Your last will and testament is a document that provides instructions regarding your assets to your loved ones after your death. If you die without a Will, state law takes over and your assets will be distributed based on the state’s legal requirements, which means that your loved ones might not be the beneficiaries of your property. A Will makes your wishes known and is a legal document that you can put in place to give you and your loved one’s peace of mind. There are some important things you need to include in your Will.
What to Include in Your Will
Designate a person to oversee your Will after your death. This person is called the executor or personal representative. This person will handle your affairs after your death. Name beneficiaries and specify exactly what property or assets they should receive. You should also name alternate beneficiaries. Provide directions for how to divide personal assets and make provisions for any residuary estate, property that is left over after the property specified in the Will has been distributed. Name a guardian for your minor children. Give instructions for how to pay debts including funeral expenses.
Estate Planning Tips
When it comes to your Will, you are better off including too much information than not enough. Do not leave anything to interpretation. Do not forget to include details for how you want your pets cared for after your death. Update your Will whenever you have any major life changes, such as a divorce, or when you want to make changes to the beneficiaries. Let the executor of your Will know about your wishes ahead of time and make sure they know the location of your Will. Also, make sure your loved ones know about your life insurance policies and where to find details. If you have important assets and documents, keep them in a safe or safe deposit box and provide the executor with access to the key.
Make Sure Your Will is Legal
It is essential that you create a Will that is legally binding. You must follow Wisconsin laws when you make and execute a Will. In Wisconsin, handwritten Wills are not legal. You must type the Will and you must have witnesses and notarization. While it may be easy to fill out an online template, avoid taking this route. Online forms often do not cover all of your needs. Instead, get legal help with your Will. Remember that your Will is only one part of your estate plan. You can also include a medical Power of Attorney that provides instructions for how to handle your medical care should you become incapacitated. Another consideration is putting your property into a Trust for your loved ones. When you prepare ahead of time, you know your wishes will be carried out and your loved ones will be provided for after your death.
You will want to discuss your estate planning needs with an experienced attorney. Contact our legal team at Moen Sheehan Meyer, Ltd. to learn how we can help prepare an estate plan to meet your needs and put your mind at ease.
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At What Age Should You Make a Will?
Any adult over the age of 18 should consider making a will – and not just if you’re wealthy.
Tips for Making a Will
A last will and testament is one of the essential parts of your estate plan and it is a document that every adult should implement. Luckily, it is not difficult to put a will in place to protect yourself and your loved ones in the event of your death.
Last Will and Testament FAQ
Here are answers to some of the common questions that people have about wills.
How Can I Make Changes to My Will?
You should review your will every so often and make sure that it includes your current wishes. In general, you can make minor changes to your will with a document called a Codicil. However, when you make multiple changes over time and have several codicils in place, the result can be confusing. The more changes you make to an original document, the more possible it is to have misunderstandings. Your attorney should review the changes you want and may recommend that you replace the will with a new one if the changes are major.
Are Handwritten Wills Valid?
While some states allow you to use a handwritten will (also called a holographic will) Wisconsin law requires a will to be typed and properly witnessed and notarized in order to be valid.
When Should You Update Your Will?
You will undoubtedly enjoy many different milestones in your life. These milestones will be a mix of happy ones and sad ones. These milestones should lead you to do one thing each time you reach one: update your will. Simply creating a will and leaving it alone will not do you any good later.
If I Have a Living Trust, Do I Still Need a Will?
If you have minor children, a will is essential because it provides for the appointment of a guardian to care for them if you die. However, a trust may also be beneficial in that situation because it will protect assets until the children are adults.
Five Reasons You Need a Will
A will is an important document and is part of your estate plan. All adults should have a will in place, yet many people don’t have one. Here are five reasons why you should have a will.