What does the Wisconsin Basic Will Law do?
It creates two standard forms for wills that the general public can complete without a lawyer's help. One form is the Wisconsin Basic Will. The second form is the Wisconsin Basic Will with Trust.
What property does a Basic Will or Basic Will with Trust control?
These wills control only property in which you own an outright, undivided interest. That excludes property you own in joint tenancy, such as a homestead or survivorship marital property. It also excludes property, such as an insurance benefit with a named beneficiary, that automatically will go to a specific person because of a law or contract. Questions about the nature of property can be answered by a lawyer. Questions about insurance can be answered by the company or agent who provided the policy.
How can property be divided using the Basic Will form?
This form provides that all your personal property goes to your surviving spouse, if you have one, or to your surviving children if you don't have a spouse. You also may will specific items of personal property to individuals if you wish.
Property not generally considered personal property - such as bank accounts, cash, and real estate - can be given to your surviving spouse or, if your spouse isn't living, to your children and grandchildren. This property also can be distributed according to the Wisconsin laws that apply when a will doesn't exist. These choices may be confusing. Consult an attorney if you have questions.
How can property be divided using the Basic Will with Trust form?
The Basic Will with Trust form gives you the same choices for your personal property as the Basic Will form. However, bank accounts, cash, and real estate are treated differently. You have two choices: - All of this property can go to your spouse if he or she is living. If not, this property will be placed in trust for your children until the youngest one is age 21; or
- All of this property can be placed in trust for both your spouse and children until your spouse dies and there are no children under age 21.
Are these two forms suitable for everyone?
Not necessarily. Neither form will adequately cover children from a previous marriage or business property, particularly if the business is incorporated. Since there may be additional situations that the forms don't cover adequately, consult an attorney and a tax expert regarding your individual situation and needs. You should consult an attorney for estate planning purposes.
Are the forms difficult to complete?
The forms have instructions that you need to read very carefully. If you don't follow the instructions exactly, your will won't be valid. If questions arise, consult an attorney and/or a tax expert.
Where can you get these forms?
Both are available from legal form companies in the State of Wisconsin. They also may be available from financial institutions in your area.
Last updated: July 2008 | 
