When is it right time to create a will? In most cases, the answer is now. As long as you are an independent adult with accumulated assets, getting in touch with a trustworthy estate planning attorney is not just a smart move; it’s an essential one. If you live in the state of Wisconsin, contact the capable lawyers of Borakove Osman LLC in Madison who have the experience and well-honed skills to help you prepare a well-crafted will that is unambiguous and legally binding.
Preparing a Will Serves Many Purposes
A will is a pivotal document designed to benefit you and your loved ones by ensuring that when you pass your wishes will be respected and precisely followed. Specific benefits of a well-composed will include:
Designating Your Personal Representative (Executor)
Naming the individual you choose to manage your estate is a critical part of protecting your loved ones since this person will handle not only the distribution of your property, but paying estate bills, notifying all beneficiaries, and seeing to it that your instructions are carried out.
Without a will, your personal representative will be chosen by the court which may select someone you would not have deemed appropriate. By selecting your executor, you put someone you trust at the helm, an individual who will take each step carefully, paying attention to your instructions and always working in the best interests of you and your beneficiaries.
Naming Your Beneficiaries & Stating the Way You Want Your Assets Distributed
A central reason for making a will is naming your beneficiaries and definitively stating which assets you want each to receive. The clarity of your “voice” even after you’re gone, makes your wishes undeniable and leaves no room for reasonable dispute among your heirs. This is a big plus since you certainly don’t want your legacy to be one that includes squabbling or estrangement among family members.
Securing a Future for Minor Children
Nothing is more important than your children, so the need to protect them if you die prematurely and their other parent is unable to provide proper care is paramount. One of the primary reasons for making a will is to name the person you want to be your children’s guardian, the person you want to care for them in your absence, the person you choose to offer them the support, love and guidance you are no longer there to provide. Remember, if you die without a will, your children’s guardian will be determined by the court.
Maintaining Authority Over Your Assets
A will provides you with the reassurance that your wishes will be honored. You will have peace of mind knowing that your estate will benefit those you love most and profit only from charitable causes and institutions close to your heart. Your declarations will prevent your hard-earned assets from falling into the hands of those you do not want to enrich, such as estranged relatives.
Expediting the Probate Process
Having a will can speed up the probate process since it allows your executor to access your clearly stated instructions without having to ask the court for additional permissions, e.g. to sell real estate. This will not only prevent delays; it will smooth the path for your family members during a challenging period.
Avoiding Intestate Succession
Dying without a will (intestate) leaves no information about how you want your property distributed. With no will stating your wishes concerning the distribution of your assets, Wisconsin’s laws of intestate succession will determine your heirs and the portion of your wealth they will receive. This distribution, based on bloodline alone and not personal connections, can lead to very different outcomes than you may have wanted.
Contact Our Accomplished Estate Planning Attorneys Today
Once you decide to take the important step of creating your will, you will require the services of a lawyer with in-depth knowledge of state and federal laws. Get in touch with Borakove Osman LLC now to experience the security that comes from working with caring, highly competent professionals.