TL;DR

  • Estate Planning in Wisconsin stays effective only with regular reviews to reflect life changes, legal updates, and evolving family needs.
  • Working with an estate planning attorney in Wisconsin helps ensure documents align with the Wisconsin probate process and current state laws.
  • Keeping Power of Attorney in Wisconsin up to date is essential, as banks and institutions may reject outdated forms.
  • Understanding Living trust vs. Will in Wisconsin and reviewing your Last Will and Testament in Wisconsin helps ensure assets pass as intended.
  • Including digital asset estate planning in Wisconsin, from cryptocurrency to online accounts, prevents confusion and access issues for loved ones.

Life moves fast. One moment you are buying your first home in Madison, and the next you are welcoming a grandchild or preparing for retirement in Brookfield. While we often adjust our daily routines to match these life changes, one critical area often gets left behind: our estate plan.

Many people treat estate planning as a “one-and-done” checklist item. However, an outdated plan can be just as risky as having no plan at all. Laws change, families grow, and assets shift. To ensure your wishes are honored and your loved ones are protected, maintaining your estate planning in Wisconsin is essential.

At Krause Estate Planning and Elder Law Center, we believe that a good estate plan is a living document, one that evolves alongside you and your family.

What Is a Risky Strategy for Estate Planning in Wisconsin?

A common question we hear from clients is: How often should I review my Wisconsin estate plan?

As a general rule of thumb, you should pull your documents out of the drawer for a review every three to five years. However, this isn’t a hard-and-fast rule. Significant changes in the law or your personal life should trigger an immediate review.

If you created a Last Will and Testament in Wisconsin a decade ago, it likely doesn’t reflect your current financial situation or family dynamic. Perhaps your chosen guardian for your children has moved away, or the executor you appointed is no longer up to the task. Regular reviews ensure that the people you trust most are still the ones in charge.

Life Events That Demand an Immediate Update

Beyond the three-to-five-year checkup, certain life milestones act as automatic triggers for an update. You should contact an estate planning attorney in Wisconsin if you experience:

  • Marriage or Divorce: Wisconsin laws regarding spousal rights are specific; your plan needs to match your current marital status.
  • Birth or Adoption: Adding a new child or grandchild requires updates to guardianship nominations and inheritance distributions.
  • Death of a Beneficiary or Executor: If a key person in your plan passes away, you need to name a successor immediately.
  • Significant Financial Changes: Inheriting money, buying a business, or purchasing a vacation home changes the complexity of your estate.

Moving to Wisconsin? What You Need to Know

If you recently moved here from another state, you might wonder: Is my old will valid?

Generally, Wisconsin recognizes wills created validly in other states. However, Wisconsin is unique because of the Wisconsin Marital Property Act. Wisconsin is a community property state, meaning nearly all assets acquired during a marriage are considered owned 50/50 by both spouses.

If your previous estate plan was drafted in a common law state (which is most of them), it may not account for these marital property rules. This can cause significant headaches during the administration process. Having a local attorney review your documents ensures they comply with local laws and that you take full advantage of the protections available here.

Wills, Trusts, and Power of Attorney: What Needs Refreshing?

When updating your plan, it isn’t just about who gets the house. It is also about who can make decisions for you while you are alive.

Do I need to update my Power of Attorney (POA) documents if they are more than a few years old?

Yes, absolutely. While a Power of Attorney in Wisconsin technically doesn’t expire, financial institutions and healthcare providers are often wary of documents that are several years old. They may question if the document was revoked or if it reflects your current wishes. refreshing these documents regularly ensures they are accepted without hesitation during an emergency.

Should I write a codicil or create a new will?

Years ago, people used codicils (small amendments) to change a will to avoid retyping the whole document. In the digital age, it is almost always better (and cleaner) to create a new will. Codicils can easily get lost or separated from the original will, creating confusion during the Wisconsin probate process. A new document provides clarity and minimizes the risk of disputes.

The “Hidden” Assets: Beneficiaries and Digital Legacies

Two areas often overlooked during updates are beneficiary designations and digital assets.

Beneficiary Designations vs. Wills

Did you know that beneficiary designations override your will in Wisconsin? If your will says your savings account goes to your current spouse, but you never removed your ex-spouse’s name from the specific bank account form, the money will go to your ex-spouse. We recommend reviewing your IRA, 401(k), and life insurance beneficiaries whenever you update your estate plan.

Digital Asset Estate Planning in Wisconsin

In our modern world, your assets aren’t just physical. Digital asset estate planning in Wisconsin is becoming increasingly vital. This includes cryptocurrency, social media accounts, cloud photo storage, and email accounts.

  • How do I include these? You need to grant your executor specific authority to access digital accounts. Without this legal permission, privacy laws may prevent your family from accessing sentimental photos or valuable online accounts.

Living Trust vs. Will: Is It Time to Switch?

As your estate grows, you might outgrow a simple will. Many clients in Oregon, WI, and surrounding areas eventually ask about the Living Trust vs. Will in Wisconsin debate.

If your goal is to maintain privacy and avoid the time and expense of probate, transitioning your plan from a will-based plan to a trust-based plan might be the right move. A revocable living trust allows your assets to pass directly to your beneficiaries without court intervention, keeping your family’s financial affairs private.

Secure Your Family’s Future Today

An outdated estate plan provides a false sense of security. Don’t wait for a crisis to discover that your documents no longer work. Whether you are in Milwaukee, Madison, or right here in Oregon, WI, the team at Krause Estate Planning and Elder Law Center is here to help you navigate the complexities of the law. Ready to ensure your plan is current? Contact us today to schedule a consultation and gain the peace of mind that comes with a secure legacy.