Last Will and Testament: A First Step in Estate Planning

August 22, 2014

A Last Will and Testament is one of the most basic estate planning documents that can be utilized in Wisconsin. With a few exceptions, a Last Will and Testament, or Will, should be a part of every estate plan — a key first step in an organized approach to estate planning. Although on its own, a Will does not avoid probate, a well-drafted Will can be the main estate planning document in Wisconsin for smaller estates. This is especially true when the Will is combined with a Durable Power of Attorneys and Powers of Attorney for Health Care.

At Wokwicz Law Offices, we consider a Last Will and Testament as a primary estate disposition document in Wisconsin for simple estate planning matters. We have a number of clients who wish to “keep things simple”, even at the risk of requiring probate upon death of the creator of the Will. In other cases, a Last Will and Testament can be used to supplement an estate plan established to avoid probate. For larger or more complex estates, a Will alone does not suffice, as a Will does not avoid probate when used alone.

Give Yourself Peace of Mind

A properly crafted estate plan can give you peace of mind, knowing your assets and family are well protected. Our estate planning lawyers will help you get there.

Almost Everyone Should Have a Last Will and Testament

Perhaps one of the greatest strengths of a Last Will and Testament is that it can eliminate misunderstandings among family members, avoid in-fighting, avoid the State distribution formula of your assets, and avoid disagreements over who should control your estate. Even if your estate plan is simple or all of your assets have named or joint beneficiaries, a Will can help avoid confusion and fights over what was intended upon your death.

What Can A Will Accomplish As Part of an Estate Plan?

A Will is a simple, yet powerful tool, for achieving a number of estate planning goals when used in conjunction with a wider estate plan.

  • Using a Will, you can set forth who will receive your estate upon death (estate assets that do not pass by beneficiary designation or joint ownership arrangements) including a backup plan in case a beneficiary dies before you or other issues arise with your non-probate designations.
  • In a Will, you can name the Personal Representative who will be in charge of your estate and who will be responsible for making sure that your Will is followed. The Personal Representative is responsible for gathering your assets, selling assets that are to be sold, paying necessary bills, claims, expenses, funeral and taxes, followed by the distribution of your specific bequests and the residue (remainder) of your estate to your beneficiaries as set forth in the Will. You can also name a backup Personal Representative, in the event that the first nominated Personal Representative is unable to act.
  • With a Will, if you have young children you can nominate guardians to raise your children if you are not living or are unable to care for your children. You can also name alternative guardians as backups.
  • In some cases, if you have young children, our estate planning lawyers may include a Trust for the application of your assets for your children’s care, health, education and support until they are old enough to handle the assets on their own.

Why Should I Have a Will If I have a Trust?

A Trust is often a key aspect of proper estate planning. However, a Trust on its own cannot always ensure that assets are distributed as desired when not used in connection with a Will. Our estate planning attorneys recommend drafting a Pour Over Will in connection with a Revocable Trust to ensure that assets are distributed as intended in your Trust. The inclusion of a Pour Over Will as part of your estate plan avoids incorrect distribution of assets in the event that some assets are considered “probate” assets.

Moreover, the creation of a new Will — Pour Over or otherwise — can revoke any old previously created Wills that may be in existence. This can help ensure that your estate plan is as up-to-date as possible.

Experience Matters When Creating a Will

We recommend hiring competent and experienced attorneys to prepare your Last Will and Testament. This important document will spell out how to handle your assets and wishes after your death. You want to be confident that the proper steps and procedures are taken to make it a legally enforceable document that will withstand attempts to challenge or overturn it. In addition, you may want to discuss the advantages and disadvantages of a Will estate plan versus a Trust estate plan.

The attorneys at Wokwicz Law Offices, LLC, always discuss at length the many estate planning options with clients, explaining the positives and negatives of the various approaches that are available in Wisconsin including any special considerations for the Kenosha and Racine area.

At Wokwicz Law Offices, LLC, we have been preparing Wills for our clients in the greater Kenosha and Racine Wisconsin areas since 1958. We welcome the opportunity to work with you on your own Last Will and Testament. To learn how we can help you, please contact Paul B. Wokwicz on 262-658-2181 or via info@wokwicz.com.

« Back to Firm News

This article is intended as general legal information and not as legal advice to any particular client, nor is it intended as advice on any particular issue or matter. If you have any questions regarding the subject matter of this article, or wish to discuss how the subject matter of this article may apply to your situation, please contact us.