beneficiary Archives - Wynn at Law, LLC

Writing Your Will: Benefits of Using a Lawyer

wynnatlaw — Mon, 18 Apr 2022 15:39:40 +0000

Confronting end-of-life affairs is never an easy subject to approach, not to mention the legal complexities surrounding estate planning and writing a will. But, like many people, you likely want a document that honors your final wishes while giving your survivors a roadmap to help them close out your estate correctly. This article discusses why you may want to consider working with a legal professional versus going it alone, the benefits of writing a will with a lawyer, and how you can turn to Wynn at Law, LLC for legal advice.

Wisconsin Laws for Writing my Will

The laws surrounding the drafting of wills in Wisconsin fall under WI Stat. § 853. They address several issues, including witnesses, signing requirements, beneficiary designations, and more. However, our state’s laws are complex, meaning that you should hire an attorney to help you navigate them without feeling like you are left in the dark. Below, Wynn at Law, LLC explains several Wisconsin laws that everyone should know when writing their will:

Execution of Wills

Under Wisconsin law, there are specific provisions to follow when signing your will. First, it must be signed by you and only you. The only exception is if you consent to someone else under specific legal circumstances, and they sign it in your presence. You are also required to have two disinterested witnesses present at your signing of the will. While you can bring along whomever you choose, it cannot be someone named in your will. If you are not sure who to bring, your attorney will provide witnesses for you.

Revocation

You are able to amend or revoke your will at any time, provided you are of sound mind to do so. This means that you can change your final wishes whenever your life or circumstances change. The lawyer who initially drafted your will can also help you navigate this process while explaining your legal rights and options.

Witnesses

Wisconsin law also outlines the requirements of using witnesses. Witnesses are vital since they legally “prove” the will. Imagine how easy it would be to challenge a will if no one saw it happen! The witnesses must be competent and disinterested. Additionally, the witnesses cannot be your heirs, or a beneficiary named in the will as designated by law. Witnesses make it harder for someone to challenge your will during probate. One of the many benefits of hiring an attorney to assist with your estate planning is that he or she will provide the witnesses for your will signing.

What Happens if I Don’t Write my Will?

If you don’t write your will and pass away, Wisconsin probate laws say you have died intestate. As such, default probate rules will apply. Essentially, a probate judge will appoint a personal representative and make decisions that they feel are in the estate’s best interests. Writing your will is incredibly beneficial for your loved ones. Not only does it provide you with peace of mind that things will be taken care of in the future, but it also saves your loved ones added stress after you pass. It’s critical that you have the proper estate planning documents in place to address unintended legal consequences after your death. Doing so can facilitate harmony by and among your already-grieving family members while reducing the potential for a disputed will. If you have more questions about the estate planning process, you can also check out our Legal FAQs here.

How can a Lawyer be Beneficial in Writing my Will?

The alternatives cannot match the reassurance that only a Wisconsin estate planning attorney provides. Attorney Alyssa Wilson can draft a will that encompasses all of your wishes and is executed properly. In addition, you can count on our legal team to stand by your side for every amendment or legal issue that arises.

Getting the Right Documents

Many people have legal needs that exceed what a will provides. If you need additional protection, such as a power of attorney, living will, pour-over will, or living trust (aka your estate planning toolkit), Wynn At Law, LLC can help you discuss those options as well.

How to Hire an Estate Planning Lawyer in Wisconsin

Accuracy and efficiency are not the only benefits of writing a will with a lawyer. Wynn At Law, LLC makes the estate planning process straightforward for our clients:

Step 1. Schedule a consultation
Step 2. Bring your financial records
Step 3. Discuss your legal options
Step 4. Draft and review your documents
Step 5. Sign your will

Let Wynn at Law, LLC Help You Execute Your Will

Whether you are tackling your estate plan for the first time or if you are looking to make updates, you don’t have to go through it alone. Wynn at Law, LLC’s attorneys will review your situation and provide you with practical legal advice as to what estate plan will best suit your needs. Our objective is to help you move forward with a solid legal plan after your passing. Contact us today for a consultation at 262-725-0175 or our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has three office locations: Lake Geneva, Delavan, and Salem.

The post Writing Your Will: Benefits of Using a Lawyer appeared first on Wynn at Law, LLC.

Taking Care of Your Loved Ones with Estate Planning

wynnatlaw — Wed, 06 Apr 2022 17:20:17 +0000

People prepare for the future throughout their entire lives. Schooling, careers, housing, and retirement are common items most adults painstakingly plan out. However, creating a plan in the event of their death usually gets pushed to the bottom of the to-do list. No one enjoys thinking about their passing and then what happens after they’re gone. Estate planning may not be fun to think about; however, that doesn’t make it any less essential. At some point, a written plan that details how you would like your assets handled in the event of your death should be pushed to the number one spot on your to-do list. This process can be overwhelming, and an estate planning attorney can guide you through the steps and find a plan that works for your individual needs. The experienced attorneys at Wynn at Law, LLC work with clients to outline their wishes and discuss options to formulate a personalized formal estate plan

What is Estate Planning?

An estate plan clearly outlines how you want your assets handled after you pass, and who is in charge of making sure your wishes are followed. Creating an estate plan limits confusion and disputes, but more importantly, it ensures your loved ones are taken care of according to your wishes. Your loved ones can also use the plan if you become unable to handle healthcare and financial matters during your lifetime.

How Do I Create an Estate Plan?

There are several steps to creating a comprehensive estate plan. These steps include meeting with an attorney experienced in estate planning to discuss your concerns and needs to figure out which estate planning tools fit your personal needs, have those documents drafted and the execute your estate plan. A formal estate plan usually includes a Last Will and Testament, Power of Attorney for Finances, Power of Attorney for Health Care. Additional estate planning documents may include a Revocable Living Trust, Living Will, Transfer on Death Deeds, and more.

Last Will and Testament

In essence, a will is a legal document. This legal document ensures that your wishes regarding the things you own (and are entitled to) are carried out after you pass. Once your will is completed, it must be executed by a process of legal formalities; otherwise, it may be invalid and not legally binding after your death.

What Are the Benefits to Writing My Will?

There are many benefits of planning a will or creating an estate plan for your loved ones to use at the time of your death. A few of the items a Last Will and Testament will include are:

A personal representative
The care of minors
The distribution of the assets in your estate
If beneficiaries receive their inheritance in a trust or outright

Your passing may bring high emotions and disputes among your relatives over an inheritance. The distribution of the assets you leave behind is difficult to contest if there is an executed will. Without estate planning, you lose the opportunity to alleviate some of the grieving process for your loved ones. The benefits of planning a will are indisputable. To ensure that your will is prepared and executed appropriately, Wynn at Law, LLC, can assist you every step of the way.

Power of Attorney for Finances

A power of attorney is a legal document that assigns a person of your choice to manage your financial affairs if you become unable to do so. For example, a power of attorney can pay expenses and make transactions that protect your assets while you are incapacitated.

Power of Attorney for Health Care

A Power of Attorney for Health Care is a legal document that appoints a decision-maker for your medical and health care treatment if you can no longer do so. It can also outline your beliefs and wishes regarding faith, the extent of treatment, and life-sustaining treatments.

Trusts

A trust is a legal entity that hold assets on behalf of a beneficiary or beneficiaries. Trusts are managed by trustees who legally own the property, while the trust beneficiaries are equitable owners. The trustee can be a single person, multiple people, a corporate trust, or a bank. Trusts do not have to be processed in court, meaning that they avoid many of the costs and delays associated with carrying out the instructions of a will. As a result, trusts are popular with parents who wish to ensure their trustee will give their assets to their children once they reach a specified age. As you can see, there are quite a few steps to creating an estate plan, and obtaining legal counsel is always advised to make sure you have everything covered.

Schedule a Consultation with an Estate Planning Lawyer at Wynn at Law, LLC

Estate planning is one of the most thoughtful and considerate things you can do for your loved ones. Even if you do not feel that you have assets of significant financial value, everyone has something of great sentimental value in their possession. Wynn at Law, LLC, is here to assist with the process. At Wynn At Law, LLC, our attorneys will review your situation and provide you with practical legal advice. The goal is to assist you in completing a comprehensive estate plan that gives you peace of mind knowing that you will have taken care of your loved ones. For inquiries, contact us today at (262) 725-0175 or visit www.wynnatlaw.com. Wynn at Law, LLC has offices in Delavan, Lake Geneva, and Salem Lakes and serves all of Southeastern Wisconsin.

The post Taking Care of Your Loved Ones with Estate Planning appeared first on Wynn at Law, LLC.

Transfer on Death Deeds eliminate probate

wynnatlaw — Thu, 10 Aug 2017 11:30:00 +0000

When any of Wynn at Law, LLC’s clients own real property in Wisconsin, we look at a Transfer on Death Deed (commonly called a TOD Deed or a TODD) to see if it is a suitable fit for their estate plan. It can sometimes wipe out the need to go to probate court, which is a time and cost saver.

If you have $50,000 or more in probate assets, probate court comes into play when distributing assets. Probate assets are all assets NOT automatically transferred to another person when the owner passes. Life insurance proceeds, for example, skip probate because a beneficiary is identified. So, if assets can avoid probate, why not place a TODD on an asset like a vacation home to transfer it directly to beneficiaries, such as the kids?

The answer in some cases is that if you need to protect assets – for or from your children – you might not want to transfer them on your death. For the minor kids, you might want to transfer the asset to a trustee for their benefit until they’re older. In the case of adult children who may have creditor problems or a looming divorce, you might again want a trustee instead of transferring the property to them directly. Otherwise, a TODD making assets ‘unprobatable’ is an alternative for every Wynn at Law, LLC client because the property doesn’t need to be owned free-and-clear. You can have a mortgage, a second mortgage, even a line of credit against the property and still use the TODD to pass it on… and skip probate.

Let’s say you had a car and some bank assets totaling $49,995 and a $89,000 getaway cabin up north. All in, the assets would require probate, but if a TODD was placed on the cabin, the cabin passes to your heirs (they still get the debt if it was mortgaged, by the way) and the rest of the estate would avoid probate because it’s under the $50,000 limit.

Your accountant, or your beneficiary’s, will point out that there may be tax benefits to this strategy as well, because the transfer isn’t considered a ‘gift’ subject to gift tax. The TODD may also reduce or eliminate capital gains taxes if and when the property is sold by the beneficiary.

Even if you have the Transfer on Death Deed, you can still choose to sell a property while you’re living: It’s yours! The TODD designation does not give the beneficiary ‘ownership’ of the property while you’re alive… if the document is drafted properly. Call an attorney.

*The content and material in this original post is for informational purposes only and does not constitute legal advice.

Photo by Ekaterina Kondratova, used with permission.

The post Transfer on Death Deeds eliminate probate appeared first on Wynn at Law, LLC.