Category Archive: Powers of Attorney and Wills
- Feb. 27 2017
Small Business Estate Planning
Estate Planning for a Closely Held or Small Business In addition to focusing on their business strategies, small business owners and owners of closely held businesses must also address the typical estate planningPlanning in advance of disability, incapacity, or death to … Read more
- 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
- 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
- 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
- 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. More 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 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.. More (willA written document that sets forth and names the personal representativeA term used in Wisconsin to describe the person appointed by a probate court to be in charge of the probate administration process of a deceased person. This is often referred to in other states as an Executor or Administrator. The Personal Representative may be set forth and nominated in a decedent’s Will before death along with successor Personal Representatives. who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are … 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
- Feb. 29 2016
Authorization for Final Disposition: What Happens to Your Body After You Pass?
When preparing or conducting a thorough review of your estate plan, it may be pertinent to discuss your need for an Authorization for Final Disposition. Such an authorization will help ensure that your funeral wishes will be followed and that the … Read more
- Feb. 10 2016
Digital Assets and Estate Planning
Attorneys and legislators in Wisconsin are currently developing a new law covering digital assets upon death. This new law aims to clarify the issues challenging estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while … Read more
- Dec. 9 2015
When to Have Your Estate Plan Reviewed
Estate plans prove themselves most valuable when they reflect your current life situation and financial position. An out-of-date estate plan can often leave you short, owing unexpected taxes, paying higher fees and protecting yourself and your children less than you had … Read more