Alan A. Panek Law Office, SC, has helped numerous clients in Wisconsin Rapids, WI, put together sound estate plans that include wills and trusts.

Why prepare a Will?

The state of Wisconsin has provided you with an estate plan that will distribute your assets upon your death, even if you don’t have will. That estate plan is called “intestate succession”. However, you need to go beyond the default plan provided by the legislature.

If you have a will, you can identify the Guardian who will raise your minor children if you are gone. Otherwise a court will determine who.

If you have a will you can create a trust to manage your minor children’s money until they reach an age where they’re mature enough to receive their inheritance and manage it in an orderly fashion. Without that trust, their inheritance will be held for them until age 18 and then distributed in one lump sum to them. Few of us were mature enough to receive such an inheritance at age 18. The trust, created in a will or as a separate document, can provide for a gradual distribution to them over a number of years during their adult life.

If you create a trust under your will, you can identify who will manage your children’s money for them until they receive it. This person is called a “Trustee". Otherwise, a court will appoint a person to manage the inheritance, and will severely supervise and restrict expenditures and investments.

If you have a will, you can identify who will be your Personal Representative. The Personal Representative is sometimes referred to as an "executor". It is the person in charge of gathering up your estate, paying your bills, and distributing your assets to your beneficiaries. Without a will, whomever the court appoints will be in charge of wrapping up your affairs.

If you have a will, you can control who receives from your estate. The intestate laws provide that your spouse or your children will receive, depending upon whether or not your children were born during your current marriage. This is often contrary to the distribution that people want during a second marriage. In addition, a will can provide for unequal distributions amongst your beneficiaries, can provide that certain specific items go to a designated beneficiary, and can provide for distribution from your estate to people who are not your immediate family such as a friend, daughter in law or even a charity.

A will can also provide for what happens should a beneficiary of your estate pass away before administration of your estate has been completed. Your will can also provide for waiver of a bond on the Personal Representative – this waiver could significantly reduce estate administration expenses.

Part of the will preparation process with your attorney also includes discussing whether the most appropriate planning method is to use a will-or whether a revocable trust, a marital property "Washington will", beneficiary designations, or other estate planning techniques will be most appropriate or efficient for you.

Although the finished will may seem relatively uncomplicated, there are many decisions and options that are considered by your attorney during the conversation regarding your estate and your desire for distributing it. It’s a good idea to enlist the help of an experienced estate planning attorney. After all, you are talking about distribution of all your earthly possessions and providing for the people that you love the most.

Alan A. Panek Law Office, SC, will guide you through every step of the process and ensure your best interests and wishes are reflected. Call (715) 421-4900 to schedule an appointment, or visit our website for more information on the legal services offered.