Are you considering planning your estate? If so, you may be wondering about revocable trusts and whether they are the right option for you. At Heritage Law Office, we understand that estate planning can be a complex process, and we're here to help. As experienced estate planning attorneys in Milwaukee, Wisconsin, we can assist you with creating a revocable trust that meets your needs and helps you achieve your estate planning goals. Give us a call at 414-253-8500 or send us a message for a free consultation!
Understanding Revocable Trusts
A revocable trust, also known as a revocable living trust, is a legal document that allows you to place your assets into a trust while you are alive. You can serve as the trustee of your own revocable trust and maintain control over your assets. Additionally, you can change the trust's terms or revoke the trust entirely during your lifetime.
One of the primary benefits of a revocable trust is that it can help you avoid probate, which is the legal process of settling an estate in court. When you pass away, the assets in your revocable trust will pass directly to your named beneficiaries without the need for probate, which can be a lengthy and expensive process.
Benefits of a Revocable Trust
In addition to avoiding probate, there are several other benefits to creating a revocable trust, including:
Privacy
Unlike a will, which becomes part of the public record during probate, a revocable trust remains private. This means that your financial affairs and the details of your estate plan will not be made public.
Flexibility
A revocable trust can be amended or revoked during your lifetime, providing flexibility as your circumstances change. You can also name successor trustees to manage the trust if you become incapacitated or pass away.
Asset Protection
A revocable trust can provide asset protection for your beneficiaries. If your beneficiaries receive their inheritance outright, their creditors may be able to access those funds. However, if the inheritance is held in a revocable trust, it may be protected from their creditors.
Tax Planning
A revocable trust can be used to minimize estate taxes, which can be a significant benefit for those with larger estates.
How to Create a Revocable Trust
To create a revocable trust, you'll need to work with an experienced estate planning attorney. At Heritage Law Office, our attorneys can help you with the following steps:
1. Asset Inventory
Before creating a revocable trust, you'll need to take an inventory of your assets. This includes identifying all of your real estate, bank accounts, investments, and other assets.
2. Trust Document Preparation
Once your assets are identified, our attorneys will prepare the trust document. This will outline the terms of the trust and how your assets will be distributed.
3. Funding the Trust
To ensure that your assets are transferred into the trust, you'll need to transfer the ownership of your assets to the trust.
4. Trust Administration
Once the trust is established, you'll need to manage the trust assets and ensure that the terms of the trust are followed. This includes making sure that your beneficiaries receive their distributions according to the trust document.
Contact a Revocable Trust Attorney in Milwaukee, Wisconsin
If you're interested in creating a revocable trust, contact Heritage Law Office. Our experienced estate planning attorneys in Milwaukee, Wisconsin can assist you with all aspects of the estate planning process, including creating a revocable trust. Contact us either online or at 414-253-8500 to schedule a free consultation today.