Loberg Law Office

Wills

Why do I need a Will?

To pass property to your desired heirs.
Where it is desired to pass all property to a surviving spouse, to make certain any “Individual” property you may own passes to your spouse. (This is particularly important under the new Marital Property Act which essentially does away with joint ownership between spouses.)
To eliminate a situation where the State Laws actually make your Will.
To disinherit persons who would normally be your heirs.
To name a Personal Representative. A Personal Representative is entitled to 2% of your gross estate for his/her services. Often a family member will not take this fee.
To name a guardian for your child(ren).
To name a Trustee to hold property for a child until a specified age. (If no trustee is named the child(ren) will receive his/her inheritance at age 18.)
To direct the Court not to require the Personal Representative Guardian or Trustee to furnish bond. This can result in substantial savings.
To take maximum advantage of methods available to reduce death taxes: QTIP, marital deduction, credit shelter trusts.
To make gifts to churches, cemeteries or charities - these are all tax free.
In general, to avoid many problems which can occur if you die without a valid Will.

A determination of your objectives and desires.
A determination of the form of ownership and value of your assets so that all property is correctly owned and death taxes are minimized.
Classifying or reclassifying property as Individual or Marital Property under the Wisconsin Marital Property Act.
A consideration and review of possible State and Federal income, fiduciary and death taxes.

Will there be any?
How much?
How can you minimize taxes so as to pass the maximum amount of your estate free of taxes consistent with your wishes.

Drafting documents (deeds, bills of sale, etc.) to achieve the ownership of assets consistent with your estate plan.