Where there’s a Will…
At this time every year, we write about the importance of college kids having powers of attorney in place for both health care and for finances as part of their back-to-school checklist.
August, however, is National Make-A-Will Month, so this year we will write about the importance and benefits of having a will.
According to multiple studies, less than one-third of Americans have a will in place. If someone passes away without having a will, they are said to have died “intestate,” and the Wisconsin statutes dictate how their affairs will play out.
While everyone should have a will, they are especially important for people with minor children. A will is the only place someone can nominate a guardian to take care of their children should they pass away before the kids are 18. Without a will, the court determines who will be the guardian. The law requires notice of a guardianship to all the people who would inherit from the child under the rules of intestacy. This often results in the maternal and paternal sides of the family arguing over who should take care of the kids.
Further, a will can contain trust provisions to ensure the children do not inherit as soon as they reach the age of majority. Even at 21, children do not always make the best financial decisions, particularly if they no longer have a parent looking over their shoulder. A trust allows the funds to be available to the children for their needs, but can indicate that they don’t receive the inheritance until they are more established, such as at age 30.
Wills are also extremely important for blended families. Our rules of intestacy state that if a person dies without a will and has children from a prior relationship, their half of all marital property goes to those children. So, if one spouse dies, their half of the couple’s home could go to his or her kids, forcing the surviving spouse to have to buy them out, or if they cannot afford to, sell the home.
In addition to selecting the guardian to raise minor children and dictating where assets are to be distributed at death, a will can also be used to nominate a personal representative (sometimes called an executor in other states) to ensure a person’s wishes are carried out. Without a will, the court again decides who fills this role.
So, while getting a will in place is not a preferred activity, particularly in August, it is an important thing to have done. I would prefer to control my own destiny by spelling out my wishes in a will, as opposed to having a court decide.
Reg P. Wydeven
Hoping to follow in his father’s footsteps from a young age, Reg’s practice primarily consists of advising individuals on estate planning, estate settlement and elder law matters. As Reg represents clients in matters like guardianship proceedings and long-term care admissions, he feels grateful to be able to offer families thorough legal help in their time of need.