Attorney Shannon E. Wynn has been selected to the 2024 Wisconsin Super Lawyers list. Each year, no more than five percent of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor. Super Lawyers, part of Thomson Reuters, is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. The result is a credible, comprehensive and diverse listing of exceptional attorneys.

Congratulations to Attorney Wynn!

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1. Consider how easy it would be to sell the home

The last thing on a first-time buyer’s mind is the sale of the home they are about to buy; however, this is a crucial consideration if you ever want to step up in the home-buying game. It is likely that the proceeds from the sale of your first home will be used to purchase your second home, and that your second home may contain a few more bedrooms, an extra bathroom, or other features that were not in the budget at the time of your first home purchase.

To ensure that you can reap enough of a profit to make the step up to a bigger and better second home, you should be paying attention to the market and considering whether your home will eventually sell for more than you purchased it for. To help keep your home value up, you should make sure that you allocate money from your yearly budget to keep up with the maintenance of the home. Part of this allocation should be for an emergency fund in the event that an expensive and unexpected repair arises. Other things to consider are the desirability of the location, its related school district, distance to shopping, how well the surrounding homes are maintained, etc.

2. Ask for a home inspection contingency

A great way to reduce your risk of inheriting an expensive repair with a home is to make your offer contingent on an inspection. If possible, try to attend your home inspection and ask the inspector questions – if the inspector notices something that needs to be repaired, they may be able to give you a rough fee estimate and other insightful information.

Know how this contingency works. To ensure you know your rights when it comes to a home inspection, you should hire a lawyer. A lawyer can advocate for your interests if the inspection report either makes you no longer want to purchase the property or makes you only want to purchase subject to certain conditions and repairs. A lawyer can also help you understand the type of inspections you may have, how many, when, and other deadlines that need to be met to preserve your rights under an inspection contingency.

3. Shop around for your mortgage

If you are financing your home with a mortgage, you should shop around or consider using a mortgage broker, who can shop around for you. Lenders will offer different interest rates, and the best way to ensure you are receiving the lowest rate is to call around or use a broker. You do not have to begin the underwriting process with each lender to obtain a rate estimate, rather you can call around and ask hypothetical questions such as what your rate would be with your current credit score, the amount you anticipate putting down, and by providing your debt-to-income ratio.

4. Understand your title insurance policy

A title insurance policy not only protects you against some issues that may later arise with ownership of the home, but also provides insight into any judgements, liens, mortgages, restrictions, and/or covenants that may encumber the property. Understanding these documents is important for a variety of reasons, but especially if you plan on building an addition, constructing a pool, a shed, or making any other significant property modification that requires a permit or understanding association rules if the property is in a subdivision.

It is not uncommon for unexpected things to show up on a title policy, which is why hiring an attorney to explain the title policy and review other title work, including your final closing statement, is a good idea.

5. Consider what each party has to gain from a transaction

Nearly every party you encounter who assists with the purchase of your home has an interest in ensuring that the sale goes through – your loan officer only receives their cut if the loan is approved, an agent only receives their commission if the home closes, and even the title company only makes out on their title fees if the sale is successful. The only party who does not have an interest in the sale going through is an attorney, as attorneys are not paid based on a successful closing, and an attorney’s only focus is to help you, whether that is to help you buy the property or help you in getting out of the purchase.

The excitement of purchasing a home can be overwhelming and emotional, which is why it is crucial to approach the process with a clear head. A disinterested party, such as a real estate attorney, can help you navigate the legal aspects of the home-buying process, avoid potential pitfalls, negotiate effectively, and ensure a smooth closing. Contact our attorneys at Wynn at Law, LLC for assistance with the purchase of your home – we can help you navigate the entire process from start to finish, whether you are represented by an agent or not.

Schedule a consultation with Wynn at Law, LLC today to discuss the home buying process

Contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

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There is a common misconception that you can simply tell a trusted friend or family member that they are the person you would like to take care of your children in the event of your death. Unfortunately, a conversation like this is not enough to ensure that your wishes will be fulfilled. Rather, you should have your decision explicitly written in a legal document. Two options are a Will or a Revocable Trust.

Using a Will to Appoint a Guardian for Your Child in the Event of Your Death:

A. Biological versus Stepparents

Appointing a guardian to take care of your minor child in the event of your death is a smart way of ensuring that your wishes are clearly communicated. However, it must be noted that Wisconsin law presumes that biological parents are the natural guardians of their children. Thus, if you are in a subsequent marriage and would instead prefer that your spouse (your child’s stepparent) be selected as a guardian in the event of your death, you should state your reasons as to why you believe your child’s biological parent should not be guardian in addition to appointing your desired guardian. Some examples of reasons for non-appointment include substance abuse, lack of contact with the child, abuse, unsafe conditions, stability, etc.

When a Will with such guardian designations is admitted to probate, there is no certainty that the court will respect your wishes and name a stepparent rather than a biological parent as guardian. However, clearly spelling out your reasons will increase the chance of the court appointing your desired guardian.

B. Children 14 and older

Another thing to consider is the age of your child. Wisconsin statute §54.15 allows children who are 14 years or older to choose their own guardian and the court will approve the appointment so long as it is in the child’s best interest. Children 14 and older can also object to a guardian that is proposed by the court or in a Will, even if that guardian is a biological parent. The child’s objection is another factor the court must consider when naming a guardian.

C. The Personal Representative’s Job over Minors:

Every Will should name a person who may act as Personal Representative (also known as Executor) of the estate. The Personal Representative’s job is essentially to collect all assets, pay all debts and taxes, and then distribute the remainder to the beneficiaries of the Will. If one of the beneficiaries of a Will is a minor, then the Personal Representative will distribute the minor’s assets to the minor’s guardian, rather than directly to the minor.

Using a Trust to Appoint a Guardian for Your Child in the Event of Your Death:

A. Age limits in a Will versus a Trust

Trusts are often drafted in conjunction with a Pour-Over Will, which is used to transfer to the Trust any forgotten property that was not originally put in Trust. Thus, a parent can appoint a guardian in a Pour-Over Will just as he or she can do in a simple Will. However, in a simple Will, the child’s guardian will cease to act once the child reaches adulthood, resulting in the child officially taking possession of the assets left to him/her in a Will at age 18. Some parents cannot imagine their 18-year-old child responsibly using such assets.

As an alternative to a simple Will, parents can choose to draft a Trust with a provision requiring the child to reach a certain age of majority before taking possession of the assets. With a Trust, the Trustee will manage the property that your child is intended to inherit until your child reaches the age of majority. The age of majority is entirely up to the parent drafting the Trust; however, many Trusts set the age of majority at 25, 30 or 35 years old.

B. Trustee management of a child’s property

A person called a Trustee, which is selected by the Parent and named in the Trust, is in charge of managing your child’s inheritance until he/she reachs the age of majority and is required to distribute the inheritance as specified in the Trust. Typically, Trusts allow the Trustee to distribute a part of the inheritance to your child for their health, education, maintenance, and support. What constitutes health, education, maintenance, and support is typically up to the Trustee’s discretion. However, the parent or Grantor of the Trust may get more specific and narrow the distribution to the child, for instance, educational distributions can be limited to a specific field or specialty or study.

Conclusion

Choosing whether to provide for your minor child in the event of your death via a Will or with a Trust is a serious decision and often requires a complete overview of your assets and goals. Meeting with an estate planning attorney to determine which option is best for you is the first step in making sure your minor children are cared for in the future. Contact Wynn at Law, LLC today to set up an appointment with an estate planning attorney who can assist you in choosing which document to draft and make sure your wishes are carried out.

Schedule a Consultation with Wynn at Law, LLC to Assist with the Will or Trust Drafting Process

Contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

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In 2019, a class action lawsuit was filed against the National Association of Realtors (NAR) and other national brokerage firms alleging that NAR’s rule (which required brokers to advertise on the Multiple Listing Service (MLS) that a seller would compensate the buyer’s agent) was a violation of antitrust laws and had artificially inflated agent commissions. A settlement in this case has been reached and went into effect on August 17, 2024. The settlement requires NAR and other brokerages to pay $418 million to eligible class members and prohibits advertisements on MLS of agent compensation. Now, MLS participants (buyer’s agents) must enter into a written agreement with the buyer/ potential buyer regarding agent compensation before touring the home.

How do I know if I am entitled to payment under the settlement?

The settlement website states that you an eligible class member who can file a claim for compensation if:

• You sold a home on MLS in Wisconsin between October 31, 2017 – July 23, 2024[1], and
• Paid a commission to a real estate agent/broker in connection with the sale.

Claims must be filed by May 9, 2025, by visiting the settlement website, www.realestatecommissionlitigation.com.

How does the NAR Settlement Affect Wisconsin?

The historical practice of sellers compensating buyer’s agents has been called into question in the wake of the media headlines associated with the lawsuit, which claim, among other things, that buyers may end up paying more. How buyer’s agency agreements will affect the real estate market is uncertain, but it may be comforting to know a few things:

• The standardized offer forms (WB forms) Wisconsin uses for real estate transactions have been recently updated to include a provision for seller compensation to the buyer’s agent.
• Buyers’ agency agreements can be flexible – the term of the agreement may be for just a few days, just for the showing, a flat fee, etc. Buyers should make sure to read the agency agreements, as they are likely to differ.
• The rules do not affect the rights of both buyers and sellers to negotiate. Rather, the new rules will likely make negotiations clearer and more transparent.

[1]  (realestatecommissionlitigation.com)

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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Lake Geneva, WI – November 12, 2015 – Attorney Shannon Wynn, Principle at Wynn at Law, LLC, a law firm headquartered in Lake Geneva, Wisconsin received the “Distinguished Service Award” from the Walworth County Bar Association. Attorney Wynn was chosen as the recipient of the award due to her leadership and commitment to the Walworth County Bar Association. The award was given on October 9, 2015 during the Walworth County Bar Association’s annual meeting.

Attorney Shannon Wynn has served on the Walworth County Bar Association’s Board of Directors for over four years. She is an active member of the association and has been integral in reinvigorating the bar, including creating new bylaws and planning social events.

About Wynn at Law, LLC

Wynn at Law, LLC is headed by Shannon Wynn, an experienced bankruptcy, debt relief, real estate, and estate planning attorney. Attorney Wynn was born and raised in Walworth County. She graduated Valedictorian from Big Foot Union High School, completed an undergraduate degree at Vanderbilt University with honors, and graduated with honors from Marquette University Law School. She currently teaches at Marquette University Law School in addition to running her practice. Attorney Wynn has received the CALI Award for The Law Governing Lawyers, the CALI Award for Drafting the Wisconsin Real Estate Transaction, the AVVO Client’s Choice Award in Bankruptcy, and has received the Super Lawyers Rising Star award on several occasions. She is a member of the Wisconsin Realtors Association, National Association of Consumer Bankruptcy Attorneys, Wisconsin Bar Association, American Bar Association, Walworth County Bar Association, Kiwanis Club of Elkhorn, and A Day in Time Board Member.

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Lake Geneva, WI – March 26, 2014 – Attorney Shannon Wynn of Wynn at Law, LLC has been selected to the Super Lawyers 2013 Wisconsin Rising Stars list. Each year, no more than 2.5 percent of lawyers in the State of Wisconsin are selected by the research team at Super Lawyers to receive this honor.

The Super Lawyers lists are published nationwide in Super Lawyers Magazines and in leading city and regional magazines and newspapers across the country. Super Lawyers Magazines also feature editorial profiles of attorneys who embody excellence in the practice of law. For more information about Super Lawyers, visit SuperLawyers.com.

Attorney Shannon Wynn has also been selected as Adjunct Professor of Law at Marquette University Law School. She teaches, “Starting and Managing Your Own Practice” on Monday mornings to University law students. The class is designed to help students understand the business side of running a law office and to assist in opening a law office after graduation. The law students learn how to read financials, such as: profit and loss statements, cash flow statements, capital budgets, etc. They also learn how to create a business plan, start networking, obtain a mentor, and handle client matters. Marquette University Law School and Attorney Shannon Wynn wanted to help students being forced to open their own firms due to the poor job market.

For more information about Marquette University Law School, please visit http://law.marquette.edu/. More information about Shannon Wynn and Wynn at Law, LLC can be found at http://attorneywynn.com.

About Super Lawyers
Super Lawyers, a Thomson Reuters business, is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates, and peer reviews by practice area. The result is a credible, comprehensive and diverse listing of exceptional attorneys.

About Shannon Wynn
Shannon E. Wynn is principal of Wynn at Law, LLC, with offices in Lake Geneva and Salem. Her primary areas of practice include creditor debtor law, real estate law, and estate planning. Shannon graduated with honors from Vanderbilt University, earning a B.A., and continued her educational pursuits at Marquette University, earning her J.D. with honors. She is admitted to practice in all state and federal courts of Wisconsin. Shannon is Vice President of the Walworth County Bar Association, a member of the State Bar of Wisconsin, Wisconsin Realtors Association, and NACBA. She has co-authored the creditor/debtor relations chapter of the Wisconsin Attorney’s Desk Reference, lectured at Marquette Law School, and has presented at the Annual Conference for the Wisconsin Association of County Corporation Counsel.

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Super Lawyers, a Thomson Reuters business, is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. The result is a credible, comprehensive and diverse listing of exceptional attorneys.

The Super Lawyers lists are published nationwide in Super Lawyers Magazines and in leading city and regional magazines and newspapers across the country. Super Lawyers Magazines also feature editorial profiles of attorneys who embody excellence in the practice of law. For more information about Super Lawyers, visit SuperLawyers.com.

The post Attorney Shannon E. Wynn selected to Wisconsin 2013 Super Lawyers Rising Star List appeared first on Wynn at Law, LLC.

Super Lawyers, is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a rigorous multi-phased process that includes a statewide survey of lawyers, an independent research evaluation of candidates, and peer reviews by practice area.

The post Super Lawyers Award appeared first on Wynn at Law, LLC.