Revocable Living Trust in Green Bay, Wisconsin

At Heritage Law Office, our experienced estate planning attorneys in Wisconsin can help you with a variety of legal needs, including creating a revocable living trust. A revocable living trust is a popular estate planning tool that can help you control your assets during your lifetime and distribute them according to your wishes after you pass away. Contact us online or at 414-253-8500 to schedule a free consultation and learn more about how a revocable living trust can benefit you and your family.

What is a Revocable Living Trust?

A revocable living trust is a legal document that allows you to transfer ownership of your assets into a trust during your lifetime. You retain control over the assets in the trust, and can change or revoke the trust at any time. When you pass away, the assets in the trust are distributed according to your wishes, without the need for probate.

A revocable living trust can be a valuable estate planning tool for many reasons. It can help you avoid probate, which can be time-consuming and expensive. It can also provide greater privacy than a will, as trust documents are not public record. Additionally, a revocable living trust can help you protect your assets from creditors and other potential threats.

Benefits of a Revocable Living Trust in Wisconsin

There are many benefits to creating a revocable living trust in Wisconsin. Some of these benefits include:

Avoiding Probate

One of the primary benefits of a revocable living trust is that it can help you avoid probate. Probate is the court-supervised process of distributing a deceased person's assets to their heirs. It can be a lengthy and expensive process, and the details of your estate become public record. By creating a revocable living trust, you can ensure that your assets are distributed according to your wishes without the need for probate.

Providing for Incapacity

Another benefit of a revocable living trust is that it can provide for incapacity. If you become incapacitated and are unable to manage your own affairs, your trustee can step in and manage your assets for you. This can provide valuable peace of mind, knowing that your assets are being taken care of if you are unable to do so yourself.

Protecting Your Privacy

A revocable living trust can also help protect your privacy. Unlike a will, which becomes public record after your death, a revocable living trust remains private. This can be especially important if you have sensitive or confidential information that you do not want to be made public.

Flexibility

A revocable living trust is also flexible. You can change or revoke the trust at any time, and you can add or remove assets from the trust as needed. This allows you to adjust your estate plan as your circumstances change.

Avoiding Estate Taxes

Finally, a revocable living trust can help you avoid estate taxes. While Wisconsin does not have an estate tax, there is a federal estate tax that applies to estates over a certain threshold. By creating a revocable living trust, you can help ensure that your estate does not exceed this threshold and avoid estate taxes.

How to Create a Revocable Living Trust in Wisconsin

Creating a revocable living trust in Wisconsin is a relatively straightforward process. Here are the steps involved:

Determine if a revocable living trust is right for you. A revocable living trust can be a valuable estate planning tool, but it may not be right for everyone. Your attorney can help you determine if a revocable living trust is the best option for your specific needs.
Choose a trustee. The trustee is the person or entity that will manage the assets in the trust. You can choose yourself, a family member, a friend, or a professional trustee, such as a bank or trust company.
Create the trust document. Your attorney will help you draft the trust document, which will outline the terms of the trust, including how your assets will be managed and distributed.
Transfer assets into the trust. Once the trust is created, you will need to transfer ownership of your assets into the trust. This can include bank accounts, real estate, investments, and other assets.
Manage the trust. You will retain control over the assets in the trust during your lifetime. You can add or remove assets as needed, and you can change or revoke the trust at any time.
Distribute assets after death. When you pass away, the assets in the trust will be distributed according to your wishes, without the need for probate.

Creating a revocable living trust can be a complex process, and it is important to work with an experienced estate planning attorney to ensure that your trust is set up correctly and that your wishes are properly documented.

Contact a Revocable Living Trust Attorney in Wisconsin

At Heritage Law Office, our experienced estate planning attorneys in Wisconsin can help you create a revocable living trust that meets your unique needs and goals. We will work with you to understand your wishes and develop an estate plan that ensures your assets are distributed according to your wishes.

Contact our Wisconsin estate planning attorneys today by calling 414-253-8500 or by filling out our online contact form to schedule a free consultation. We offer remote, phone, and online appointments, so you can receive our services wherever you are.

Cities We Serve in Wisconsin

Our estate planning attorneys at Heritage Law Office serve clients 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