Why You May Need to Review Your Estate Plan
The beginning of a new year is a great time to reflect on the past year, but also commonly a time spent making resolutions. If we could encourage one resolution, that will benefit all, it would be to review your estate plan or will and if you do not have one, we urge you to create one. With changes in legislature and the world around us, it is imperative to ensure that your plan is up to date, so that your wishes are well known and your loved ones are protected.
One of the biggest legal changes, in the state of Wisconsin, in the past year has been the addition of the Wisconsin Digital Property Act. This is necessary legislation because of the continued prevalence of the use of technology in our everyday lives. The Wisconsin law governs the disclosure of digital property in a person’s estate to a personal representative, special administrator, agent under a power of attorney, trustee of a trust, or to a conservator or guardian of a protected person. Instructions can be made for disclosure to such representatives through a will, trust, power of attorney, or other governing instrument. This law ensures that the designated representative has the ability to access digital accounts. Now may be the perfect time to review your documents to ensure that you have the appropriate language to allow for a representative to control your digital assets as well as your physical. For more information on the Wisconsin Digital Property Act and additional legislative changes that may impact your will or estate plan, check out the information provided by the Wisconsin Bar Association or speak with your personal representative.