Executing a properly drafted Will allows you to specify to whom, and in what amounts, your assets will be distributed upon your death. You can bequeath specific items or dollar amounts, or percentages of the total assets you own at the time of your death. You can give your assets to one or more family members, charities, other institutions, or combinations thereof.
In addition, your Will allows you to appoint the person you would like to be in charge of administering your estate. In Wisconsin, this person is known as the “personal representative” (in many states, this person is referred to as the “executor”). The person you nominate to serve as your personal representative will be responsible for locating and collecting all of the estate’s assets, liquidating the assets to the extent necessary or desirable, paying your final expenses and debts, filing tax returns, and distributing your assets as you specified in your Will. Your personal representative can be a family member, attorney, or other trusted individual.
While frequently not as costly as often believed to be, probate does require an investment of time, effort and expense. Further, probate requires that certain statutory time periods be observed, which means that the administration of even the most straight-forward estate takes at least six months. You may want to speak with a qualified estate planning attorney about planning techniques which can eliminate the need for your estate to pass through probate.