Category Archive: Firm News
- Jan. 19 2017
No-Contest Clause: A Practical Definition
A no-contest clauseA clause in a WillA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause. or TrustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. that creates a penalty for anyone who sues to attempts to obtain more from the probateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts. estate or trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. estate then provided for in the Will or Trust. A common no-contest clauseA clause in a Will or Trust that creates a penalty for anyone who sues to attempts to obtain more from the probate estate or trust estate then provided for in the Will or Trust. A common no-contest clause will revoke an inheritance in whole or in part if that beneficiary of the Will or Trust challenges the Will or Trust or attempts to obtain more than stated in the Will or Trust. No contest clauses are generally not favored, in many circumstances, by courts and are not permissible in all states. However, No-Contest Clauses are legal in Wisconsin with many legal restrictions. … Read more
- Dec. 15 2016
The Greatest Wealth Transfer in History
The Greatest Wealth Transfer, according to the Boston College Center on Wealth and Philanthropy, has already begun. Through estates, heirs are expected to receive over $30 trillion in inheritance before 2061. Add charities and government to the list of wealth … Read more
- Nov. 30 2016
Estate Plan Review: When Do I Need One?
As estate planning lawyers, we are regularly asked “When do I need to do an estate plan review?” When we draft an estate plan for a client, we attempt to draft with an eye towards the future so that frequent … Read more
- Nov. 1 2016
Marital Property Agreement: Funding a Revocable Trust Without Probate
In Wisconsin,a marital propertyA law for married persons with respect to ownership and rights in and to assets, property, and income during life and upon death of a married couple. Marital Property law is unique to the State of Wisconsin, but is a form of and based upon many principals contained in Community Property law. agreementA document created by married persons in advance of marriage (prenuptial agreement) or following marriage (post-nuptial agreement) to agree with or alter the pre-set Wisconsin Marital PropertyA law for married persons with respect to ownership and rights in and to assets, property, and income during life and upon death of a married couple. Marital Property law is unique to the State of Wisconsin, but is a form of and based upon many principals contained in Community Property law. laws. A Marital Property agreementA document created by married persons in advance of marriage (prenuptial agreement) or following marriage (post-nuptial agreement) to agree with or alter the pre-set Wisconsin Marital Property laws. A Marital Property agreement can also be used to direct that property, upon death of one or both spouses, shall be distributed to a trust or person to avoid probate. In Wisconsin, a Marital Property Agreement can be used to help fund a Revocable Trust at the death of a spouse of both spouses to avoid probate and can be referred to as a Non-Probate Marital Property Agreement. can also be used to … Read more
- Sep. 13 2016
Tangible Personal Property Distribution
Failure to plan for the distribution of tangible personal propertyPersonal property that is physical in nature and generally capable of being touched, such as jewelry, household items, furniture, automobiles, tools and equipment, guns and sporting goods. It is not “intangible personal … Read more
- Aug. 26 2016
Care Agreement Contract
A Care Agreement Contract is basically a contract with one person, often an adult child, agreeing to provide care services to a parent or disabled person in need of care services. Care agreement contracts are commonly referred to as Personal … Read more
- Jul. 12 2016
Why You Should Have a Durable Power of Attorney
As estate planning attorneys, we strongly recommend that our clients have a properly drafted General Durable Power of AttorneyA Financial Power of AttorneyA document that authorizes an agent, also referred to as an attorney-in-fact, to conduct financial matters on one’s behalf. A power of attorney ceases to be valid upon the incapacity of a person unless it is a Durable Power of Attorney. A power of attorney terminates at the death of the person who created it. that does not terminate if the person making the power of attorneySee Power of Attorney for Health Care, Financial Power of Attorney, and Durable Power of Attorney. becomes incapacitated. and a Power of … Read more
- Jun. 28 2016
A Last Will and Testament Does Not Avoid Probate
A Last Will and TestamentSee Will. (will) is a great first step for an estate plan and is often one key part of a quality estate plan. However, a will alone does not avoid probate. Common Misconception As estate planningPlanning in … Read more
- Jun. 9 2016
Procrastination and Estate Planning
Estate PlanningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power of Attorneys, Power of … Read more
- May. 4 2016
Estate Planning and Revocable Trust Misconceptions
Estate planning and revocable trust misconceptions have proven themselves so prevalent and persistent that our estate planning attorneys are setting the facts straight. The truth is hidden amidst the complex legislation surrounding estate planningPlanning in advance of disability, incapacity, or … Read more