There is a significant misconception that a will is a luxury, something only for individuals with significant assets, property, or a sizable estate with numerous beneficiaries. Nothing could be further from the truth. A comprehensive estate plan that includes a will is essential for just about every adult. While all Wisconsin residents can benefit from a will, some signs may indicate you need to draft a will sooner rather than later.
Five Signs You Need a Will
A will is a legal document that allows you to specify the management and distribution of your assets and estate after your death. Your will outlines your final wishes, which your personal representative, or executor, will carry out after your passing. Thus, you can control what happens to your assets and property. Without a will, the state determines what happens to your property via Wisconsin intestate succession law. You and your family have no say.
While everyone can benefit from having a will, there are some signs that you should draft this vital legal document as soon as possible. Here are five signs that it’s time to draft or update a will:
- You are experiencing a significant milestone or life change –When your life takes a significant turn, it is time to create or update your will. Milestones and life events can shift your priorities and preferences, meaning you need a legal document reflecting these changes. Marriage, divorce, and children’s birth are some of the most significant events that require drafting a will. Not only does it help protect your assets, but you can use it to assign guardianship of your minor children to individuals of your choosing.
- You’ve recently acquired significant assets – If you’ve recently come into an inheritance or purchased a home or other sizable asset, you need a will to outline how you want these assets distributed after death. A will ensures that these assets pass to beneficiaries you specify and can help you and your family avoid misunderstandings and complications in the future.
- You have complicated family dynamics – If you are concerned about disputes and complicated family dynamics, you must create a will that outlines your specific wishes. Unfortunately, grief and death can cause family conflicts and fighting over property and assets. Explicitly laying out your final wishes in a will can help prevent disputes and allow you to pass property and possessions onto the beneficiaries you want.
- You anticipate a change in mental or physical health –Sometimes, individuals don’t understand the value of creating a will until it is too late. If you have been diagnosed with a serious mental or physical health condition, it’s time to create or update your will accordingly.
- Your financial situation has changed –A change in your financial circumstances means it is time to examine or reexamine your current estate plan. Financial changes, for better or worse, impact your estate planning needs.
An Estate Planning Attorney Can Help You Create a Wisconsin Will
The estate planning team at Peterson, Berk & Cross, S.C., is ready to sit down with you and review your unique estate planning needs, drafting a will that protects everything you’ve worked so hard to build. Contact our office and request a confidential consultation to review your estate planning goals.