Common Mistakes to Avoid When Creating a Will in Wisconsin
Creating a will is one of the most important steps to ensure your wishes are carried out and your loved ones are cared for after you’re gone. However, the process can be overwhelming, and mistakes can lead to unforeseen issues for your family. For residents of Wisconsin, paying attention to state-specific rules and avoiding common pitfalls is essential.
Here, we’ll discuss common mistakes to avoid when creating a will in Wisconsin and how you can make the process smoother for everyone involved. Including how a local Wisconsin estate planning attorney can help.
Jump to article sections:
- Failing to Comply with Wisconsin’s Legal Requirements
- Neglecting to Revise Your Will After Life Changes
- Overlooking Digital Assets
- Failing to Name a Reliable Executor
- Not Considering Tax Implications
- Leaving Out Specific Instructions for Personal Property
- Relying on DIY Will Templates Without Legal Advice
- Getting Started with Margerie Law
1. Failing to Comply with Wisconsin’s Legal Requirements
Each state has specific rules regarding what makes a will valid, and Wisconsin is no different. If these requirements aren’t met, your will could be contested or even deemed invalid. Under Wisconsin law, a valid will must be:
- Written (oral wills are not legally binding in Wisconsin).
- Signed by the testator (the person creating the will).
- Witnessed by at least two competent individuals who are not named as beneficiaries in the will.
Forgetting any of these steps can compromise the validity of your will. Consulting an estate planning attorney familiar with Wisconsin law can help you avoid these errors.
2. Neglecting to Revise Your Will After Life Changes
Life doesn’t stay the same forever, and your will should reflect any major changes in your circumstances. Key events like getting married, getting divorced, having a child, adopting, or experiencing a substantial shift in your assets all call for an update to your will and estate plan. Failing to do so can lead to unintended outcomes, such as an ex-spouse still being listed as a beneficiary or a newly welcomed child unintentionally being left out.
To ensure your will stays in tune with your current wishes and circumstances, it’s essential to review and revise it regularly, particularly following these pivotal events.
3. Overlooking Digital Assets
Assets aren’t limited to the physical world anymore. Digital assets, including online accounts, social media profiles, email accounts, and cryptocurrencies, often go overlooked during the estate planning process. Without clear instructions in your will, accessing or distributing these assets can become a headache.
To avoid this, create a list of your digital assets along with login information and include directions for how you want these accounts handled. This level of detail can save your family a lot of time and stress.
4. Failing to Name a Reliable Executor
The executor of your will plays an essential role in ensuring that your final wishes are carried out. However, one common mistake is either not naming an executor or selecting the wrong person for the job. Choosing an executor based solely on their relationship to you can lead to problems if they lack the skills or availability to handle the responsibility.
When selecting an executor, look for someone organized, responsible, and unbiased. It’s also a good idea to name an alternate executor in case your first choice cannot serve.
5. Not Considering Tax Implications
Although Wisconsin doesn’t have a state inheritance or estate tax, federal estate tax laws may still apply if your estate exceeds a certain threshold. Poor planning can result in unnecessary tax burdens for your beneficiaries, reducing the assets they inherit.
A qualified estate planning attorney can guide you in minimizing these tax impacts by employing strategies such as setting up trusts or gifting assets during your lifetime. Careful planning ensures that as much of your estate as possible goes to your loved ones.
6. Leaving Out Specific Instructions for Personal Property
Failing to provide clear instructions for who inherits your personal property can lead to confusion or even disputes among family members. Items like jewelry, heirlooms, or family photos might hold significant sentimental value, which can cause tension if not addressed.
Including a personal property memorandum to detail who gets specific items can help avoid these issues. Ensure that this document is either incorporated into your will or complies with Wisconsin’s laws for inclusion.
7. Relying on DIY Will Templates Without Legal Advice
With online DIY will templates widely available, many people try to save time and money by drafting their own will. However, these pre-made templates often fail to account for Wisconsin-specific laws or unique aspects of your estate.
Small mistakes or omissions in a DIY will can create significant challenges for your family down the road. Consulting an experienced attorney ensures that you’re fully compliant with Wisconsin law and that your specific needs are met.
Read more in our guide “The Risks of Relying on ChatGPT to Create Your Will.”
Getting Started with Margerie Law
If you’re ready to create or update your will, reach out to a qualified estate planning attorney in Wisconsin like the team at Margerie Law to get personalized guidance and peace of mind for the future.
At Margerie Law in Wauwatosa, one of our Milwaukee estate planning lawyers can help you create a will, estate plan, trust, special needs trust and more to ensure your wishes are carried out and your loved ones are protected in the event of your passing. Call us today for your free consultation.
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.
