DO YOU NEED A WILL?

                                                       by

                                                               Attorney John (Jack) Cashman

                          For additional information: link to Radosevich, Mozinski, Cashman & Olson LLP

Do I really need a Will?  That question is frequently asked by many clients.  Married couples often feel they don't need a will because their property is held jointly or as marital survivorship property, which allows easy transfer to the surviving spouse.  Single people often feel they don't need a will because they have no dependents for whom they need to provide.

If you don't have a will, the state in which you reside dictates where your property goes at the time of death.  These "intestacy" (without a will) statutes provide a "map" for distribution of assets.  For example, in Wisconsin, if a person who is married dies without a will, everything will go to the surviving spouse, unless the person had children who are not also children of the surviving spouse.  In that case, only one-half will go to the surviving spouse, with the other half going to the children.  If a person dies without a surviving spouse, statutes dictate the assets will be divided equally among the children of the deceased.  If there are no children, then all goes to parents.  This "map" for distribution continues on through the bloodline.

However, a person may not want the state's distribution pattern followed.  A will allows you to control the distribution, rather than the state.

Other reasons for having a will include giving you the power to name the person or institution to handle your affairs at death.  This personal representative is your choice - who you think can best handle that job.  If you have minor children, you can name guardians for them in your will.  You may also want to establish a trust to protect funds for children past their eighteenth (18^th) birthday, or, if you have a disabled child, to protect the child long-term through a special needs trust.

Your will also allows you to make charitable gifts at death to causes or institutions that have been important in your life.  You may also use your will to transfer personal items such as antiques, family heirlooms, jewelry, etc., either directly in the will or via a separate personal property memorandum.

By having a properly drafted will you take control, giving specific direction for the handling of your affairs at death.  It is a positive step that can give you peace of mind and clear direction for your wishes.

                       For additional information: link to Radosevich, Mozinski, Cashman & Olson LLP