Who Should Have a Will?
Many people assume that only the wealthy need to have a Will. However, the truth is that many people, with and without great wealth, need to have a Will in case the unexpected occurs.
People who should have a Will include but are not limited to the following:
- Those who are married;
- Those who have children;
- Those who own assets; and
- Those who have special needs family members.
Only people who do not have assets, a spouse, and/or children may not need a Will.
When Should I Make a Will in Wisconsin?
A Will needs to be created and updated often when certain events occur:
- When you are at least 18 years old, and of sound mind;
- When you marry, divorce, or remarry;
- When you have children;
- When you start a business; and
- When you buy a home.
Whenever you have major life changes, it is important to make or update your existing Will.
What Goes into a Will in Wisconsin?
A Will states who should inherit your assets when you die. If you have children, you can designate who you want to have custody of your children if you pass away. A Will also allows you to appoint an executor (known as a personal representative in some jurisdictions) for your estate. This person will be in charge of administering your estate according to the terms of your Will when you die.
What Should I Avoid in a Will?
There are certain things that are best dealt with through other means rather than a Will. Things that are not appropriate and should be avoided in a Will include:
- Retirement plan proceeds
- Life Insurance
- Living trust property
Can Someone Challenge My Will in Wisconsin after I Die?
There is always a possibility someone will challenge your Will after you pass away. Whether or not that challenge is successful is a different question. Some of the most common reasons Wills are challenged include the following:
- That the testator was under undue influence or lacked the capacity to make a Will;
- That the Will is a fraud; and
- That the Will lacks the formalities required to be valid, such as being signed and correctly witnessed.
Having a lawyer help with the process of creating your Will can help prevent successful challenges.
Can I Make a Will without a Lawyer in Wisconsin?
It is possible to create a Will without the assistance of a lawyer. However, states can be very specific regarding what is required for a Will to be considered valid. If you create the Will on your own, and it does not meet the legal requirements for validity, it may not be enforceable.
How Much Does it Cost to Make a Will?
The cost of creating a Will varies. It depends on your estate and whether you want additional estate planning tools, like trusts and advance directives.
Contact an Estate Planning Lawyer in Wisconsin Today
Give the firm a chance to help prepare your estate planning by scheduling a consultation and taking the first step in securing your future. To get started by either devising or updating a Will, call 414-459-1632 to schedule a consultation with the firm's estate planning attorney, who provides legal services to Milwaukee, Waukesha, Ozaukee, and Washington Counties.