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:
Living Trust
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.
Testamentary Trust
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.
Irrevocable Trust
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.
Charitable Trust
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:
Avoiding Probate
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.
Privacy
Creating a trust can help keep your estate affairs private, as opposed to going through the public probate process.
Tax Benefits
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:
- 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 also offer remote, phone, and online appointments, so you can receive our services from anywhere in Wisconsin.