Once you’ve written your estate plan in Wisconsin, you should make a plan to revise it every few years. An outdated will can be just as bad as no will at all. Instead of writing your will once and forgetting about it, think of it as a fluid document that changes as you go through different stages of life.
When should you review your estate plan?
When it comes to estate planning, you should review your will every time you undergo a major life decision. You might need to add or remove assets, make decisions for your children and adjust the will to make it compliant with state laws.
However, you should also review your will at least once every three to five years. Even if you haven’t experienced any major life changes, you make sure that everything’s still up-to-date and accurate. You might have to change some of your beneficiaries or add a new property to your will. Additionally, it’s important to review your documents and ensure that your family has everything they need if you pass away unexpectedly.
You could hire an estate planning attorney to help you revise your will every few years. They could make sure that your will complies with state laws and suggest any changes that you should make.
Do you have to write a will?
Technically, you don’t have to write a will. The state won’t seize your assets if you die without a will unless you don’t have any living family members. However, you’ll have no control over who gets your assets. Writing a will gives you control over these important decisions and helps you plan for the future. You could even make funeral arrangements and make a plan to pay for your last expenses in your will.