A revocable living trust is a flexible, practical way to keep your affairs out of court, reduce administrative burdens, and maintain privacy. When properly prepared and funded, a living trust lets your chosen trustee manage your assets during your lifetime if you become unable to do so, and then distribute them after...
Category: Estate Planning
Wisconsin Estate Planning: In Wisconsin, are persons in possession of a Will required to file it with the Court?
Yes. In Wisconsin, anyone who has possession of a decedent’s original will is required to deliver it to the probate court in the county where the decedent resided, or to a person who can properly submit it for probate (such as the nominated personal representative). This duty applies whether or not the...
Wisconsin Estate Planning FAQ’s: 4 Things a Living Trust Does Not Do
A revocable living trust is a powerful tool for avoiding probate, maintaining privacy, and streamlining administration, but it has limits. Four common misconceptions deserve a quick reality check:
It does not control medical decisions. A living trust handles financial affairs, it is not a living will...Wisconsin Estate Planning: In Wisconsin, are “no contest” provisions enforceable?
In Wisconsin, “no contest” clauses (in terrorem clauses) are not automatically enforceable to disinherit a beneficiary who brings a challenge in good faith. The governing statute, Wisconsin Statutes § 854.19, provides a probable cause exception: if the beneficiary had a reasonable basis in fact and law to bring the action, the clause...
Wisconsin Estate Planning FAQ’s: Common Misconceptions About Living Trusts
People hear a lot about living trusts from friends and the media, and myths can spread quickly. One common misconception is that a living trust is “too expensive.” While a well‑drafted trust may cost more upfront than a simple will, comparing only drafting fees misses the bigger picture. A will’s true cost...
Wisconsin Estate Planning: In Wisconsin, do adopted children have any rights to a decedent’s estate?
Yes. In Wisconsin, adopted children generally have the same inheritance rights as biological children in a decedent’s estate. Once a child is legally adopted, the child is treated as the child of the adoptive parents for inheritance purposes and has full rights to inherit from the adoptive parents both under a will...
Wisconsin Estate Planning FAQ’s: Why We Procrastinate About Estate Planning
Most people know they should get their estate planning done, yet many still put it off. Cost is a common concern, but delaying can be far more expensive. Without documents in place, incapacity can trigger a court‑supervised guardianship, and death will likely mean probate, both involve attorney’s fees, court costs, and delays...
Wisconsin Estate Planning: How does Wisconsin treat a beneficiary who kills the decedent?
In Wisconsin, a beneficiary who intentionally and feloniously kills the decedent is barred from receiving any benefit from the decedent’s estate under the state’s “slayer rule.” The killer is treated as having predeceased the decedent, so they take nothing under a will, by intestate succession, or through nonprobate transfers such as life...
Wisconsin Estate Planning FAQ’s: Inherited Retirement Accounts: 5 Things You Need To Know
Almost everyone has a retirement account (401(k), IRA, or pension), so planning how these funds pass to loved ones is essential. Here are five key points to understand before naming beneficiaries and finalizing your documents.
Expect income taxes on most inheritances from retirement plans....Wisconsin Estate Planning: In Wisconsin, what does “per capita” mean?
In Wisconsin, “per capita” is a method of distributing an estate in which each living person in the designated class receives an equal share, without creating family “branches” as in per stirpes. Under per capita distribution, shares are divided equally among all living members of the same generation, and the descendants of...