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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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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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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