Discussing the Revocable Living Trust

January 15, 2011

Update (December 2014): Please see our recent news article on protecting your home with an Irrevocable Trust. Also see Using Trusts to Protect Assets from Nursing Homes.

The Revocable Living TrustA trust created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A living trust is generally not a trust that is part of a Will, as that is called a testamentary trust. is one of the most powerful tools that an estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power of Attorneys, Power of Attorneys for Health Care, Wills, and Trusts to form a strategy and provide for the administration and disposition of his or her assets upon death or upon incapacity. attorney can use to help clients avoid probateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts. and to direct the use of client assets during lifetime and following death.

By no means the only way to avoid probateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts., the Revocable Living TrustA trust created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A living trust is generally not a trust that is part of a Will, as that is called a testamentary trust. is often the best way to do so. Through the use of a Revocable Living TrustA trust created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A living trust is generally not a trust that is part of a Will, as that is called a testamentary trust. you can determine who willA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause. be in charge of your affairs during your life and following your death. Normally, you willA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause. be the trusteeThe person or company named in a trust to manage property and assets of a trust. Usually a trust will name an initial trustee or co-trustees and successor trustees. A trustee has the duty to act in the best interest of the person for whom they are managing the funds and is considered a Fiduciary. Most people that set up Revocable Trusts to avoid probate, name themselves as Trustee and also name successor trustees to take over upon death or upon incapacity. and remain in charge of your affairs — unless you become incompetent. Moreover, you willA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause. be able to effect changes to the trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. or reclaim assets from the trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. at anytime, provided that you are still mentally competent. After you die, and unless the trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. provides otherwise, the Revocable Living TrustA trust created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A living trust is generally not a trust that is part of a Will, as that is called a testamentary trust. becomes Irrevocable and the provisions as you set forth during your lifetime willA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause. be followed.

In addition to avoiding probateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts., a Revocable Living TrustA trust created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A living trust is generally not a trust that is part of a Will, as that is called a testamentary trust. can allow your trusteeThe person or company named in a trust to manage property and assets of a trust. Usually a trust will name an initial trustee or co-trustees and successor trustees. A trustee has the duty to act in the best interest of the person for whom they are managing the funds and is considered a Fiduciary. Most people that set up Revocable Trusts to avoid probate, name themselves as Trustee and also name successor trustees to take over upon death or upon incapacity. to assume control of the trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries., should you become too sick to manage your own financial affairs. A Revocable Living TrustA trust created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A living trust is generally not a trust that is part of a Will, as that is called a testamentary trust. can help keep your financial affairs private, can possibly reduce estate taxes, attorney fees and costs, as well as protect your assets for other beneficiaries such as children and other loved ones. A Revocable Living TrustA trust created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A living trust is generally not a trust that is part of a Will, as that is called a testamentary trust. may also shorten any potential delay in distributing your assets after you pass away.

A Revocable Living TrustA trust created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A living trust is generally not a trust that is part of a Will, as that is called a testamentary trust., however, willA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause. not protect assets from a nursing home. If your goal is to protect assets from a nursing home, an Irrevocable TrustA trust that cannot be terminated, revoked or amended by the creating person. In Wisconsin and in estate planning an irrevocable trust can refer to a trust that is set up to protect assets from a nursing home and Medical Assistance if prepared and funded well in advance. See Using Trusts to Protect Assets from Nursing Homes or other Elder LawA term used  to distinguish an area of law that addresses the needs of aging, including dealing with Federal and State laws that apply to the rights and privileges of the elderly and encompasses areas of law such as Estate Planning, Irrevocable Trusts, Revocable Trusts, Wills, Will Contests, Durable Power of Attorneys, Power of Attorney for Health Care, Advance Medical Health Care Directives, Funeral Directives, Special Needs Trusts, Probate, Avoiding Probate, Disability Planning, Nursing Home Planning, Guardianships, and Protecting Assets from Nursing Homes. (Further reading: What is Elder Law?) estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power of Attorneys, Power of Attorneys for Health Care, Wills, and Trusts to form a strategy and provide for the administration and disposition of his or her assets upon death or upon incapacity. options are more likely to provide the safeguards you seek.

Wokwicz Law Offices, LLC welcomes the opportunity to discuss your estate plan and to determine if a Revocable Living Trust is right for your unique situation. We have a great deal of experience in estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power of Attorneys, Power of Attorneys for Health Care, Wills, and Trusts to form a strategy and provide for the administration and disposition of his or her assets upon death or upon incapacity., having crafted thousands of estate plans for our Kenosha-area clients, helping them avoid the cost, time and headache of probateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts.. Please contact us if we can be of service.