It is said that nothing is certain in this life except death and taxes. A well-crafted last will and testament will help you meet that certainty head on and will protect your family and ensure your assets are distributed according to your wishes. The attorneys at Borakove Osman LLC have been helping clients create legally sound wills that provide clarity, prevent disputes, and ensure that their final wishes are respected.
See below for our outline of the key components of a Last Will and Testament and what you should consider when drafting one.
1. Deciding on an Executor
The executor of your will is responsible for carrying out your instructions and ensuring that your assets are distributed according to plan. When thinking about who should be the executor, consider the following:
- Someone who is trustworthy and responsible
- A person who understands financial matters and legal obligations
- A backup executor in case the primary executor is unable to serve
Naming an executor in your will helps streamline the probate process and avoids unnecessary delays or disputes.
2. Identifying the Beneficiaries
Your will should clearly state who will receive your assets after your passing. This includes:
- Family members, such as a spouse, children, or other relatives
- Friends or loved ones
- Charitable organizations or institutions
Being specific about your beneficiaries ensures that your assets go to the right people or causes.
3. How to Distribute Assets
Clearly outline how you want your property and financial assets to be distributed. Common asset types include:
- Real estate (homes, land, rental properties)
- Bank accounts and investments
- Personal belongings (jewelry, family heirlooms, collectibles)
- Business ownership interests
A well-drafted will minimizes confusion and potential conflicts among heirs.
4. Guardianship for Minor Children
If you have minor children, it is crucial to name a guardian in your will. Without a designated guardian, the court may decide who will care for your children. Consider:
- Someone who shares your values and parenting style
- A person who is financially and emotionally prepared to take on the responsibility
- A backup guardian in case the primary choice is unable to serve
5. Instructions for Debt and Taxes
Your will should outline how your outstanding debts, funeral expenses, and taxes should be paid. This helps prevent disputes among heirs and ensures your estate is settled efficiently. It is smart to consider:
- Designating which assets should be used to cover expenses
- Setting aside funds for funeral and burial costs
- Understanding potential tax implications of asset distribution
6. Special Instructions and Final Wishes
Your will can also include personal instructions, such as:
- Burial or cremation preferences
- Charitable donations
- Specific messages or gifts to loved ones
7. Legal Formalities in Wisconsin
To ensure your will is legally valid in Wisconsin, it must meet the following requirements:
- Be in writing
- Be signed by the testator (you)
- Be signed by at least two witnesses–these people cannot be beneficiaries
Working with an experienced estate planning attorney can help ensure that your will complies with Wisconsin law and reflects your true intentions.
Call a Madison & Dane County Estate Planning Attorney with Questions about Wills
If you are considering drawing up a Last Will and Testament, Borakove Osman LLC is here to guide you through the process, providing peace of mind for you and your loved ones. Whether you need to draft a new will or update the one you already have, contact us today to schedule a consultation. Planning ahead ensures that your estate is handled smoothly and according to your desires.