guardianships.

Can you Limit a Spouse's or Children's Inheritance with a Will (Especially Where There is a Second Marriage)?
Your surviving spouse cannot be excluded totally by use of a will. By law, surviving spouses may elect to take one-half of the net estate less any property already given to them by the will. This “elective share” could be eliminated if both spouses sign a written agreement to that effect before the marriage. Such a marital agreement is often used in the case of a second marriage. In that instance, both spouses usually wish to make certain provisions for their family from the prior marriage. By use of a written marital agreement each party can ensure that their first family is provided for according to their wishes and that the laws of the State of Wisconsin do not interfere with their own planning for their entire families’ needs and concerns. A well prepared estate plan may include both a will and a marital agreement.

A will can be used to prevent children from inheriting your property. However, in some instance the court may order an allowance for minor children. These will provisions may result in court challenges; some careful drafting of the will is important.

When Should I Review My Will?
We would suggest that you review your will everytime there is a significant change in your family’s financial situation. At a minimum, you should review your will once a year.

Some changes that could cause you to review your will are:

• Death, marriage, divorce or remarriage of a beneficiary.
• Birth or adoption of a child.
• Death or change of a named personal representative or child’s guardian.
• If you change your mind about
distribution.
• If there is a significant change in your assets.
• If there is a significant change in tax laws or other laws affecting your assets.
• Finally, anytime you feel uneasy about your will, make changes so that you once again feel comfortable with it.

How Do I change My Will?
Do not write on the will. Handwritten changes could invalidate your will. Changing your will is often done by a codicil. However, if you feel you are changing beneficiaries or changing the amount being given to the beneficiaries, it is a better practice to redraft the will. The fee for redrafting your will is usually the same as for adding a codicil. We recommend that you contact us if you want to make any changes and to make certain all changes are properly made.

How Do I Revoke My Will?
The best way to revoke a will is to tear it up in front of two witnesses, and tell them what you are doing. However, bear in mind that if you revoke your will and die without one, your property will be distributed according to the state intestacy law and that may not be what you truly desire. We recommend revoking your will by reference to that revocation in the new will you draft in accordance with your current and present desires.

How Much Does a Will Cost?
The cost of a will varies with each individual. A simple will usually is very modest in price. A sophisticated estate plan can involve complicated legal questions, tax analysis and review of many documents and therefore be more costly.

If you do not make a will, your property will be distributed by the State of Wisconsin according to the Statute of Descent that follows:

For more information or specific questions you have, please contact us.

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This information which is based on Wisconsin law is issued to inform and not to advise. No person should ever apply or interpret the law without the aid of a trained expert who knows the facts, because the facts may change the application of the law.