Yes, a pet trust is really a thing. For many, pets are as much a part of the family as you or I. They may not be able to say so, but they deserve a plan, too. Pet trusts are legally binding arrangements that ensure your pet(s) are cared for, according to your wishes, if you are unable to do so due to illness, disability, or passing away. Similar to a trust with human beneficiaries, it allows you to set funds aside specifically for your pet’s needs, appoint one or more trustees to manage the trust’s assets, designate one or more caregivers for your pets, and give detailed instructions for their care. If necessary or desired, you can also compensate the caregiver for your pet’s care. If there are any funds leftover after your pet’s death, you decide who will receive those funds, whether it be your pet’s caregiver, divided among your family or other beneficiaries, or to a charity of your choosing. Pet trusts can provide people with a peace of mind and a sense of certainty that their pet is accounted for and a plan is in place to meet their needs. A pet trust ensures that your beloved companions would continue to receive the love and care that they are used to, no matter what.

The Harvard Business Review article “Avoid the Traps That Can Destroy Family Business” mentions the statistic that seventy percent (70%) of family-owned businesses do not make it to the second generation. Furthermore, if you don’t want your business to fall into that statistic then proper family business succession planning will be vital to preserving the values, vision and foundation you’ve established for many generations to come. Below we have outlined what we think are key considerations to creating a successful family business succession plan and transition:

🔑 Key Steps for Successful Family Business Succession Planning:

1. The Business Plan:
– Evaluate and assess the business’s current value and its potential for long-term growth
– Choose your successors who will help the business flourish according to your wishes
– Develop a transition strategy with the help of an attorney to outline how how the responsibilities will be transferred along with a timeline
2. The Estate Plan:
– Determine the business and personal asset distribution you want to be divided among your heirs
– With the help of an attorney, ensure the proper legal documents (i.e., living wills, trusts, operating agreements, etc.) are created with clear details to ensure a smooth business ownership transition which will mitigate risk and any potential disputes
– Ensure the best fitting tax strategies are implemented that account for any estate taxes and reduce future financial issues for heirs
3. The Exit Plan:
– Define clear exit goals that consider the transfer of ownership, sale of the business, if you hypothetically want to close it down, and what you want to achieve with all of this in mind
– Prepare the business by improving its value, addressing any issues and optimizing the operations if you plan to sell it
– Take into account the financial and personal impact this will have and adjust your plan accordingly

All in all, family business succession planning helps guarantee that your hard work stays in trusted hands for generations to come. By incorporating your family business success plan into your estate plan, it will address the complexities of ownership transition, division of personal property, minimize taxes, and allow the growth of your business to flourish.

In light of artificial intelligence’s (AI) present-day developments, more specifically, in regard to the context of recent claims that AI might replace human professionals, this infographic features critical weaknesses and shortfalls of AI in relation to estate planning practices. Additionally, this serves as a reminder that while AI is an impressive and seemingly all-encompassing tool that it ultimately can’t replace human value that is essential to the intricate practice of legal work. As of right now, it is impossible to completely rely on AI to create legal documents because it would require the client’s informed consent. Although in the near future within the legal world, AI should be able to assist with drafting, analyzing data, and increasing the efficiency of these tasks. It is important to address the broader conversation regarding AI’s role in the workforce, as it could replace certain low-skilled jobs by making routine tasks automated, however, this will ultimately drive the demand for higher-skilled professionals to refine their own expertise and work together rather than against AI to enhance their practice. The infographic portrays how AI does not have the ability to make ethical decisions, interpret complex legal issues (i.e., state-specific laws, individualized tax planning, court interpretation, etc.), and/or provide empathetic guidance. 

Ultimately, AI didn’t attend law school and does not have adequate comprehension of legal principles or the essential moral compass that human lawyers acquire. All in all, the future of work in the legal world isn’t about whether AI will replace human professions but rather how human professionals can utilize AI as a tool to enhance their abilities. The future lies in collaboration, where attorneys use AI as a tool rather than a replacement to ensure that legal work is kept confidential, accurate, caters to each client’s individual needs, and is, most importantly, legally sound and enforceable.

By Attorney Curtis A. Edwards

In a progressive move to modernize the legal process of executing estate planning documents, on March 21, 2024, Governor Tony Evers signed into law SB 898 (Wisconsin Act 130), which establishes a procedure for the remote notarization and/or witnessing of estate planning documents.

While remote notarization of other types of documents has been possible under Wisconsin law since 2020, estate planning documents have been an exception due to the need for more stringent protocols. The new legislation marks a significant shift in how individuals can legally execute crucial estate planning documents, ensuring accessibility and convenience while upholding the integrity of the law and the documents being executed.

The new legislation encompasses a wide array of estate planning documents, including wills, trusts, powers of attorney, health care directives, and marital property agreements. The comprehensive nature of the law demonstrates the state’s commitment to facilitating essential legal transactions in an increasingly digital world.

Under the new law, remote notarial acts relating to estate planning documents must adhere to stringent procedures outlined in section 140.147 of the Wisconsin Statutes. Unlike other remote notarization processes, estate planning documents necessitate supervision by a Wisconsin-licensed attorney in good standing. This provision ensures that legal oversight is maintained throughout the remote execution process, safeguarding against potential fraud or misconduct.

Crucially, the use of audiovisual communication technology is mandated to enable real-time interaction between the notary, supervising attorney, remotely located individual, and any witnesses. This ensures transparency and accountability, mirroring the traditional in-person notarization process while leveraging technological advancements for greater efficiency and access.

Additionally, remote notarization of estate planning documents requires confirmation of the signer’s physical presence in Wisconsin, along with stringent identity verification measures. These include personal knowledge or production of government-issued credentials to authenticate the signer’s identity and location.

During the remote signing process, individuals must declare their understanding and voluntary execution of the document, and the document must specifically reference that it is being executed pursuant to section 140.147 of the Wisconsin Statutes. Upon completion, the notarized document is forwarded to the supervising attorney for retention and archiving, ensuring a record of the document is made.

The legislation further mandates the completion of an affidavit of compliance by the supervising attorney, affirming adherence to the statutory requirements. This affidavit serves as a crucial record of due diligence, providing additional assurance of the document’s validity and legality.

Overall, SB 898 represents a significant step forward in modernizing legal practices in Wisconsin, providing individuals with greater flexibility and accessibility in executing vital estate planning documents. By embracing remote notarization, the state reaffirms its commitment to innovation while upholding the highest standards of legal integrity and protecting against fraud and misconduct.

If you have any questions or are interested in learning more about this topic, please contact Lin Law LLC at (920) 393-1190.

On July 20, 2023 Omar Waheed, from Blueprint365, interviewed Attorney Evan Lin and published an article. To read, click here!

“It’s all about relationships.” Evan Lin builds Green Bay law practice on trust

By Attorney Curtis A. Edwards

Wisconsin’s Marital Property Act empowers married individuals to customize the disposition of their assets during their life and after death through marital property agreements. One such provision that can significantly impact estate planning is the “Washington Will” provision, so named because of its origin and use in Washington State. This provision allows a married couple to seamlessly transfer assets upon death without the need for probate, simply by providing so in their marital property agreement.

Understanding the “Washington Will” Provision:

The “Washington Will” provision enables married couples to bypass the probate process upon the death of either spouse. By incorporating this provision into their marital property agreement, couples can direct the transfer of certain assets to specific beneficiaries, i.e. persons, trusts, or entities, without the need for a traditional last will and testament and without probate.

Avoiding Probate through Nontestamentary Disposition:

Traditionally, assets are distributed according to a will, which undergoes probate – a court-supervised process that can be time-consuming and costly. However, with a marital property agreement containing a “Washington Will” provision, designated assets are transferred directly to beneficiaries through nontestamentary disposition. This means that the assets pass to the intended recipients outside of the probate process, providing a more efficient and private transfer.

Simplifying Estate Administration:

The inclusion of the “Washington Will” provision simplifies estate administration for surviving spouses and their beneficiaries. Without the burden of probate, the transfer of assets designated in the agreement can occur swiftly, allowing beneficiaries to access their inheritance promptly. For example, the “Washington Will” provision can direct that all property transfer to the surviving spouse upon the first spouse’s death without probate.

Conclusion:

The “Washington Will” provision within Wisconsin marital property agreements is an instrument that allows married couples to exercise greater control over the distribution of their assets upon death. By avoiding probate and providing a clear roadmap for asset transfer, this provision simplifies estate administration, and ensures that the wishes of each spouse are upheld.

If you have any questions or are interested in learning more about this topic, please contact Lin Law LLC at (920) 393-1190.