Wisconsin | Minnesota | Illinois | California 414-253-8500

Equity Trust Attorney in Wisconsin

Are you considering setting up an equity trust in Wisconsin? If so, it's important to consult with an experienced attorney knowledgeable in this area of law. At Heritage Law Office, our experienced attorneys provide personalized guidance and solutions to help you achieve your estate planning goals. Contact us either online or at 414-253-8500 to schedule a free consultation today.

What is an Equity Trust?

An equity trust, also known as a land trust, is a legal arrangement where a trustee holds the legal title to a property while the beneficiary retains all rights and responsibilities of ownership. The beneficiary maintains control of the property, while the trustee acts as a fiduciary, managing the property according to the beneficiary's wishes.

Equity trusts offer a variety of benefits, such as anonymity, privacy, and asset protection. They can also simplify the transfer of ownership and avoid probate, which can be a lengthy and expensive process.

Understanding Equity Trusts in Wisconsin

In Wisconsin, equity trusts are governed by the Wisconsin Statutes Chapter 700, which outlines the requirements and limitations of equity trusts. To set up an equity trust in Wisconsin, you must file a declaration of trust with the register of deeds in the county where the property is located.

It's important to note that equity trusts are not recognized in all states, and the laws governing them can vary widely. Therefore, it's essential to consult with an experienced attorney knowledgeable in this area of law to ensure compliance with all applicable laws and regulations.

The Benefits of an Equity Trust in Wisconsin

Equity trusts offer several benefits, including privacy, asset protection, and ease of transfer of ownership. Additionally, they can help avoid probate, which can be a lengthy and expensive process.

One significant benefit of equity trusts is anonymity. Because the trustee holds the legal title to the property, the beneficiary's identity remains confidential. This can be useful in situations where the beneficiary wants to avoid unwanted attention or maintain privacy.

Equity trusts can also provide asset protection. Because the property is held in the trust, it's shielded from creditors and other potential claimants. This can be particularly valuable for high-net-worth individuals who want to protect their assets from potential lawsuits or other legal actions.

Finally, equity trusts can simplify the transfer of ownership. Because the trust holds the legal title to the property, ownership can be transferred without the need for probate. This can save time and money and provide a smooth transfer of ownership to beneficiaries.

Contact an Equity Trust Lawyer in Wisconsin

If you're considering setting up an equity trust in Wisconsin, it's important to consult with an experienced attorney knowledgeable in this area of law. At Heritage Law Office, our experienced attorneys can help you navigate the complex legal process of setting up an equity trust and provide personalized guidance and solutions to help you achieve your estate planning goals.

Contact our equity trust lawyer in Wisconsin either online or at 414-253-8500 to schedule a free consultation today.

Wisconsin Cities where we offer our Services

At Heritage Law Office, we offer our services throughout Wisconsin, including in the following cities:

  • Milwaukee
  • Madison
  • Green Bay
  • Kenosha
  • Racine
  • Appleton
  • Waukesha
  • Oshkosh
  • Eau Claire
  • Janesville
  • Mequon
  • Elm Grove
  • Fox Point
  • Bayside
  • Shorewood
  • Whitefish Bay
  • Fitchburg
  • Brookfield
  • Waunakee
  • Cedarburg

We also offer remote, phone, and online appointments, so you can receive our services wherever you are. Contact us today to learn more.

Explaining the Process of Setting up an Equity Trust in Wisconsin

Setting up an equity trust in Wisconsin can be a complex process that requires careful planning and attention to detail. The following are the general steps involved in creating an equity trust:

  1. Consult with an experienced attorney: To set up an equity trust, you'll need to consult with an experienced attorney knowledgeable in this area of law. At Heritage Law Office, our attorneys will work with you to understand your goals and determine if an equity trust is the right estate planning strategy for your needs.

  2. Draft the declaration of trust: The declaration of trust is a legal document that establishes the trust and outlines its terms and conditions. It's important to work with an experienced attorney to draft a declaration of trust that meets all legal requirements and adequately reflects your wishes.

  3. Transfer the property to the trust: Once the declaration of trust is drafted, the property must be transferred to the trust. This involves changing the title of the property to the trustee's name.

  4. Appoint a trustee: The trustee is responsible for managing the trust and ensuring that its terms and conditions are followed. It's important to choose a trustee who is trustworthy and capable of managing the trust effectively.

  5. Fund the trust: The trust must be funded with assets, such as real estate or other property, for it to be effective. The trust can be funded with new assets or with existing assets.

  6. Manage the trust: Once the trust is established and funded, it must be managed according to its terms and conditions. This involves ensuring that the trust's assets are properly maintained and that its beneficiaries receive the benefits outlined in the trust

Conclusion

Setting up an equity trust in Wisconsin can be a valuable estate planning strategy that offers numerous benefits, including privacy, asset protection, and ease of transfer of ownership. However, it's important to consult with an experienced attorney to ensure compliance with all applicable laws and regulations and to determine if an equity trust is the right estate planning strategy for your needs. Contact Heritage Law Office today to learn more.

Contact Us Today

For a comprehensive plan that will meet your needs or the needs of a loved one, contact us today. Located in Downtown Milwaukee, we serve Milwaukee County, surrounding communities, and to clients across Wisconsin, Minnesota, Illinois, and California.

Menu