Without a Will, the state will decide who receives the property you acquired throughout your lifetime. Does this seem fair to you?
If you don’t appoint a guardian for your minor children when you die, a judge will decide who raises your children. Creating a Will avoids this and puts you in control of your children’s future
Contrary to popular belief, in Wisconsin a handwritten Will is unenforceable. This is known as a “holographic will” and it is not recognized in Wisconsin. In order for a Will to be enforceable, certain legal formalities must be met.
Unfortunately, the old adage “you get what you pay for” is true when it comes to Wills. Today, there are many commercially designed “do it yourself” Will kits on the market. They are appealing because the cost is less than that which you would pay an attorney. However, there are many traps for the untrained eye. Estate tax consequences and administrative complications could arise due to lack of estate planning experience and a lack of understanding the law. In the end, you will end up paying more to fix the “do it yourself” mistake.
Many attorneys would agree that putting together other documents in place that allow others to make decisions for you in the event you become incapacitated is recommended. These documents are a Health Care Power of Attorney and the Durable Power of Attorney (which handles the financial affairs). Often times, these two documents are prepared along with the Will.
At the Law Office of Geoffrey J. Lorenz, LLC, we are able to make recommendations that best fit your lifestyle and your budget at an affordable cost to you and your family. Contact us today.
Disclaimer: The above information is provided as general information, not as legal advice, and does not create an attorney client relationship. Before making any decisions regarding legal matters, individuals should consult with a qualified attorney.