A properly funded revocable living trust can keep many of your assets out of the Wisconsin probate process after your death. It also allows someone you choose to manage trust property if you become incapacitated, while leaving you in control during your lifetime.
Nennig Law Offices, LLC helps individuals and families in Madison and throughout Southern Wisconsin create living trusts that work with their property, relationships, and long-term plans. We will help you determine whether a trust is right for you, coordinate it with the rest of your estate plan, and take the necessary steps to make it effective.
Why Choose Nennig Law Offices for a Living Trust?
A living trust should provide clear instructions and function as intended when your family needs it. Clients turn to our firm because we offer:
- Customized trusts based on each client’s family, assets, and goals
- Guidance informed by attorney Bob Nennig’s background in law and accounting
- Plain-language explanations of how the trust operates
- Coordination with wills, powers of attorney, and health care directives
- Assistance funding the trust and updating ownership records
- Support for successor trustees responsible for trust administration
- Upfront information about legal fees before work begins
- Flexible scheduling, including consultations at homes and care facilities when necessary
What Does a Revocable Living Trust Do?
A revocable living trust is a legal arrangement created during your lifetime. You transfer selected property to the trust and name a trustee to manage it according to your written instructions.
Many people serve as their own initial trustee and beneficiary. This arrangement allows you to continue controlling and using the trust property. As long as you have the required capacity, you can generally amend or revoke the trust.
You also name a successor trustee. That person can manage trust property if you become incapacitated and distribute or continue holding it after your death. Your trust should explain when the successor trustee may act and what authority that person will have.
Do I Need a Living Trust, or Is a Will Enough?
A will may be sufficient when an estate is relatively simple, and other planning tools can transfer the property as intended. A living trust may be worth considering if you:
- Own real estate in Wisconsin or another state
- Want qualifying assets to pass outside probate
- Prefer to keep the details of your estate more private
- Want a successor trustee to manage property during incapacity
- Have a blended family or beneficiaries who should not inherit outright
A trust is not automatically the right choice for every Wisconsin family. We will review your property, beneficiary designations, relationships, and priorities before recommending a will-based or trust-based plan.
How Is a Living Trust Different From a Will?
A will takes effect at death and directs the transfer of property subject to probate. It can also nominate guardians for minor children and name the personal representative responsible for administering your estate.
A living trust operates during your lifetime and after your death. Property held in the trust generally passes according to its terms without probate. However, a trust cannot nominate a guardian for your children, and it does not eliminate the need for a will.
Most trust-based estate plans include a pour-over will. This document directs property remaining in your individual name to the trust after your death. That property may still have to pass through probate before entering the trust.
What Happens If You Do Not Fund Your Trust?
Signing a trust agreement is only the beginning. The trust must be funded by transferring property to it or coordinating assets with appropriate beneficiary designations.
Funding may involve preparing a new real estate deed, changing ownership of financial accounts, assigning business interests, or reviewing existing beneficiary forms. Different assets require different treatment, and some should not be retitled without considering tax, insurance, marital property, or contractual consequences.
An unfunded trust may own little or nothing when it is needed. If property remains in your individual name without another transfer method, probate may still be required. We help clients identify which assets belong in the trust and explain or complete the necessary funding steps.
What Can a Revocable Living Trust Not Do?
Because you retain control over a revocable trust, its assets generally remain available to your creditors. Those assets are also generally considered when determining Medicaid eligibility, and the trust does not automatically reduce income or estate taxes.
A trust applies only to property it owns or receives. Your successor trustee cannot use it to manage assets that were never transferred or made payable to the trust. For that reason, a complete plan may also include financial and health care powers of attorney.
How Much Does a Revocable Living Trust Cost in Wisconsin?
The cost depends on your assets, family circumstances, and the supporting documents your plan requires. A joint trust involving real estate, business interests, or continuing trusts for beneficiaries may require more work than a straightforward individual plan.
We provide upfront information about legal fees before beginning. You will understand what the proposed plan includes and what steps will be needed to implement it.
Create a Living Trust That Works as Intended
A living trust can provide continuity during incapacity and a more private method of transferring property after death. Its value, however, depends on thoughtful drafting, proper funding, and coordination with the rest of your estate plan.
Contact Nennig Law Offices, LLC to schedule a consultation about creating or updating a Wisconsin revocable living trust.
Frequently Asked Questions
Can spouses create a joint living trust?
Yes. Whether a joint or separate trust is more appropriate depends on Wisconsin marital property rules, prior marriages, individual assets, and each spouse’s wishes.
What happens to my trust if I move out of Wisconsin?
A trust generally does not become invalid simply because you move. However, you should have it reviewed in your new state to determine whether local laws require or favor any changes.
How often should I review my living trust?
Review your trust after a marriage, divorce, birth, death, relocation, major property purchase, or substantial financial change. A periodic review can also identify assets acquired after the trust was created.