Living Trust

A trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. created by a person during life and includes Irrevocable Trusts and Revocable Trusts. A 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 generally not a trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. that is part of a 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., as that is called a testamentary trustA trust set forth in a Will that comes into operation at death through probate..