SHOULD I HAVE A WILL?
It never fails, says the senior partner at my law firm. Someone will be diagnosed with a deadly disease. They call me up and tell me that they have been given only a short time to live. They say that they want to put their life in order before they die. They want to put together a will. I draft a will for them...and wouldn't you know it...they live for another thirty or forty years. Unfortunately, writing a will does not guarantee that you will live an extra long life. However, writing a will can add quality, and peace of mind to your time on earth.
When do you need a will? Anytime you have an asset, the disposition of which you would like to specify in the event of your demisethen, and any time you plan to go hang gliding, wrestle a grizzly bear, or climb Mount Everest.
Young families should definitely have a will. They should use a will to nominate someone who will serve as guardian of their minor children. This nomination prompts an important discussion that some couples never have: If we were gone, who would we want to raise our children? After agreeing on a guardian, it is always a good idea to discuss your nomination with the nominated guardian. While most beneficiaries readily accept an inheritance of cash, some may be unwilling or unable to accept the gift of kids.
Writing a will can generate other important family discussions: If the main caretaker of children died, who would care for the kids? If the main breadwinner died, what would the surviving spouse's financial situation be? If the main caretaker of the main breadwinner died, who would do the ironing?
A will should nominate a personal representative for your estate. The personal representative is the "financial planner" of your estate. Your personal representative should be someone you trust, and someone who handles money well. It should almost never be your brother.
Generally, people hire an attorney to draft a will. A married couple with children should be able to get a basic will drafted for under $200. If $200 is cost prohibitive, you may consider drafting your own will. Look into, and read carefully, Wisconsin Statutes Chapter 853the public library is sure to have a copy. This section of the state code details the legal requirements of a will. Section 853.55 provides a form for a Wisconsin Basic Will, while Section 853.56 provides a form for a Wisconsin Basic Will With Trust. The legislature designed these forms to be used by non-lawyers, and included detailed instructions. The basic will forms are not for everyone. The forms do not provide estate or tax planning, they do not work well for people with children from prior marriages, and they are not recommended for people with ownership interest in businesses. However, these basic wills may work fine for some, and drafted correctly, they are certainly better than not having a will at all.
More complex wills do require an attorney, however, more complex wills can be a lot more fun than a basic will. More complex wills allow the deceased to have an influence on the lives of their heirs:
"I leave my fortune to Bob, as soon as he graduates from college."
"To Betty, I leave my house, so long as she is never seen at the local tavern."
Some testators have gone so far as to condition their bequests on the requirement that the heir never marry their current love interest:
"To Bart, so long as he never marries Belinda."
Fortunately, or perhaps unfortunately, courts are reluctant to uphold such provisions. Foolery aside, wills may contain spendthrift provisions which limit the heirs ability to dispose of their inheritance:
"I leave Barbara $500 when she turns forty, $500 when she turns fifty..."
Trusts are often contained within a will so that the trustor can control the beneficiary a little. For example, the trustors may direct that the gift be used only in a specified manner:
"To Brett, for educational expenses."
Effective wills should be reviewed by an attorney every few years so that changes in probate and tax laws can be addressed. Changes in life should also be addressedyour will needs to change as your life changes. Wills should be revised when one marries or divorces. Wills should be revised when children are born, or when beneficiaries pass away. So long as the will writer is of sound mind, a will can be changed. Prospective heirs should be reminded of this fact on a regular basis.
