A testamentary trustee is someone named in a will to administer a trust created by that will and is appointed by the probate court after the will is admitted and the testamentary trust becomes operative, unless the will provides a different mechanism. The trust does not operate during the testator’s lifetime; it...
Category: Trustee
Wisconsin Estate Planning FAQ’s: Who Can Be the Trustee of My Living Trust?
Your trustee is the person or institution that steps into your shoes to manage trust assets, collecting income, paying bills and taxes, investing prudently, keeping records, and carrying out your instructions. You can serve as your own trustee, and many married couples act together as co‑trustees so the other can manage finances...
Wisconsin Estate Planning FAQ’s: Should I Name All of My Children as Successor Trustees?
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...
Wisconsin Estate Planning FAQ’s: Understanding Corporate Trustees
A corporate trustee is a bank trust department or trust company that can help you build, manage, and protect wealth inside a trust. Corporate trustees manage trusts daily, understand tax and estate planning strategies, and know the legal responsibilities of a trustee. They can buy and sell assets, pay bills, file tax...
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 FAQ’s: Setting up a Trust and Selecting a Trustee
Trusts are not just for the wealthy. They serve many purposes and solve specific problems that may have little to do with wealth, focusing more on family dynamics. As you think about your estate plan and passing your assets on to your loved ones, consider the following questions:
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...
New Home and Estate Planning
Buying a home is exciting, whether it is your first time or your latest move. You have most likely worked with a realtor, a lender, a home inspector, and a title company, but there is one more call you should make: your estate planning attorney. Ensuring that your new home is properly...