Frequently Asked Questions (FAQs)
1. What is the difference between a Living Trust and a Testamentary Trust?
A living trust, also known as a revocable trust, is established during a person's lifetime and managed by the grantor (the person who establishes the trust). They can make changes to the trust until their death or incapacitation. On the other hand, a testamentary trust is created through a will and only comes into effect after the person's death. It is managed by a trustee, who distributes the assets as per the terms of the trust.
2. When should I consider a Living Trust over a Testamentary Trust?
A living trust might be a good choice if you're looking for flexibility and control over your assets during your lifetime. This type of trust allows for the immediate transfer of assets after death, avoiding probate. If your assets are complex, extensive, or you have privacy concerns, a living trust might be the preferable option.
3. When should I consider a Testamentary Trust over a Living Trust?
A testamentary trust may be a better choice if you're not concerned about avoiding probate or if your assets are relatively simple and straightforward. Testamentary trusts are created as part of a will and only become effective after death, offering the advantage of court supervision for the management of the trust.
4. How can Heritage Law Office assist me in choosing between a Living Trust and a Testamentary Trust?
Our experienced estate planning attorneys at Heritage Law Office will thoroughly review your needs and wants when planning your estate. They will provide an outline of your best options based on your circumstances and can guide you through the process of setting up the appropriate trust.
5. Do I need to be located in Milwaukee to work with Heritage Law Office?
No, while our office is located in Downtown Milwaukee, we offer services to clients across Milwaukee County, surrounding communities, and even to clients across Wisconsin, Minnesota, and California. You can contact us online or call us at 414-253-8500 to schedule a free consultation.