Wills

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Generally, anyone who has any assets or dependents should have a will. Some specific reasons to have a will are:

• You can choose who will inherit your assets and how they will be divided
• You can name a personal representative to manage your estate and carry out your wishes
• You can name a guardian for your minor children and provide for their care
• You can make charitable donations or create trusts for specific purposes
• You can express your personal preferences and values

If you die without a will, the state law will determine how your property and assets are distributed among your relatives or heirs. The probate court will also appoint someone to manage your estate and act as your personal representative. Depending on your situation, this may not be what you want or expect.

Yes, new parents should have a will. Without a will, the court will decide how to distribute your property and who will take care of your minor children, which may not be what you want.  Parents of minor children often want to set up a trust in their will to manage the inheritance they leave for their minor children until they reach a more mature age like 25 or 30. 

Yes, you and your spouse should have separate wills. This allows either of you to change it later, make sure your individual preferences and circumstances are addressed in your will, and is what most couples usually do. 

A will is a legal document that allows you to specify how you want your property and affairs to be handled after you die. Some of the things you can do with your will are:

• Choose who will inherit your assets and how they will be divided
• Name a personal representative to manage your estate and carry out your wishes
• Name a guardian for your minor children and provide for their care
• Make charitable donations or create trusts for specific purposes
• Express your personal preferences and values

A personal representative is the person who is in charge of settling the estate of someone who has died. They have to follow the instructions in the will, if there is one, or the state law, if there is not. They have to collect the assets, pay the debts, file the taxes, and distribute the property to the heirs. A personal representative can be named in the will or appointed by the court. They are also sometimes called an executor or an administrator. 

The guardian you nominate in your will is the person(s) you want to raise your children if both you and your spouse die. You can choose someone you trust and who shares your values and parenting style. If you don’t name a guardian, the court will appoint one, and it may not be someone you know or like.  The guardian’s role can be split — you can name one person as guardian of your children’s estate and another of their person. The guardian  of the estate manages the child’s money, property, and income. The guardian of their person raises them, determines where they live and go to school, and what health care they receive, among other things.  

A personal representative (executor) is the person who will manage your estate after you die. You should name someone who is responsible, trustworthy, and willing to serve. You can choose anyone you want, such as a spouse, a sibling, an adult child, or a close friend. Some states have restrictions on who can serve as a personal representative, such as age, residency, or criminal history. You should also name an alternate personal representative in case your first choice is unable or unwilling to serve. 

A will does not directly save taxes, but it can help you plan your estate in a way that minimizes the tax burden on your heirs. For example, you can use a will to:

• Choose who will inherit your assets and how they will be divided among beneficiaries with different tax obligations themselves
• Make charitable donations or create trusts for specific purposes that might have tax implications 
• Allocate responsibilities among your estate and trust to pay certain expenses 

If you die without a will, you are considered to have died intestate. This means that the state law will determine how your property and assets are distributed among your relatives or heirs. The probate court will also appoint someone to manage your estate and act as your personal representative. Depending on your situation, this may not be what you want or expect. Therefore, it is advisable to create a will with the help of an estate planning attorney to ensure that your wishes are respected and your loved ones are taken care of. 

A will can last for years and until you die, however in our experience people make and change their will at several key times in their lives:

• When they first have children to name a guardian,
• When their children get near 18 to set up a testamentary trust to hold their children’s inheritance until the children turn 25 or so,
• When they have grandchildren to possibly make provisions for them and sometimes
• When they reach their 70s and 80s and need to make changes based upon their family’s behavior and of course
• If they get married, divorced or lose a spouse. 

Yes, you can change or cancel your will at any time, as long as you are mentally competent. There are two ways to do this:

• You can create a new will that revokes your previous will. This is the simplest and most recommended way to change your will. Your new will should state that it replaces and cancels any previous wills you have made. You should also destroy any copies of your old will to avoid confusion.
• You can create a codicil, which is a document that modifies or adds to your existing will. A codicil must follow the same legal requirements as a will, such as being in writing, signed by you, and witnessed by two people. A codicil should be attached to your original will and kept in a safe place.

There is no fixed rule for how often you should update your will, but it is a good idea to review it every few years or whenever you experience a major life change. Some common reasons to update your will are:

• You get married, divorced, or remarried
• You have a child or adopt a child
• You move to a different state or country
• You acquire or dispose of significant assets
• You want to change your beneficiaries, personal representative, or guardian
• You want to create or modify a trust
• Your beneficiaries, personal representative, or guardian die or become incapacitated
• The tax laws change

Updating your will can help you ensure that your wishes are respected and your loved ones are taken care of. If you don’t update your will, it may become outdated, invalid, or contested by your heirs. To avoid these problems, it is advisable to consult an estate planning attorney who can help you draft, review, and update your will and other estate planning documents. We are your local hometown estate planning attorneys with over 30 years of experience. We are right around the corner, ready to help you. Contact us today for a free consultation.

Basic simple wills cost $300 at Ullenberg Law and if you need to add some special clauses distributing special items to certain beneficiaries or create a testamentary trust to hold assets for your children until they reach 25 or older, there will be additional charges based upon the time needed to make those custom upgrades. 

Most wills and estate plans at Ullenberg Law are completed and signed within a few weeks. In urgent circumstances they can be prepared the same day for an additional fee. 

Ullenberg Law only prepares wills that will be signed in Wisconsin. Wills we prepare can be signed free of additional charge at our offices, or for a small fee we will travel to your home or office to help you execute them. 

A will and a power of attorney are both legal documents that allow you to specify how you want your property and affairs to be handled, but they operate under different circumstances. A will takes effect only after your death, while a power of attorney takes effect as soon as you create it or when you become incapacitated. A will lets you choose who will inherit your assets and how they will be divided, while a power of attorney lets you choose someone to act on your behalf in financial or medical matters. A will must go through probate, which is a court-supervised process that can be costly and time-consuming, while a power of attorney does not go through probate, which can save time and money. 

A will and a living trust are both estate planning tools that allow you to specify how you want your property and affairs to be handled after you die. However, they have some key differences:

• A will is a document that takes effect only after your death. It names your beneficiaries, personal representative, and guardian for your minor children. It must go through probate, which is a court-supervised process that can be costly and time-consuming.
• A living trust is a legal entity that takes effect as soon as you create it. It holds your assets and distributes them according to your instructions. You can be the trustee and manage the trust yourself, or name someone else to do it for you. It does not go through probate, which can save time and money.

Both a will and a living trust have advantages and disadvantages, depending on your situation and goals. You can also use them together to create a comprehensive estate plan.

You should have a lawyer write your will and not use “Atty.” Google. A lawyer can:

• Provide you with legal advice and guidance that is tailored to your specific situation and goals
• Help you avoid common mistakes and pitfalls that could invalidate your will or cause disputes among your heirs
• Draft your will and other estate planning documents according to the law and your wishes
• Review and update your will and other estate planning documents as your situation changes
• Represent you and your estate in case of any disputes or challenges

“Atty.” Google, on the other hand, can only offer you general information and templates that may not suit your needs or comply with the law to make your will enforceable when you pass away and cannot correct it.