A properly executed estate plan can spare your family unnecessary hardship and expense in the face of illness, accident, or untimely death, but even the best plan needs periodic maintenance. Laws and tax rules change regularly, and documents that made sense a few years ago may now be out of date, missing...
Category: Estate Planning
Wisconsin Estate Planning: In Wisconsin, what does “per stirpes” mean?
In Wisconsin, “per stirpes” is a method of distributing an estate in which a deceased beneficiary’s share passes down that beneficiary’s lineal descendants—children, grandchildren, and so on—rather than being redistributed among all surviving members of the same generation. Literally meaning “by branch,” per stirpes ensures each family branch receives an equal share:...
Wisconsin Estate Planning FAQ’s: Digital Assets: Why They Need to Be Part of Your Estate Plan
What will happen to your Facebook account when you die? Or to the books, music, movies, and games you’ve purchased online? As our lives move further into the digital realm, it’s essential to account for these assets in your estate plan. The value can be financial and deeply personal: from digital currency...
Wisconsin Estate Planning: In Wisconsin, can a beneficiary disclaim their interest in an inheritance and if so what are the requirements?
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,...
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...