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Totten Trust Attorney in Wisconsin

If you are looking for a reliable estate planning option, a Totten Trust could be an excellent choice. This type of trust is a popular way to transfer assets to your beneficiaries after your death, and it's simple to set up. In Wisconsin, Heritage Law Office is experienced in Totten Trusts and can provide you with guidance to ensure that your estate plan is comprehensive and tailored to your unique situation.

Understanding Totten Trusts

A Totten Trust is a type of revocable trust that allows you to transfer assets to your beneficiaries upon your death without going through probate. Also known as a payable-on-death (POD) account, a Totten Trust is relatively easy to set up and can be an effective way to manage your estate.

With a Totten Trust, you designate a beneficiary to inherit the funds held in the account after your death. The beneficiary has no rights to the account while you're alive, and you can change the beneficiary or even revoke the trust entirely at any time.

Benefits of a Totten Trust

There are many benefits to using a Totten Trust as part of your estate plan. Here are just a few:

  • Avoiding Probate: Because the account passes directly to your beneficiaries upon your death, it does not go through probate. This can save time and money and ensure that your beneficiaries receive their inheritance quickly.
  • Privacy: Probate proceedings are a matter of public record, which means that anyone can access information about your assets and beneficiaries. With a Totten Trust, the transfer of assets is private and confidential.
  • Flexibility: You can change the beneficiary or even revoke the trust entirely at any time, giving you greater flexibility and control over your assets.

Setting Up a Totten Trust in Wisconsin

Setting up a Totten Trust is relatively simple. To establish a Totten Trust, you need to do the following:

  • Choose a financial institution: You can set up a Totten Trust at any financial institution that offers the option.
  • Designate a beneficiary: You'll need to name a beneficiary to inherit the funds in the account after your death.
  • Fund the account: You'll need to deposit funds into the account, which can be done with cash, checks, or electronic transfers.

Contact an Attorney for Assistance With a Totten Trust in Wisconsin

If you're interested in setting up a Totten Trust as part of your estate plan, it's essential to work with an experienced attorney. At Heritage Law Office, our estate planning attorney in Wisconsin will thoroughly review your needs and wants when planning your estate and provide an outline of your best options, including the creation of a Totten Trust. Contact us either online or at 414-253-8500 to schedule a free consultation today.

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.

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