Will Attorney in Wisconsin
Basic Last Will & Testaments
Many people do not have a will, trust or any other estate plan in place. Even if you are young, it can be a mistake to think that you will always have time to put an estate plan together. Unexpected or sudden illnesses and accidents can (and do) happen. A will is designed to distribute your assets the way you want them to be distributed. A will also allows you to name a personal representative to administer your estate and allows you to name a guardian for your child(ren). Without a will, the state will distribute your estate based on current Wisconsin law, appoint a personal representative and decide who is to care for your children.
Depending on the size of your estate, the estate may be subject to substantial federal estate and income taxes. To bypass much of the potential tax burden, a trust may be appropriate. A trust is also appropriate when there are concerns that a beneficiary may not be able to manage a lump-sum inheritance due to age or capacity. In that case, a trust can be used to govern exactly how and when your assets are to be distributed to the beneficiary you name. However, in certain situations, a will is more desirable than a trust.
Estate planning is an on-going process. It is extremely important to have your will periodically updated. A will should be reviewed:
- At the birth, adoption or death of a child.
- If anyone named in the will marries, divorces or separates.
- When major tax laws change.
- When you move to a new state.
- When there is a significant change in income or wealth for you or your beneficiaries.
- When there is a major change in the needs, circumstances, or objectives for you or your beneficiaries.
Contact Us for a Consultation With a Wills and Estates Lawyer
At Doar, Drill & Skow, we provide comprehensive estate planning services tailored to each client’s needs. For a consultation with a wills and estates attorney at our firm, Doar, Drill & Skow, call 877-362-7529 toll free or contact us online. Located in New Richmond, we serve clients throughout western Wisconsin.