Making a Living Trust Wisconsin

Revocable Living Trust Making a Living Trust Wisconsin

How to Create a Living Trust Wisconsin

If you’ve ever wanted to arrange your assets and their distribution during your lifetime, then look no further than a living trust! It's the perfect way to secure all of your assets and guarantee that your wishes are fulfilled down the road.

This article will help you understand estate planning in Wisconsin, including wills, inheritance laws and how DoNotPay can help you create your very own living trust in just minutes!

Living Trusts: The Basics

A living trust is a legal document that helps you with estate planning. Unlike a will, a living trust can be effective during your lifetime, and once you do pass away it can help your loved ones avoid the hassle of probation. 

The trust basically consists of the following key elements:

  1. Your assets: This can include your properties, businesses, vehicles, money. Anything you own and has value can be listed here. IRAs and HSAs cannot be included in a trust.
  2. Beneficiaries: The people who you wish to pass your assets on to. This can be family, friends, loved ones, or someone you trust.
  3. Trustee: The person who will be given the task of managing these assets until they are meant to be distributed. You can name yourself as your own trustee or someone else.

Understanding Wills in the State of Wisconsin

If you choose to create a will as your form of estate planning, then there may be some factors to consider specific to the state of Wisconsin: 

  • Handwritten wills are not recognized as valid within the state. 
  • Your will must be signed before two formal witnesses. This step is crucial in Wisconsin, witnesses and their signatures will be called upon by the courts during the probate process. 
  • Having your will notarized does not exempt you from the witness requirement, but it can help the courts to speed up the probate process by skipping their verification of the witnesses. 

Is Hiring an Attorney Necessary?

  1. Even if hiring an attorney is within your power, it’s absolutely not necessary when it comes to creating a living trust. 
  2. Of course, we do recommend having some sort of legal expertise involved when creating the document so that the regulations of your state are met and the document proves legally valid. 
  3. Using DoNotPay, you can create a trusty revocable living trust - all within your budget!

What Is Wisconsin’s Affidavit Procedure?

Wisconsin is not part of the Uniform Probate Code, which means that some of the state’s regulations operate with more flexibility when it comes to inheritance laws. 

For example, an affidavit procedure can be enough in Wisconsin to skip probate procedures. Here are some key points to know about using an affidavit procedure in Wisconsin: 

  • Only estates valued at $50,000 or less can use an affidavit procedure. Anything above this amount has to go through probate. 
  • The benefactor of the will must write the affidavit, specifying which assets they are entitled to.
  • The affidavit should list the worth of the assets in question and it must be signed under oath to guarantee its validity. 
  • If the courts have taken charge of the assets, you can provide them with the affidavit prior to probate procedures along with a copy of the deceased’s death certificate. 
  • As long as the courts can confirm the intention of the deceased using their will, the affidavit procedure will entitle you to the requested assets within 30 days of having been submitted.

Choosing Between a Revocable vs Irrevocable Trust 

Understanding the difference between a revocable and irrevocable living trust is very important, especially before you begin the process of creating a trust.

The table below will explain some of the key differences between the two kinds of trusts and how each can affect you: 

Revocable living trustIrrevocable Living Trust
FlexibilityA revocable living trust is a good option if you want to ensure that you will be able to make changes to the document later on in life. 

This type of trust guarantees that if any of your personal or financial circumstances change, you can change the assets your trust includes or even things like your benefactors and trustees. 

An irrevocable living trust cannot be changed.

Once the trust is signed and notarized, you cannot make adjustments.

Ownership of assetsWith a revocable living trust you can retain ownership of the assets with the trust. 

For example, if you included your business within the trust or a certain amount of your finances, you still maintain ownership as the trust is under your name.

Upon legalizing an irrevocable trust, the ownership of all the assets passes to the trust itself. 

This means that you no longer have any authority or say over the fate of any of your previous assets.

DoNotPay Can Help You Draw Up a Revocable Living Trust 

Follow these easy steps and you can complete the process of creating a revocable living trust from the comfort of your home:

  1. Go to DoNotPay.
  2. Search for our “Revocable Living Trust” option.
  3. Tell the robot lawyer where you are currently residing.
  4. Name a trustee for your living trust.
  5. Select your beneficiaries.
  6. Specify all of the assets which you would like to include in your revocable living trust.

Done! You’ve created a revocable living trust. Remember to print your document and sign it before a notary so that it becomes legally effective!

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