Several tools can help individuals protect their property, manage the distribution of their assets, and help family members avoid probate. However, the terms surrounding these estate planning tools can be confusing. A will is a legal document that addresses the management and distribution of assets following a person’s death. A living will is a separate legal document altogether.
Learning the difference between different estate planning tools can help you find the right mix to accomplish your goals and address your most pressing concerns for the future.
What Is a Living Will, and Can it Prevent Property from Going into Probate?
There can be some confusion between estate planning terms like will and living will. A will is a legal document that outlines your final wishes and addresses property management and distribution to named beneficiaries. A living will, on the other hand, allows an individual to express their medical care preferences if they are unable to communicate due to illness or injury. Moreover, neither a will nor a living will prevent property from going through probate—the legal process by which the deceased’s will is validated, their assets are dispersed, and their estate is wound down.
A living will protect your wishes and outline the medical treatment you prefer in the event you are concerned about declining physical or mental health, you have been diagnosed with a terminal condition, or you are facing surgery or hospitalization for an injury or illness. It has nothing to do with your estate, assets, or property, and a living will cannot prevent property from going into probate in Wisconsin. It is a way to help you manage and control your healthcare choices.
Establish a Living Will in Wisconsin
To create a living will in Wisconsin, you must be at least 18 years of age, of sound mind, and sign the documents in the presence of at least two witnesses not related to you. In addition to filing and submitting the correct paperwork, you should consider speaking to family and friends about your wishes and communicating that you have a living will and what it contains so everyone is on the same page if the unthinkable occurs.
The process of drafting and establishing a living will doesn’t have to be complicated. An experienced estate planning attorney can help you file a living will and ensure it correctly expresses your healthcare preferences.
A Wisconsin Estate Planning Attorney Can Help
At Peterson, Berk & Cross, S.C., our estate planning team can help you find legal solutions that address your healthcare and property distribution needs. From creating trusts and other instruments that can protect your assets from probate to drafting documents that express your healthcare preferences, we customize estate plans to meet your unique goals and protect what matters to you.
Contact our office today to get started with a confidential legal consultation. We look forward to meeting you, learning more about your concerns, and giving you the peace of mind that comes from having an up-to-date estate plan.