If you're looking to secure the future of your loved ones or ensure that your assets are distributed according to your wishes, a trust fund might be the right option for you. But, setting up a trust fund can be a complicated legal process that requires experienced guidance. At Heritage Law Office, our experienced attorneys can help you understand the intricacies of trust funds and create a plan that meets your specific needs.
What is a Trust Fund?
A trust fund is a legal arrangement where a trustee holds and manages assets for the benefit of another person or organization, called a beneficiary. Trust funds can be set up for a variety of reasons, such as to provide for the future education of children or grandchildren, to protect assets from creditors or lawsuits, or to ensure that assets are distributed according to the wishes of the grantor.
There are two main types of trust funds: revocable and irrevocable. A revocable trust fund can be changed or terminated by the grantor at any time, while an irrevocable trust fund cannot be changed or terminated once it is established.
Understanding Trust Funds
Before setting up a trust fund, it's important to understand the different types of trust funds and their benefits. Our knowledgeable attorneys can guide you through the process and help you choose the right type of trust fund for your specific needs.
Revocable Trust Funds
A revocable trust fund, also known as a living trust, is a trust fund that can be changed or terminated by the grantor at any time. This type of trust fund is typically used to avoid probate, which is the legal process of distributing assets after someone passes away. With a revocable trust fund, the assets are transferred to the trust during the grantor's lifetime, and after their passing, the assets are distributed to the beneficiaries according to the grantor's wishes.
Irrevocable Trust Funds
An irrevocable trust fund, on the other hand, cannot be changed or terminated once it is established. This type of trust fund is typically used to protect assets from creditors or lawsuits, or to reduce estate taxes. With an irrevocable trust fund, the grantor transfers assets to the trust, and the trustee manages the assets for the benefit of the beneficiaries.
Trust Funds in Wisconsin
In Wisconsin, trust funds are regulated by the Wisconsin Trust Code, which provides rules and regulations for the creation, modification, and termination of trust funds. Our attorneys are well-versed in the Wisconsin Trust Code and can help you navigate the legal process of setting up a trust fund.
Creating a Trust Fund
Setting up a trust fund can be a complex legal process that requires experienced guidance. At Heritage Law Office, our experienced attorneys will work with you to create a comprehensive trust fund plan that meets your specific needs. We will thoroughly review your assets, goals, and wishes, and provide you with an outline of your best options, including the creation of an irrevocable trust.
Contact a Trust Fund Attorney in Wisconsin
If you're considering setting up a trust fund or need guidance on an existing trust fund, contact our experienced attorneys at Heritage Law Office. We offer a free consultation to discuss your needs and provide guidance on your options. You can contact us either online or at 414-253-8500 to schedule a consultation today.
Cities We Serve
Heritage Law Office provides trust fund services to clients throughout Wisconsin, including 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
- and more
We understand that it may be difficult for some clients to come into our office, so we also offer remote, phone, and online appointments, ensuring that you can receive our services wherever you are located.
Frequently Asked Questions (FAQs)
1. What is a trust fund and why might I need one?
A trust fund is a legal arrangement in which a trustee holds and manages assets for the benefit of another person or organization, the beneficiary. You might consider setting up a trust fund for a variety of reasons. These could include providing for the future education of your children or grandchildren, protecting assets from creditors or lawsuits, or ensuring that assets are distributed according to your wishes after your death.
2. What's the difference between revocable and irrevocable trust funds?
A revocable trust fund, also known as a living trust, can be changed or terminated by the grantor (the person who creates the trust) at any time. This flexibility is often used to avoid probate, the legal process of distributing assets after death. An irrevocable trust fund, on the other hand, cannot be changed or terminated once established. This firmness often serves to protect assets from creditors or lawsuits, or to reduce estate taxes.
3. How are trust funds regulated in Wisconsin?
Trust funds in Wisconsin are regulated by the Wisconsin Trust Code. This provides a set of rules and regulations for the creation, modification, and termination of trust funds. It's essential to consult with a knowledgeable attorney when setting up a trust fund to ensure that all regulations are met and that the trust will function as intended.
4. What does the process of setting up a trust fund involve?
Setting up a trust fund can be a complex legal process that involves a thorough review of your assets, goals, and wishes. Our attorneys at Heritage Law Office can help guide you through this process, helping you choose the right type of trust fund for your specific needs, and ensuring all legal requirements are met.
5. How can I schedule a consultation with Heritage Law Office?
If you're considering setting up a trust fund or need guidance on an existing trust fund, you can contact our experienced attorneys at Heritage Law Office. We offer a free consultation to discuss your needs and provide guidance on your options. You can contact us either online or at 414-253-8500 to schedule a consultation today. We also offer remote, phone, and online appointments for your convenience.