Are you looking to protect your assets and ensure they are distributed according to your wishes after you pass away? If so, a trust may be the perfect solution for you. At Heritage Law Office, we have experienced attorneys who can help you create a trust that is tailored to your specific needs and desires.
What is a Trust?
A trust is a legal document that allows you to transfer your assets to a trustee who will manage them on your behalf. You can create a trust while you are still alive, known as a living trust, or after you pass away, known as a testamentary trust. A trust can help you avoid probate, which is the legal process of distributing assets after someone passes away.
Types of Trusts
There are many different types of trusts, each with their own specific purpose. Some common types of trusts include:
A living trust, also known as a revocable trust, is created while you are still alive and allows you to manage your assets during your lifetime. You can change or revoke the trust at any time. When you pass away, the trust becomes irrevocable, and your assets are distributed according to your wishes.
A testamentary trust is created after you pass away, and it is typically included in your will. The trust becomes effective only after your death, and the trustee manages the assets and distributes them according to your instructions.
An irrevocable trust is a trust that cannot be changed or revoked once it has been created. This type of trust is often used for estate planning purposes to reduce estate taxes and protect assets from creditors.
A charitable trust is a trust that is created to benefit a charitable organization or cause. These trusts can provide tax benefits to the donor and help support a cause that they care about.
Special Needs Trust
A special needs trust is a trust that is created for the benefit of someone with special needs. The trust is designed to provide financial support for the person without disqualifying them from receiving government benefits.
Why Do You Need a Trust?
Creating a trust can provide many benefits, including:
Probate can be a long and costly process, and creating a trust can help you avoid it altogether.
Control Over Asset Distribution
A trust allows you to control how your assets are distributed after you pass away, ensuring that they are distributed according to your wishes.
Protection of Assets
A trust can help protect your assets from creditors and lawsuits.
Creating a trust can help keep your estate affairs private, as opposed to going through the public probate process.
Creating a trust can provide tax benefits, such as reducing estate taxes.
Contact a Trusts Attorney in Wisconsin
If you are interested in creating a trust, it is important to work with an experienced attorney who can guide you through the process. At Heritage Law Office, our experienced trusts attorneys in Wisconsin can help you create a trust that is tailored to your specific needs and desires.
Contact us either online or at 414-253-8500 to schedule a free consultation today. Our attorneys have extensive experience in estate planning and trust creation, and we are committed to providing our clients with the highest quality legal services.
Service Areas in Wisconsin
Heritage Law Office provides services to clients throughout Wisconsin, including:
- Green Bay
- Eau Claire
- Elm Grove
- Fox Point
- Whitefish Bay
- and more.
We also offer remote, phone, and online appointments, so you can receive our services from anywhere in Wisconsin.
Frequently Asked Questions (FAQs)
1. What is the process of creating a trust with Heritage Law Office?
Once you contact us for a consultation, we begin the process by understanding your specific needs and wishes. Our experienced attorneys will guide you through the decision-making process, helping you select the most appropriate type of trust for your situation. After, we draft the necessary legal documents that define the trust's parameters and beneficiaries. The trust is then funded by transferring your assets into it.
2. How can Heritage Law Office help in avoiding probate?
By setting up a trust with Heritage Law Office, your assets are transferred into the trust during your lifetime. When you pass away, these assets can be distributed to your beneficiaries according to your wishes, without going through probate. This can save time, court fees, and keeps the distribution of your assets private.
3. How long does it take to set up a trust with Heritage Law Office?
The time it takes to set up a trust varies depending on the complexity of the estate and the type of trust. However, at Heritage Law Office, we strive to make the process as smooth and timely as possible. Generally, a trust can be established within a few weeks of the initial consultation.
4. Can a trust set up with Heritage Law Office be altered or revoked?
Yes, certain types of trusts, like revocable trusts or living trusts, can be altered or revoked during your lifetime. However, irrevocable trusts, once set up, cannot be changed or revoked. It's important to discuss these details with our attorneys to ensure that the type of trust you establish aligns with your intentions and needs.
5. What areas in Wisconsin does Heritage Law Office serve?
Heritage Law Office serves clients throughout Wisconsin, including Milwaukee, Madison, Green Bay, Kenosha, Racine, Appleton, and many more. We also offer remote, phone, and online appointments to cater to clients who cannot visit us in person. This allows us to reach and help a broad range of clients, regardless of their location in Wisconsin.