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Trusts: A Comprehensive Guide for Oshkosh, Wisconsin

At Heritage Law Office, our experienced estate planning attorneys 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 various types of trusts. Contact us either online or at 414-253-8500 to schedule a free consultation today.

Understanding Trusts in Oshkosh, Wisconsin

A trust is a legal arrangement where one person, known as the trustee, holds and manages assets for the benefit of another person or entity, called the beneficiary. Trusts can be an essential part of estate planning, providing a range of benefits such as tax savings, asset protection, and probate avoidance.

Types of Trusts in Wisconsin

There are many types of trusts available, each serving a unique purpose. Some common trusts include:

  1. Revocable Trusts: These trusts can be changed or terminated by the trustmaker (also called the grantor) during their lifetime. They are useful for avoiding probate and maintaining privacy.
  2. Irrevocable Trusts: Once established, these trusts cannot be easily modified or revoked. They can offer asset protection and tax benefits.
  3. Testamentary Trusts: Created under a will, these trusts come into effect upon the death of the trustmaker.
  4. Special Needs Trusts: Designed to provide financial support to a beneficiary with special needs without jeopardizing their eligibility for government benefits.
  5. Charitable Trusts: Established for charitable purposes, these trusts provide tax benefits to the trustmaker and support a chosen charity or cause.

The Benefits of Establishing a Trust in Wisconsin

Trusts can provide several advantages for individuals and families, including:

Estate and Tax Planning

Trusts can help reduce estate taxes and provide an efficient way to transfer assets to beneficiaries, avoiding the time-consuming and costly probate process. They can also provide income tax benefits, especially in the case of charitable trusts.

Asset Protection

Certain types of trusts, such as irrevocable trusts, can protect assets from creditors, lawsuits, or divorce proceedings. This can be particularly useful for individuals with significant wealth or those in high-risk professions.

Control and Flexibility

Trusts allow trustmakers to maintain control over the distribution and use of their assets, even after their death. They can set specific conditions and guidelines for beneficiaries, ensuring their wishes are carried out as intended.


Unlike the probate process, which is a matter of public record, trusts can keep an individual's financial and personal information private.

Choosing the Right Trust for Your Needs in Oshkosh, Wisconsin

Determining the best trust for your unique circumstances requires careful consideration of your goals, financial situation, and family dynamics. Some factors to consider include:

  • Your objectives for establishing a trust, such as tax savings, asset protection, or providing for a beneficiary with special needs.
  • The types of assets you wish to include in the trust.
  • The age and needs of your beneficiaries.
  • The level of control you desire over the trust's assets during your lifetime and after your death.

An experienced estate planning attorney can help you evaluate your options and create a trust tailored to your specific needs.

How to Establish a Trust in Wisconsin

To create a trust in Wisconsin, you must follow these general steps:

  1. Determine the purpose and goals of the trust.
  2. Select the type of trust that best aligns with your objectives.
  3. Choose a trustee to manage the trust and a successor trustee, if desired.
  4. Draft the trust document, outlining the terms and provisions of the trust.
  5. Sign the trust document in the presence of a notary public.
  6. Transfer assets into the trust, following the appropriate procedures for each type of asset.
  7. Regularly review and update the trust as needed to ensure it continues to align with your goals and circumstances.

Trust Administration and Management in Oshkosh, Wisconsin

Trust administration refers to the process of managing and distributing a trust's assets according to the terms set forth in the trust document. This responsibility falls on the trustee, who must act in the best interests of the beneficiaries while adhering to state laws and the trust's provisions.

Trustee Responsibilities

The trustee has a fiduciary duty to the beneficiaries and must act prudently and impartially when administering the trust. Some common trustee responsibilities include:

  • Managing and investing trust assets.
  • Distributing income and principal to beneficiaries as specified in the trust document.
  • Paying taxes and expenses associated with the trust.
  • Keeping accurate records of trust transactions and providing regular accountings to beneficiaries.
  • Communicating with beneficiaries and addressing any concerns or disputes that may arise.

Trust Termination

A trust may terminate upon the occurrence of specific events outlined in the trust document or according to state law. Common reasons for trust termination include:

  • Fulfillment of the trust's purpose.
  • Depletion of the trust's assets.
  • Death of the last remaining beneficiary.
  • A court order to terminate the trust.

Upon termination, the trustee must distribute the remaining trust assets to the designated beneficiaries and wrap up any outstanding trust matters.

Seek Guidance from an Experienced Trust Attorney in Oshkosh, Wisconsin

Establishing and managing a trust can be a complex process that requires a deep understanding of state laws and the unique needs of each individual and family. An experienced trust attorney can help you navigate this process and ensure your trust is properly structured and administered to achieve your desired outcomes.

For assistance with trusts in Oshkosh, Wisconsin, contact Heritage Law Office. Our knowledgeable attorneys can help you evaluate your options, create a trust tailored to your specific needs, and guide you through the trust administration process. To get started, use our online form or call us directly at 414-253-8500.

Frequently Asked Questions (FAQs)

1. What is a Trust and why is it important in estate planning?

A trust is a legal agreement where one party, called the trustee, manages assets on behalf of another party, referred to as the beneficiary. Trusts are crucial in estate planning because they provide various benefits, such as tax savings, asset protection, and probate avoidance. Trusts also allow the trustmaker to maintain control over the distribution and use of their assets, even after their death, and they help to maintain privacy since they are not a part of public record like probate proceedings.

2. What are some common types of Trusts in Wisconsin?

Wisconsin offers various types of trusts, each designed for unique purposes. Some common types include revocable trusts, irrevocable trusts, testamentary trusts, special needs trusts, and charitable trusts. Revocable trusts can be altered during the trustmaker's lifetime and are effective for probate avoidance, while irrevocable trusts are more rigid but provide asset protection and tax benefits. Testamentary trusts are created through a will, special needs trusts are for beneficiaries with special needs, and charitable trusts benefit a selected charity or cause.

3. How can I choose the right Trust for my needs in Oshkosh, Wisconsin?

Choosing the right trust depends on several factors, such as your financial situation, goals for establishing the trust, the types of assets you want to include in the trust, your beneficiaries' ages and needs, and the level of control you desire over the trust's assets. An experienced estate planning attorney can help evaluate your options and create a trust tailored to your specific circumstances and needs.

4. How can I establish a Trust in Wisconsin?

To establish a trust in Wisconsin, you need to determine your trust's goals, select the right trust type, choose a trustee, draft the trust document, sign it in front of a notary public, and transfer your assets into the trust. It is also important to review and update your trust regularly to ensure it continues to meet your evolving goals and circumstances. A trust attorney can guide you through this process.

5. What are the responsibilities of a Trustee in Oshkosh, Wisconsin?

A trustee is responsible for managing and distributing the trust's assets according to the terms set forth in the trust document. The trustee has a fiduciary duty to act prudently and impartially, managing and investing trust assets, distributing income to beneficiaries, paying taxes and expenses, maintaining accurate records, and addressing any concerns or disputes that may arise.

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.