It is very important for individuals and couples to keep in mind what their wills or trusts can and cannot do, in terms of directing the distribution of their estates after they die.  In particular, it is important for them to keep in mind what assets they own that will not be governed by the provisions of their wills or trusts.

Under Wisconsin law, one or more individuals, including married couples, are authorized to enter into a payable on death (P.O.D.) contractual arrangement with a financial institution for such things as a checking account, savings account, or a certificate of deposit.  Upon the death of the account’s owner(s), the account balance subject to the beneficiary designation passes to the beneficiary specified by the account owner(s) to the financial institution.  This beneficiary designation will control notwithstanding contrary provisions in a will or a trust that the owner may have intended to govern the distribution of this account.  As a part of estate planning, it is important to coordinate the various assets, beneficiary designations, and will or trust documents to ensure that your intent is effectuated.

[Legal advice not only involves an understanding of the law, but the application of the law to a particular set of circumstances or facts.  Typically blog posts are imperfect tools to address the subtlety and exceptions of the law that may apply in particular situations.  As a result, the information in this blog post does not represent legal advice.  If you are in a situation where you need or desire legal advice, we would be happy to help.  Check out our Contact Us page, and feel free to set-up a no-charge initial consultation.]