What happens if I don't have a Will?

A will is used to dictate who receives your property (only assets that pass through probate, which is a topic for another day). If a Wisconsin resident passes away without a will, Wisconsin law under Chapter 852 dictates who receives his/her property. The person who passes away is called the "decedent." To over-simplify, the property of the decedent is called the "estate."

If the decedent was married at the time of his/her death, the surviving spouse will likely receive the decedent's property. See. 852.01(1)(a). I use words such as "will likely" for a reason. There are exceptions to every rule. For example, if a spouse doesn't want the decedent's property, the spouse can disclaim his/her interest. One of many other exceptions would occur if the decedent and the spouse had a pre-nup or post-nup that allowed for the estate to pass to someone other than the spouse.

If the decedent was unmarried/singled/widowed with living children, the estate would pass to the decedent's children. If the decedent is unmarried/single/widowed without children, the estate passes to the decedent's living parents. 852.01(1)(c) The statute goes on, and on, and on, to address what happens when a single person dies without children, without parents, without siblings, ...

If this seems like time for a flow chart, you understand why attorneys attend law school and why having a will is a good idea. As always, blogs and the internet are no substitute for legal advice from an attorney licensed to practice in your state. This blog is not legal advice and does not form an attorney-client relationship with Lakeland Law Firm, LLC or its attorneys.

What is an Estate Plan?

In Wisconsin, an estate plan consists of a will, health care power of attorney, living will, durable power of attorney for finances, and may or may not consist of a trust and final disposition. There are many different types of trusts depending upon the goals you are trying to accomplish, and not everyone needs a trust. The next few weeks of postings will provide more detail about the purpose of each of these documents.

None of the postings provide by this blog is a substitute for legal advice from an attorney who knows your circumstances. It is this blogger's opinion that estate plans, at least in Wisconsin, should be drafted by attorneys, not websites or drafted by individuals without a license to practice law.

Lakeland Law Firm, LLC
N27 W23957 Paul Road, Suite 206
Pewaukee, WI 53072
(262) 347-2000
www.lakeland-law.com