The Dos and Don’ts of Creating a Will for Your Growing Family
Creating a will is an important step in ensuring your family’s financial security and well-being. It allows you to specify how you want your assets to be distributed and who will take care of your children in the event of your passing. As your family grows, it may become necessary to update or create a new will to reflect any changes in circumstances.
Whether you’re expanding your family tree or facing life’s inevitable transitions, having a clear and legally sound will is crucial. This article will equip you with the knowledge to make informed decisions about your estate planning. From understanding the fundamentals of crafting a will to avoiding common pitfalls, we cover everything you need to ensure your legacy and your loved ones are well-protected.
Article Summary:
- Understanding the Basics of Will Creation in Wisconsin
- Why Your Growing Family Needs a Will Now More Than Ever
- Do’s of Will Creation: Essential Elements to Include
- Don’ts of Will Creation: Common Pitfalls to Avoid
- Navigating Estate Planning in Wauwatosa
1. Understanding the Basics of Will Creation in Wisconsin
Before delving into the dos and don’ts of creating a will, it’s important to understand the basics of will creation in Wisconsin. A will is a legal document that outlines your final wishes for your assets, debts, and children. In order for it to be valid in Wisconsin, you must be at least 18 years old and of sound mind when creating the will. You must also sign the document in front of two witnesses who are not beneficiaries or spouses of beneficiaries named in the will.
2. Why Your Growing Family Needs a Will Now More Than Ever
As your family grows, it becomes increasingly important to have a will in place. Not only does it provide peace of mind for you and your loved ones, but it also ensures that your wishes are carried out after you pass away. With the addition of children to the family, there are even more considerations to take into account when creating a will. For example, you may need to name a guardian for your children and specify how your assets will be distributed among them.
3. Do’s of Will Creation: Essential Elements to Include
Review and update your will regularly.
It’s important to review and update your will every few years or whenever a major life event occurs, such as the birth of a child or a change in marital status. This ensures that your will accurately reflects your current wishes and circumstances.
Consider appointing guardians for your children.
If you have minor children, it’s crucial to name guardians in your will who will take care of them in the event that both parents pass away. Be sure to discuss this decision with potential guardians beforehand and make sure they are willing and able to take on this responsibility.
Consult with a lawyer or professional
Creating a will can be complex, especially as your family grows and your assets become more diverse. Consider consulting with a lawyer or estate planning professional to ensure that your will is legally binding and accurately reflects your wishes.
Be specific in your instructions.
When drafting your will, it’s important to be as specific as possible in detailing how you want your assets to be distributed and who should receive what. This can help prevent any confusion or disputes among beneficiaries after you pass away.
Consider creating a trust for your children’s inheritance.
A trust can be a useful tool for managing and distributing assets to minor children. It allows you to specify how and when you want your children to receive their inheritance, rather than leaving it all at once when they turn 18. This can provide added financial protection and guidance for your children as they grow up.
4. Don’ts of Will Creation: Common Pitfalls to Avoid
Procrastinate on creating a will.
While it may be uncomfortable to think about, unexpected events can happen at any time. It’s important to have a will in place to protect your family and ensure that your wishes are carried out.
Assume your assets will automatically go to your spouse or children.
Without a clear legal document specifying how you want your assets to be distributed, state laws will determine who receives what. This may not align with your wishes and can lead to unnecessary complications and disputes among family members.
Forget to include digital assets.
In today’s digital age, it’s important to consider how you want your digital assets (such as social media accounts, online bank accounts, and digital files) to be handled after you pass away. Be sure to include digital assets in your will and specify who should have access to them.
Write your own will without proper knowledge or guidance.
While it may be tempting to save money by writing your own will, this can lead to errors and confusion that may result in legal challenges after you pass away. It’s best to seek professional help when creating a will to ensure it is legally sound and accurately reflects your wishes.
Neglect to update your will after major life events.
Life is constantly changing, and so should your will. It’s important to update your will after any significant life event, such as the birth of a child, divorce, or the purchase of a new property. This ensures that your will remains relevant and up-to-date with your current circumstances and wishes.
5. Navigating Estate Planning in Wauwatosa
Having a clear will in place is an essential part of estate planning. However, there are other components to consider as well, such as creating a power of attorney and healthcare directives. Consulting with a lawyer or estate planning professional can help you navigate these important decisions and ensure that your loved ones are taken care of according to your wishes. With proper planning and regular updates, you can have peace of mind knowing that your family will be taken care of in the event of your passing.
For a Wauwatosa estate planning attorney who can help your family with a will, estate plan and security for the future, consider Margerie Law. Our experienced lawyers can guide you through the process of creating or updating your will, ensuring that your final wishes are properly documented and legally binding. Don’t wait until it’s too late, start planning for your family’s future now. Call Margerie Law today.
By Paul Margerie, Owner of Margerie Law
Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.
