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FREQUENTLY ASKED QUESTIONS
Do I really need a will?
Yes. Every adult can and should leave instructions as to what will become of their property when they no longer need it.
In the absence of these instructions, state laws take over and your property may be distributed to distant relatives,
or, if none are found, possibly to the state itself.
But I don't really have an "estate"
If you take time to record all of the property you own, you may be surprised to see that it begins to add up.
And, if you have particular items that you would like to go to certain individuals, your will can help to accomplish
those wishes. Regardless of the size of your estate, you can benefit by taking the time to see an attorney and have
a simple will drafted.
What if I already have a will?
Your will may be just fine as it is, but many people find that changes in circumstances may affect their plans.
Marriages, births, deaths, divorce and other changes, such as moving to another state, are all good reasons for
reviewing your plans.
If your previous beneficiary wishes have changed, you may want to update your plans. And if you would like to
leave part of your legacy to worthy causes and institutions, including public radio, this may be the time to take
action.
What about trusts?
More and more people have supplemented their estate plans with a tool known as a revocable living trust. Property
may be transferred at death via instructions in the trust just as it would with a typical will. And the trust
allows one to provide for the management of assets while the creator of the trust is still living and may help save
estate taxes. This can add to peace of mind if one is alone and worried about what might happen with his or her
affairs should they become unable to manage them. A trust may also be useful in providing support for dependents.
With such a trust, do I still need a will?
Yes. You will still need at least a simple will to take care of "loose ends." Such a will may simply direct that
any property not already in the trust be transferred to it to be handled along with the other trust assets.
Is my will private?
Unless you choose to share it, your will remains private as long as you are living. Upon death, wills generally
become part of the public record available form the court. Trusts, on the other hand, can remain confidential.
If you choose to remember Wisconsin Public Radio in your plans, we welcome your letting us know so that we may
"thank you!" If you prefer, we will keep the fact of your bequest intention confidential. We understand fully
if you prefer not to share specific amounts or if you have no way of knowing what might be left over for your
charitable gifts.
Is this planning expensive?
That depends of the complexity of your situation. In most cases, the cost of planning is much less than you might
think and may be less than the fees, bonds and taxes that might be due unnecessarily in the absence of good planning.
An attorney should be willing to give you an estimate of fees in advance to help you make your decision.
For further information, please contact:
Cynthia Woodland - Planned Giving Liaison
(608) 263-1885 or e-mail her at: Woodland@wpr.org
We would be happy to help coordinate your plans with your attorney or tax advisor.
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