Revocable Living Trusts Attorney in Green Bay, Wisconsin
Creating an estate plan allows you to specify how your property, assets, and final affairs should be managed when you’ve passed away. A revocable living trust is a powerful planning tool that can help protect your estate in case of sudden incapacitation—as well as bypass probate and avoid estate taxes.
If you need proper guidance with drafting a revocable living trust, consulting with a trusted Wisconsin estate planning attorney is crucial. At Lewis & Van Sickle, LLC, we advise and guide clients in estate planning-related matters, including wills and trusts. Our team can explore your various estate planning options and enlighten you about the benefits of having a revocable trust. In addition, we will help you set up your revocable living trust and make sure it is legal and valid.
Lewis & Van Sickle, LLC proudly serves clients throughout Green Bay, Wisconsin, and the surrounding areas of Brown County, Oconto County, Marinette County, Shawano County, Kewaunee County, and Door County.
What Is a Revocable Living Trust?
A revocable living trust, also described as a living trust, allows the terms and provisions of the trust to be amended, altered, or revoked by the trustor at any time. The revocable living trust is created while the trustor is still alive. The trustee or settlor will maintain complete control over the trust property until their death or incapacity. A trust can help to avoid the need for probate.
Benefits of a Revocable Trust
Having a revocable living trust is important because it allows you to achieve the following:
It protects you and your estate if you become severely ill or mentally incapacitated.
It permits you to name a trustee or successor trustee to manage the trust property.
It allows your estate to bypass court-supervised probate proceedings.
It allows you to determine who would receive or inherit certain assets.
It protects heirs and beneficiaries from making poor judgments and wasting resources.
It helps avoid or reduce inheritance and estate taxes.
It helps preserve assets and resources away for future generations or until a future date.
It helps facilitate business succession.
It allows you to control and manage investments and spending judiciously.
Establishing a revocable living trust can be a wonderful way to preserve your assets and make adequate provision for your family's future in the event of your death or sudden incapacitation. We can help you understand how a trust differs from a will and walk you through the process involved in creating the trust.
How Do Revocable Trusts Differ from a Will?
Here are some differences between a revocable living trust and a will:
Protection from Incapacity
A revocable living trust can help protect your estate should you become mentally incapacitated. Conversely, a will doesn't necessarily protect your assets if you become mentally incapacitated.
A revocable living trust allows your estate to bypass the lengthy and costly probate process. Hence, assets can be transferred to beneficiaries quickly. In contrast, a will must pass through probate to determine its validity.
In addition, a revocable living trust can help reduce or avoid inheritance and estate taxes.
Consideration for Minors
A revocable living trust allows you to store away assets and money for your minor children until a future date or when they reach a specific age. Your will, on the other hand, is administered upon your death, and the estate will be transferred to beneficiaries immediately after probate.
Lastly, a revocable living trust helps maintain your loved one's privacy since it doesn't pass through probate. In contrast, a will is usually a matter of public record and won't keep your affairs private.
Generally, having a well-detailed estate plan—including a living trust and a will—remains an effective way to protect your property, assets, investments, interests, and loved ones after you’ve died. A practiced lawyer can help create a revocable living trust that fits your specific needs.
Creating a Revocable Living Trust
Here are the steps to create a revocable living trust in Wisconsin:
Decide the assets and property you want to put in the trust.
Choose a trustee or successor trustee.
Name the beneficiaries of the trust property.
Work with an experienced attorney to draft the trust document.
Sign the trust document in front of a notary public.
Change the title of the trust property with a title document.
Fund the trust by putting assets and funds in it.
A seasoned trust lawyer can guide you through the legal steps involved in creating a trust and help ensure that it is legal and valid.
Work With an Experienced Trusts Attorney
It’s never too early to make adequate provisions for life's uncertainties and your family's future. Should you become unable, mentally incapacitated, or otherwise unavailable to voice your opinion, your surviving family members can achieve peace of mind from knowing your exact wishes. An experienced trust attorney can explore your options and determine the ideal estate plan for you.
At Lewis & Van Sickle, LLC, we are ready to assist clients in the creation of a revocable living trust. As your legal team, we can help draft your trust documents and make sure it is established according to the state's legal and procedural requirements. Our team will work hard to help you achieve your estate planning goals.
Revocable Living Trusts Attorney in Green Bay, Wisconsin
If you need help creating a revocable living trust, contact us at Lewis & Van Sickle, LLC, today to schedule a simple consultation. We offer the personalized legal counsel and skilled advocacy you need to make intelligent decisions when drafting your estate plan. We're proud to serve clients across Green Bay, Oconto, Marinette, Shawano, Kewaunee, Sturgeon Bay, and the rest of Wisconsin.