It can be tempting to name all of your adult children to serve together, but that isn’t always the best way to keep your plan running smoothly. A practical alternative is to list them in order of who you think will do the best job so that only one steps in at...
Category: Successor Trustee
Wisconsin Estate Planning FAQ’s: How to Choose a Successor Trustee for Your Living Trust
Selecting a successor trustee is one of the most important decisions in your living trust plan because this person or institution steps in to manage the trust if you become incapacitated or after you die. A strong choice keeps your plan running smoothly, while a poor choice can create delays, conflicts, and...
Wisconsin Estate Planning FAQ’s: Understanding the Responsibilities of a Trustee
Serving as a trustee is both an honor and a serious legal role. A trustee is the person or institution legally responsible for carrying out the instructions in a trust. This includes managing and controlling trust property for the benefit of others and making distributions according to the trust’s terms, not personal...
Wisconsin Estate Planning: What does a successor trustee do in Wisconsin upon your incapacity and death?
In Wisconsin, a successor trustee is the person or institution you name in a trust to take over management of your trust assets when you can no longer manage them yourself—either due to incapacity or death. Their role is central to how a revocable living trust actually functions.
If...
Wisconsin Estate Planning: What Does a Successor Trustee do in Wisconsin Upon your Incapacity and Death?
In Wisconsin, a successor trustee is the person or institution you name in a trust to take over management of your trust assets when you can no longer manage them yourself—either due to incapacity or death. Their role is central to how a revocable living trust actually functions.
If...
What Powers Should I Give to a Trust Protector
Many estate plans today include trusts that become irrevocable upon the trustmaker’s death and continue for the benefit of a surviving spouse, children, or other loved ones. Some trusts are designed to span multiple generations. For example, a trust may leave an inheritance to a surviving spouse, then upon the surviving spouse’s...
Don’t Choose the Wrong Successor Trustee
Many estate plans contain revocable living trusts that will become irrevocable (cannot be easily changed or terminated) when the trustmaker dies. Such trusts may benefit the surviving spouse during their lifetime and may continue for the benefit of several additional generations. Because these trusts can be designed to span multiple decades, it...
Only Child and Estate Planning
Stereotypes surrounding “only child syndrome” have largely been debunked, as recent studies show that only children, on average, develop social skills similar to those of children with siblings.[1] Further, outdated perceptions surrounding only children have shifted as the average size of the American family has shrunk, and one-child families have...
Choosing Your Successor Trustee of Your Trust
If you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to...
What Can I Not Do as Trustmaker and Trustee of a Revocable Living Trust?
Wills and living trusts are two of the most fundamental estate planning documents. While both accomplish the same primary objective in an estate plan of directing the distributions of your money and property to your desired beneficiaries after you pass away, a revocable living trust, often referred to simply as a living...