If you are considering estate planning, you have likely heard of revocable trusts. A revocable trust, also known as a living trust, is a legal document that allows you to place assets into a trust during your lifetime. The trust becomes the legal owner of the assets, and you can serve as the trustee and manage the assets while you are alive. Upon your death, the trust assets can be distributed to your beneficiaries according to the trust's terms, without the need for probate. In this article, we will discuss how a revocable trust can benefit you and your loved ones and how Heritage Law Office, an experienced estate planning attorney in Wisconsin, can help you create a revocable trust.
What is a Revocable Trust?
A revocable trust is a legal document that allows you to place assets into a trust during your lifetime. The trust becomes the legal owner of the assets, and you can serve as the trustee and manage the assets while you are alive. You can change or revoke the trust at any time during your lifetime, which is why it is called a revocable trust. Upon your death, the trust assets can be distributed to your beneficiaries according to the trust's terms, without the need for probate.
Benefits of a Revocable Trust
One of the most significant benefits of a revocable trust is avoiding probate. Probate is the legal process of distributing assets after someone dies. Probate can be time-consuming, expensive, and stressful for your loved ones. With a revocable trust, the assets are already in the trust, and the trust's terms dictate how they will be distributed. This avoids the need for probate, saving time, money, and stress.
Another benefit of a revocable trust is privacy. When someone dies, their will becomes a public record. This means that anyone can see what assets the person had and how they were distributed. With a revocable trust, the distribution of assets is private and does not become part of the public record.
A revocable trust can also be helpful if you become incapacitated. If you are the trustee of your revocable trust and become incapacitated, your successor trustee can step in and manage the trust assets for you. This can prevent the need for a court-appointed conservatorship, which can be expensive and time-consuming.
How Heritage Law Office Can Help
Heritage Law Office is an experienced estate planning attorney in Wisconsin. Our attorney can help you create a revocable trust that meets your needs and the needs of your loved ones. Our attorney will take the time to understand your unique situation and help you create a trust that addresses your concerns.
At Heritage Law Office, our attorney will thoroughly review your needs and wants when planning your estate and provide an outline of your best options, including the creation of a revocable trust. Contact us either online or at 414-253-8500 to schedule a free consultation today.
Contact a Revocable Trust Attorney in Green Bay Wisconsin
If you are considering a revocable trust, contact Heritage Law Office, an experienced estate planning attorney in Wisconsin. Our attorney can help you create a trust that meets your needs and the needs of your loved ones. Contact our attorney by using the online form or calling us directly at 414-253-8500.
Cities Served by Heritage Law Office
Heritage Law Office serves clients in Green Bay, Milwaukee, Madison, Kenosha, Racine, Appleton, Waukesha, Oshkosh, Eau Claire, Janesville, Mequon, Elm Grove, Fox Point, Bayside, Shorewood, Whitefish Bay, Fitchburg, Brookfield, Waunakee, Cedarburg, and more. Our services are not limited to these areas, as we also offer remote, phone, and online appointments, so you can receive our services from wherever you are.
In conclusion, a revocable trust can be an excellent estate planning tool that can help you avoid probate, maintain privacy, and ensure your assets are distributed according to your wishes. At Heritage Law Office, our experienced attorney can help you create a revocable trust that meets your unique needs and the needs of your loved ones.
Contact us today by calling 414-253-8500 or by sending us a message to schedule a free consultation and start planning for the future.
Frequently Asked Questions (FAQs)
1. What is a revocable trust and how does it work?
A revocable trust, also known as a living trust, is a legal document that lets you place your assets into a trust during your lifetime. You can serve as the trustee and manage these assets while you're alive. The trust becomes the legal owner of the assets and can be changed or revoked at any time during your lifetime. After your death, the trust assets are distributed to your beneficiaries according to the trust's terms, without the need for probate.
2. What are the main benefits of a revocable trust?
A revocable trust has several key benefits. The first is probate avoidance - the process of distributing assets after someone's death which can be time-consuming and stressful for your loved ones. The second benefit is privacy as the distribution of assets doesn't become part of the public record like a will. Lastly, it's beneficial if you become incapacitated as your successor trustee can manage the trust assets for you, potentially avoiding a costly and lengthy court-appointed conservatorship.
3. How can Heritage Law Office assist me in creating a revocable trust?
Heritage Law Office is experienced in estate planning in Wisconsin and can help you create a revocable trust that caters to your needs and those of your loved ones. Our attorney will spend time understanding your unique situation and concerns, then assist in creating a trust that addresses them.
4. Can I contact Heritage Law Office for a revocable trust even if I'm not based in Wisconsin?
Yes, you can. Heritage Law Office serves clients across several cities in Wisconsin. We also offer remote, phone, and online appointments to make our services accessible to clients outside these areas or for those who prefer these methods.
5. How can I get started with planning my estate and creating a revocable trust?
To start planning for your future and to create a revocable trust, you can contact Heritage Law Office either online or at 414-253-8500 to schedule a free consultation today. We will provide an outline of your best options, including the creation of a revocable trust. Start planning for your future by contacting us today.