Estate Planning & Estate Administration
Estate planning can feel overwhelming, especially when you start hearing references to statutes, probate codes, powers of attorney, and trust laws. The good news is that you do not need to memorize Wisconsin's legal code to make informed decisions about protecting your family and your assets.
Understanding Wisconsin estate planning laws
Here is a plain-language overview of some of the Wisconsin laws that most commonly affect estate planning.
Wisconsin decides who inherits if you do not have a will
If you die without a valid Will or Trust, Wisconsin's intestacy laws determine who receives your property. Generally, assets pass to a surviving spouse and children, but the outcome can vary depending on your family situation. (See Wis. Stat. § 852.01.)
While these laws are designed to provide a default plan, they may not reflect your wishes. For example, Wisconsin law will not account for more complicated family circumstances, charitable gifts, unequal distributions among children, or specific gifts of sentimental property.
A will allows you to create your own plan
Wisconsin law allows adults who meet certain legal requirements to create a Last Will and Testament. A valid Will lets you determine who receives your assets, nominate guardians for minor children, and appoint a Personal Representative to handle your estate. (See Wis. Stat. Ch. 853.)
Without a Will, these decisions are largely made according to Wisconsin law rather than your personal preferences.
Probate may be required for certain assets
Wisconsin probate laws govern the process of settling a person's estate after death. Probate is generally necessary when the assets solely owned by the decedent exceed $50,000 and do not pass automatically to a beneficiary. (See Wis. Stat. § 867.01(1)(b).)
The probate process helps ensure that debts are paid and assets are transferred properly. However, probate typically lasts at least a year, is public, and results in publication fees, court fees, and sometimes attorney fees. For these reasons, many people choose to structure their estate plans to minimize or avoid probate whenever possible.
Funded revocable living trusts can help avoid probate
Wisconsin recognizes Revocable Living Trusts as an effective estate planning tool. A Trust allows you to transfer assets into the Trust during your lifetime and provides instructions for managing and distributing those assets after your death. (See Wis. Stat. Ch. 701, Wisconsin's Uniform Trust Code.)
When properly funded, Trust assets generally avoid probate, which can save time, expense, and administrative burdens for your loved ones.
Powers of attorney protect you during your lifetime
Estate planning is not only about what happens after death. Wisconsin law allows you to appoint trusted individuals to make financial and healthcare decisions if you become unable to act for yourself.
A Durable Financial Power of Attorney allows someone to manage financial matters on your behalf, while a Healthcare Power of Attorney allows someone to make medical decisions if you cannot communicate your wishes.
Without these documents, your family may need to seek a court-appointed guardianship before making important decisions for you.
Wisconsin is a marital property state
Wisconsin is a marital property state. In general, property acquired during a marriage is presumed to belong equally to both spouses, regardless of whose name appears on the title.
This can have significant implications for estate planning, beneficiary designations, taxation, and asset protection. Understanding Wisconsin's marital property rules is an important part of creating an effective estate plan, especially for blended families.
Guardianships protect vulnerable individuals
Wisconsin law provides procedures for appointing guardians for minor children and adults who are unable to manage their personal or financial affairs.
For parents of young children, one of the most important functions of a Will is the opportunity to nominate who should serve as guardian if both parents pass away before the children reach adulthood.
Beneficiary designations matter
Many assets pass according to beneficiary designations rather than the terms of a Will or Trust. Retirement accounts, life insurance policies, and certain financial accounts often transfer directly to named beneficiaries.
For this reason, reviewing beneficiary designations regularly is a critical part of estate planning.
Estate planning is about more than documents
Wisconsin's estate planning laws provide the framework, but a successful estate plan is about more than completing legal paperwork. A well-designed plan coordinates your assets, beneficiary designations, family circumstances, and long-term goals to create a clear path forward for your loved ones.
When to revisit the plan
Estate plans are not one-and-done. Industry standard is to revisit your plan every three to five years, and sooner if there are any major changes, including additions to your family (birth or adoption of a child, a new marriage) or subtractions from your family (due to a divorce or death). Changes in federal estate or gift tax law also matter.
For existing estate planning clients, there is no charge to check with Attorney Mason when there are changes, to see if your plan accounted for them or needs to be updated.
In this practice area
Go deeper
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Wisconsin Wills
A Wisconsin last will and testament directs where your probate property goes, names a personal representative, and names a guardian for minor children.
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Revocable Living Trusts
Keep control of your assets while you are alive, avoid probate, and make distribution to your family private and faster.
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Special Needs Trusts
Provide for a loved one with a disability without disqualifying them from SSI, Medicaid, or other means-tested benefits.
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Durable Financial Power of Attorney
Name the person who pays bills, manages investments, and handles the IRS if you lose capacity. Wisconsin's statutory form under Ch. 244.
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Healthcare Power of Attorney
Name the person who speaks to doctors if you cannot, including end-of-life decisions, under Wis. Stat. ch. 155.
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Advance Directive & Living Will
Put your wishes about life-sustaining treatment in writing so hospitals have something to follow under Wis. Stat. ch. 154.
Frequently asked
Common questions
- Do I need a will, a trust, or both?
Most people need at least a Will, a Durable Power of Attorney for Finances and Property, and a Healthcare Power of Attorney.
A Revocable Living Trust can be helpful in a number of situations. A properly crafted and funded Trust will allow your loved ones to avoid probate and keep your financial matters private. It is also a helpful tool to manage separately held assets in blended families. Trusts further provide you the opportunity to build in contingencies for predeceased beneficiaries, delay distributions to minor beneficiaries, and find ways to provide for your loved ones with special needs. They are also critical to avoid multiple probates if you own property in another state.
- How much does an estate plan cost in Wisconsin?
Attorney Mason charges flat fees for estate planning. You are provided with the flat-fee brochure prior to your initial consultation. During that consultation you will explore options and decide which documents make sense for you. You will be provided with a quote based on the documents you choose to have Attorney Mason draft. Simple wills with powers of attorney are at the lower end; revocable living trust packages cost more and reflect the additional drafting and funding work. You will have a written fee quote before you are asked to sign an engagement letter, and nothing is owed until your signing.
- Can my spouse and I share the same estate planning attorney?
Most married couples with aligned interests are represented jointly. Attorney Mason works with you as a couple with a written joint-representation agreement that explains how she handles information. If your interests are not perfectly aligned, Attorney Mason may advise that you use separate counsel.
- Do my documents need to be notarized? Do I need witnesses?
Each estate planning document has different criteria for its valid execution. Some must be notarized. Some need two witnesses. Some benefit from having both, along with a self-proving affidavit.
Every plan is executed in Rebecca's office with witnesses and a notary present.
- What happens if I die without a Wisconsin estate plan?
You die "intestate," and Wisconsin's intestate succession statute (Wis. Stat. §§ 852.01-852.05) decides who inherits. If you are married without children, your spouse inherits. If you have children from a prior relationship, much of the estate will likely be divided between your spouse and your children.
- Does a Wisconsin estate plan cover long-term care and Medicaid?
Not automatically. Medicaid planning is its own specialty and overlaps with but is not the same as estate planning. If long-term care is a near-term concern for you or a parent, it is helpful to mention this when you initially contact the firm. At the initial consultation, Attorney Mason will provide information about Medicaid eligibility, asset protection, the five-year look-back, and a Medicaid spend-down.
Ready to talk?
Tell Rebecca a little about your situation. She will be in touch — usually within one business day.