inheritance Archives - Wynn at Law, LLC

Do I need to update my estate planning after moving to Wisconsin?

wynnatlaw — Thu, 16 Feb 2023 17:36:34 +0000

Whenever you experience a change in circumstances, such as moving states and acquiring new property, it is always a good idea to review your estate planning with an attorney to ensure that it up to date with current state laws and reflects your current wishes. If you have recently moved to Wisconsin, that is a great time to have your estate plan reviewed. The good news is that just because you moved, does not likely mean that you will have to start over with your estate planning, but there may be some important Wisconsin-based updates needed. A Wisconsin estate planning attorney can let you know how your current plan will operate in Wisconsin and let you know if there are any provisions specific to Wisconsin laws that were not accounted for properly.

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.

The post Do I need to update my estate planning after moving to Wisconsin? appeared first on 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.

Graduation, gifts, and financial aid

wynnatlaw — Thu, 01 Jun 2017 11:30:00 +0000

One of the great rites of spring is the new crew of young adults graduating high school and heading off to their futures. When I’m not at Wynn at Law, LLC, I teach at Marquette University Law School, so I may see a few of them further in their academic journeys.

For students, parents, and grandparents, the issue of affording tuition is best tackled a few years before high school graduation. If you’re blessed with a full-ride scholarship or a generous gift from family, the Free Application for Student Aid (FAFSA) is a challenging hurdle you’ll skip. For families planning to apply for financial aid, here are a two estate planning things to keep in mind long before commencement.

Inheritance – Inherited income impacts a student’s eligibility for certain amounts of financial grants (which don’t have to be repaid) and can affect the amount of loans (which have to be repaid after graduation). The FAFSA looks at finances of the entire family including the previous tax year’s income. Inheritance or gifted money, even to a parent, can affect the amount of financial aid for the student.

Generally, one-time events, like inheritances, are handled by adjusting the income and counting the sum as an asset. The asset protection allowance (APA) allows a certain amount of money in retirement and non-retirement accounts, like an inheritance, to be spared assessment. But the federal government does expect parents to use a percentage of their unprotected assets to pay for their child’s education. The APA looks at the age of the oldest parent to determine the amount spared from assessment, assuming a younger parent has more time in the workforce before they’ll need the assets.

For parents, a way to legally lower the total amount of assets recorded on the FAFSA is to use any gift or inheritance to pay off credit card debt and auto loans because consumer debt is not considered when a student applies for financial aid. Paying off that high interest revolving debt in an important part of avoiding bankruptcy, a frequent topic at Wynn at Law, LLC.

Savings and investments – We all hear about the tremendous burden of student loan debt new college grads have to repay. Saving up a ton of money on a summer, minimum wage job isn’t likely to reduce the amount borrowed by much. However, keep in mind two things: 1) reducing any amount they’ll have to borrow is a good thing, and 2) If they do save summer earnings, the government expects that 20 percent of it be used for college, so make sure savings are set aside for the teen.

On that note, if parents wish to transfer to their accounts assets held in a child’s name it’s best to do so at least two years before the FAFSA. Moving assets like this could trigger other issues when it comes to both financial aid and taxes so be sure to contact professionals for seasoned money management advice.

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

Photo by Monkey Business, used with permission.

The post Graduation, gifts, and financial aid appeared first on Wynn at Law, LLC.