Common Mistakes to Avoid When Drafting a Will in Wisconsin

Creating a will is an essential step in managing your estate, ensuring your wishes are honored after your passing. However, many people make common mistakes that can lead to confusion, disputes, or even invalidation of the will. If you’re in Wisconsin, understanding these pitfalls is important for a smooth estate planning process. Here’s a straightforward guide to help you avoid these mistakes.

Neglecting to Update Your Will

Your life circumstances can change dramatically over time. Marriages, divorces, births, and deaths all impact your estate planning needs. One major error people make is failing to update their wills as these changes occur. For instance, if you had a child after drafting your will, neglecting to include them could lead to a legal battle over your estate.

Consider setting a schedule to review your will every few years or after significant life events. This practice ensures that your will reflects your current wishes and family dynamics.

Using an Inappropriate Will Template

Not all will templates are created equal. While generic templates may seem convenient, they often lack the necessary legal language required in Wisconsin. Using an incorrect template can render your will invalid, leading to unintended consequences.

For a state-specific solution, you might want to consider the Wisconsin Last Will template. Such templates provide you with the structure needed to comply with state laws, minimizing the risk of errors.

Overlooking Witness Requirements

Wisconsin law requires that a will be signed by two witnesses who are not beneficiaries. A common mistake is having beneficiaries act as witnesses, which can lead to the will being contested. If the witnesses are found to have a vested interest in your estate, the will may be invalidated.

To avoid this, choose neutral parties to serve as witnesses. This simple step can protect your will from legal challenges and ensure your wishes are honored.

Failing to Include a Residual Clause

A residual clause is a vital component of a will. It dictates what happens to any remaining assets not specifically mentioned in your will after all debts, taxes, and specific bequests have been satisfied. Skipping this clause can lead to complications in asset distribution.

Without a residual clause, any assets not explicitly stated in the will may be distributed according to Wisconsin’s intestacy laws, which might not align with your wishes. Take the time to include this clause to ensure all your assets are accounted for.

Ignoring Digital Assets

In today’s digital age, many of us have valuable online assets, including social media accounts, cryptocurrencies, and digital files. A common mistake is failing to address these assets in your will. It’s essential to include instructions on how to handle your digital presence after your passing.

Consider specifying how your digital accounts should be managed. This could include designating someone to handle your online presence or providing login information in a secure manner. It helps prevent confusion for your loved ones, ensuring your digital legacy aligns with your overall estate plan.

Not Consulting with an Attorney

While it’s possible to draft a will on your own, navigating the legal nuances of estate planning can be complex. Many people mistakenly believe they can DIY their way through without professional guidance. This approach can lead to oversights that may cost your heirs time, money, and heartache.

Consulting with an estate planning attorney can provide you with tailored advice specific to Wisconsin laws. They can help ensure your will is valid, thorough, and reflective of your true intentions.

Assuming All Assets Will Go to Family

There’s a misconception that all assets will automatically transfer to family members. However, this isn’t always the case. Certain accounts, like life insurance policies and retirement accounts, have designated beneficiaries that may not align with your will’s stipulations. If these designations aren’t updated, your assets may not go where you intend.

Make sure to review and update beneficiary designations regularly. This ensures that your assets are distributed according to your wishes, avoiding potential conflicts among heirs.

Conclusion

Drafting a will is a critical part of planning for your future and that of your loved ones. By avoiding these common mistakes, you can create a more effective and legally sound document. Remember, estate planning is not a one-time task but a continuous process. Regular reviews and updates will keep your will aligned with your current wishes and family situation.