Wills

If you have a will that was drafted in a different state before moving to Wisconsin, it will still be valid so long as it satisfies Wisconsin’s requirements of a valid will. These requirements include having the will in writing and having at least two disinterested witnesses at the time of signing.

In Wisconsin, your will may be changed through a codicil, which allows an individual to make amendments or changes at any time during their life. Some reasons that you may need a codicil to your will after moving to Wisconsin include, but are not limited to, changes to property, location of assets, location of beneficiaries, etc. For example, you may need to change the executor of your will if they live out of state. This is not only for practical reasons, in that the executor may have to handle matters in the decedent’s state, but also because Wisconsin law requires nonresidents to appoint an in-state resident to accept service of process and further, non-residency itself may be enough to disqualify an executor. See Wis Stat § 856.23.

Trusts

A living trust, also known as a revocable trust, is transferrable between states. However, it is important to speak with an attorney to update your trust to include any new assets and discuss whether moving your trust’s situs, aka its home, is advisable. On the other hand, an irrevocable trust’s situs may or may not be transferrable depending on the language of the trust. You should speak with an experienced estate planning attorney to understand the implications of having your trust’s situs in or out of state.

Similar to wills, it is advisable to have your trust’s situs as your state of residency. This is because unlike wills, which are attached to a person, trusts are entities governed by their respective state’s laws. Having a trust in a state other than your state of residency may require that your successor trustee hire an attorney in the state of the trust’s situs. Speaking with an attorney regarding your trust’s situs can help you understand other implications such as state fiduciary and inheritance taxes.

Transfer on Death Deed

A transfer on death deed allows property to be transferred to your beneficiaries without going through probate. If you have an existing transfer on death deed, it may need to be tweaked to reflect Wisconsin’s marital property laws. Moving to Wisconsin may make you to reconsider who is the beneficiary of your transfer on death deed. If it is the case that the beneficiary no longer seems appropriate, then you should speak with an attorney to revoke the deed and/or draft a new one.

Powers of Attorney

Your estate planning will typically include two kinds of powers of attorney (POA) – a financial power of attorney and a heath care power of attorney. The authority of someone granted to serve as a power of attorney is acknowledged in all states. However, moving is a perfect time to re-examine your agent selection. Wisconsin has adopted the Uniform Power of Attorney Act (UPOAA), along with 25 other states, which streamlines the laws governing POA’s. So, if your POA was created in a state that has not adopted the UPOAA, your POA could be challenged, and you should consult an attorney to clarify agent and grantor responsibilities.

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.

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Wisconsin’s Small Estate Affidavit statute allows estates under $50,000 to avoid probate and instead be transferred via affidavit. See Wis Stat. §867.03. It can be used by an heir, a trustee of a revocable trust, a person named in the decedent’s will, or a guardian after the passing of the decedent.

Why use a transfer by affidavit

A transfer by affidavit avoids the costly and time-consuming probate process and thus allows the estate’s assets to pass more quickly.

What assets apply to a transfer by affidavit?

A transfer by affidavit applies to any probate assets cumulatively worth under $50,000. Probate assets are any assets that do not have a specifically designated beneficiary or payable on death (POD) designation. Jointly owned items, such as bank accounts or vehicles with two names on the title, are considered non-probate assets because it is presumed that the property will transfer to the other joint owner upon the death of the other owner. Some examples of probate assets that could be transferred by affidavit include property titled solely in the decedents name such a vehicle, small parcels of hunting or fishing land, or bank accounts with no POD.

What is the process for a transfer by affidavit?

To transfer assets under Wisconsin’s Small Estate Affidavit statute, the heir, trustee of a revocable trust, beneficiary of the decedent’s will, or a guardian of the decedent, must complete the Transfer by Affidavit form. This form includes the name of the decedent’s estate, the total fair market value of the assets, and a description of the assets being transferred. If real estate is being transferred, then you must also complete an Affidavit of Heirship and the Affidavit of Service. If these additional forms are required, then you must present copies of them to the decedent’s heirs at least 30 days before filing the forms. Lastly, you must get the forms notarized and filed with the court. The property can then be claimed within 30 days of presenting the notarized affidavit.

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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.

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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.

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Wisconsin Safe Deposit Will Retrieval

Photo by Arman Zhenikeyev, used with permission.

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In one of our earlier articles, we talked about the Last Will and Testament — a crucial part of estate planning after someone passes. A Living Will is a legal document that sets out a person’s healthcare wishes in the event they cannot articulate the wishes. A Healthcare Power of Attorney (POA) is a separate alternative. The Living Will has your instructions — what you will and will not permit. The POA designates an ‘agent’ to make the decisions. Usually, the agent is a spouse, but can be a close friend. No matter who you choose, you have to let that agent know your wishes clearly.

The POA is even more powerful when it goes beyond healthcare decisions to include financial decisions as well. This Durable POA ensures the person making the healthcare calls has the money to pay for the procedures. The signer gets to choose how limited in scope the POA is: For example, it can be limited to using bank accounts only and not things like selling the house.

Where Wynn at Law, LLC adds value with such a POA is that the document and our Firm can be – if needed – the go-between if things get charged up among family members or family and caregivers. Things like resuscitation, painkillers, tube feeding, and organ donation can be powderkeg issues when they’re not backed up by a Living Will or a POA.

‘Why would you create a Durable POA over creating a Living Will?’ is a common question. The answer is simple: The POA agent can represent your thoughts on things for which you didn’t foresee in drafting a Living Will. You can’t plan for everything in writing in a Living Will, and the bills don’t stop just because a person is hospitalized. When you and your family come upon this intersection in life, these estate planning tools help keep the focus on the care you would have chosen and nobody has to guess.

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

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