If you're a Wisconsin resident planning your estate or trying to protect your assets, you may have heard of a revocable trust. A revocable trust, also known as a living trust or revocable living trust, is a popular estate planning tool that can offer flexibility and control over your assets.
In this comprehensive guide, we'll explore everything you need to know about revocable trusts, including how they work, their benefits, and how to create one. We'll also cover other essential estate planning and business law services provided by Heritage Law Office.
What is a Revocable Trust?
A revocable trust is a legal document that allows you to transfer ownership of your assets to a trust, which you can control during your lifetime. The trust can be modified or revoked at any time, which is why it's called a revocable trust. With a revocable trust, you can avoid probate, which is the legal process of distributing your assets after your death. By avoiding probate, you can save time, money, and maintain your privacy.
How Does a Revocable Trust Work?
To create a revocable trust, you'll need to transfer your assets to the trust. You can name yourself as the trustee and manage the assets in the trust. You'll also need to name a successor trustee, who will take over managing the trust if you become incapacitated or after your death. The trust will specify how the assets should be distributed after your death, either outright or in trust for the beneficiaries.
Benefits of a Revocable Trust
There are several benefits to having a revocable trust as part of your estate plan, including:
As mentioned earlier, a revocable trust can help you avoid probate, which can be time-consuming, costly, and public.
Probate is a public process, which means that anyone can access the information about your assets and beneficiaries. With a revocable trust, you can keep the details of your estate private.
Revocable trusts are flexible and can be modified or revoked at any time during your lifetime. This means that you can adjust the terms of the trust to meet your changing needs.
Assets in a revocable trust can be protected from creditors, lawsuits, and other legal claims.
Creating a Revocable Trust in Wisconsin
To create a revocable trust in Wisconsin, you'll need to follow these steps:
- Choose a successor trustee and beneficiaries
- List and value your assets
- Draft the trust document
- Sign the trust document in front of a notary
- Transfer assets to the trust
This should be done with the assistance of an experienced estate planning attorney.
Other Essential Estate Planning and Business Law Services
In addition to creating revocable trusts, Heritage Law Office provides several other estate planning and business law services to Wisconsin residents, including:
Probate is the legal process of distributing your assets after your death. Heritage Law Office can help guide you through the probate process, ensuring that your assets are distributed according to your wishes.
Heritage Law Office also provides business law services, including business formation, contract drafting, and dispute resolution.
Contact Heritage Law Office for Your Estate Planning and Business Law Needs
If you're a Wisconsin resident in need of estate planning or business law services, Heritage Law Office is here to help.
At Heritage Law Office, we are dedicated to providing personalized and compassionate legal services to our clients. Contact us today at 414-253-8500 or by sending us a message to learn more about how we can help you with your estate planning or business law needs.