You may need an estate plan if you:
- want to distribute your money subject to probate (subject to your will) in a way that varies from what the county circuit court would do under Wisconsin statute;
- plan to place restrictions on how and under what circumstances your heirs can utilize your money when you die (parents often place restrictions on how and under what circumstances their child(ren) will receive their inheritance);
- wish to coordinate the distribution of various types of assets to beneficiaries (such as the net value of a home, bank accounts, investment accounts, retirement accounts and life insurance policies) so that there are no unintended outcomes in terms of how much is received by each beneficiary and ensuring that any conditional gifts are, in fact, given as conditional gifts (for example, limiting the age at which money will be received outright or limiting the circumstances under which money can be utilized for a particular beneficiary);
- desire to have a voice in who will serve as the guardian of your minor child(ren);
- wish to address estate and income tax issues to maximize the funds that can be provided to your beneficiaries;
- need to plan for the sale or transfer of a small business or small business interest on retirement or death;
- wish to provide for the management of your money during any period of incapacity;
- desire to specify who would make healthcare decisions on your behalf and the circumstances under which you would want healthcare provided or withdrawn during any period of personal incapacity;
- wish to provide for a partial distribution of your money and property to charities or individuals other than family;
- wish to select a default beneficiary who would inherit your money and property if your immediate and extended family members predeceased you (under Wisconsin statute the final default beneficiary is the state of Wisconsin school fund);
- desire to provide for the specific distribution of certain sentimental or cherished belongings to family members, other individuals or charities who would otherwise not receive them under the default statutory provisions administered by the county circuit court;
- wish to specify who will serve as trustee for any trust created for the benefit of your child(ren) or grandchild(ren) (a trust can permit you to place restrictions on how and under what circumstances a child(ren) will have access to funds placed in trust);
- desire to designate who will oversee the payment of final expenses and the distribution of your money (if this is not done under your will, trust or marital property agreement, the county circuit court will do so on your behalf in a probate action after your death); and
- wish to avoid the costs and administration of having a court probate your estate (money and property) after your death.
[This list is not intended to be exhaustive, but rather is intended to serve as a starting point for you to consider whether you may or may not be in need of a new or updated estate plan.]