Firm News

At Wokwicz Law Offices, LLC, we believe that regular communication with our clients on relevant and important topics is key to providing a more complete service for our clients. With this in mind, we are happy to share news of our firm and, perhaps even more importantly, legal and final news that are likely to effect our clients.

• Sep. 26 2018

  Nonjudicial Settlement Agreements in Wisconsin

  Under Wisconsin law, nonjudicial settlement agreements can be used to modify trusts that otherwise would be considered irrevocable without court action. With a nonjudicial settlement agreement, an irrevocable trustA trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. that cannot be terminated, revoked or amended by the creating person. … Read more »

• Aug. 27 2018

  Credit Shelter Trusts in Wisconsin

  In years past, many Wisconsin couples set up credit shelter trusts as part of their 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 … Read more »

• Jul. 23 2018

  Will Substitute Agreement

  A 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 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. process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and … Read more »

• Jun. 21 2018

  Wisconsin Marital Property Law

  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 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. law is unique to the State of Wisconsin, but … Read more »

• May. 31 2018

  What to Bring to Your First Estate Planning Meeting

  As a service to our clients, we are sharing guidance on what to bring to your first estate planning meeting with our firm. Based on our decades of estate planningPlanning in advance of disability, incapacity, or death to make sure … Read more »

• Mar. 23 2018

  Avoiding Probate: Definitions and Key Reasons

  Many of our clients name avoiding probateThe court process proving the validity of a Will and conducting the orderly InventoryA document filed during probate administration and sometimes during trust administration setting forth the assets owned at the decedent’s death and the value of those assets. In a probate administration case, the Inventory is filed with the court and is a public document., Accounting, and AdministrationA process during which the deceased persons assets pay debts, claims and funeral expenses and the remaining estate funds are then distributed according to the wishes of the deceased person set forth in the Will or Trust. The Administrator is in charge of the process and must follow what is set forth in the Will or Trust. If there is no Will or Trust, the distributions and payments are made according to the law of the applicable state and is called intestate succession. of a decedent’s assets under a Will or under Intestacy laws if there is no 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.. 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. … Read more »