Yes. In Wisconsin, a beneficiary may disclaim (refuse) an inheritance, and if the disclaimer is done properly, the law treats the person as though they predeceased the decedent with respect to the disclaimed property. This right applies to beneficiaries under a will, heirs under intestate succession, persons named in a trust, and,...
Category: Estate Planning
Wisconsin Estate Planning FAQ’s: Three Estate Planning Items Everyone Needs
Many people assume estate planning is only for the wealthy or the elderly, but a basic plan helps everyone minimize confusion, costs, and stress for loved ones after a death or during incapacity. Without clear documents, assets like a home, retirement accounts, and savings can get stuck in limbo for years and...
Wisconsin Estate Planning: In Wisconsin, what does the requirement of survival by 120 hours mean?
In Wisconsin, the 120-hour survival requirement means a person must survive the decedent by at least 120 hours (five days) to take property as an heir, devisee, or beneficiary unless a governing instrument provides a different rule. The purpose is to prevent assets from passing through estates in rapid succession, reduce administrative...
Wisconsin Estate Planning FAQ’s: Protect Your Assets from Lawsuits
Lawsuits can happen to anyone. The most effective defense is a layered plan that starts with basics and adds targeted protections where you face the most risk. Begin with insurance: keep personal and business policies current and sufficient, and read the fine print. For business owners and professionals, this includes revisiting commercial...
Wisconsin Estate Planning: In Wisconsin, can a Will override a properly executed life insurance or retirement plan asset beneficiary designation?
No. In Wisconsin, a will generally cannot override a properly executed beneficiary designation on life insurance policies, retirement plan assets, payable-on-death (POD) bank accounts, transfer-on-death (TOD) brokerage accounts, or TOD deeds. These assets transfer by beneficiary designation or contract as nonprobate transfers, meaning they pass outside the will and outside the probate...
Wisconsin Estate Planning FAQ’s: Same-Sex Couples: Three Estate Planning Steps
Since the Supreme Court’s Obergefell v. Hodges decision, same-sex marriages are recognized nationwide, and many estate planning needs mirror those of opposite-sex couples. But when children are involved or when partners rely on nonmarital legal statuses (like domestic partnerships or civil unions), extra steps help ensure your wishes are honored. Start by...
Wisconsin Estate Planning: In Wisconsin, how can a Will be “revoked”?
In Wisconsin, a will can be revoked in several ways under Wisconsin Statutes § 853.11, and the law recognizes both intentional acts by the testator and certain legal events that automatically revoke all or part of a will. The most common method is revocation by a subsequent will or codicil: a later...
Wisconsin Estate Planning FAQ’s: 3 Succession Solutions for Family Farms
Passing a family farm to the next generation is rarely as simple as dividing assets. You have to preserve the land and equipment needed to run the operation while treating all children fairly—especially when some work the farm and others do not. Transfers may also trigger federal and state estate tax exposure,...
Wisconsin Estate Planning: In Wisconsin, can or should Wills be deposited with the Court after execution?
Yes. In Wisconsin, a will may be deposited with the probate court for safekeeping after it is executed, but it is not required. Wisconsin Statutes § 853.09 permits a testator to deposit an original will with the probate court in the county where the testator resides during the testator’s lifetime.
Wisconsin Estate Planning FAQ’s: Funding a Living Trust: How to Move Assets the Right Way
Signing a revocable living trust is only step one. To actually avoid probate and enable your successor trustee to act without court involvement, you must “fund” the trust. To “fund” means to align ownership and beneficiary designations with your plan so the trustee controls what the trust owns or what’s properly directed...