How a Wisconsin Revocable Living Trust Can Simplify Your Estate Planning
In the fated event that you die, you will want your heirs to get a share of the inheritance in a stress-free way. If you don't have a perfect estate plan, your assets will be held for months or years, and your inheritors will have to part away with much more than time to get their shares.
That is why creating a Wisconsin revocable living trust is a perfect way to save your loved ones time and money during the succession process after your demise. Keep reading to learn how a living trust will simplify your estate planning.
Do You Need a Revocable Living Trust in Wisconsin?
One of the main benefits of creating a revocable living trust is to help your family bypass the often lengthy and costly probate process. If you left your assets under a will, your estate would go through a long and expensive probate process.
However, if you put your assets under a revocable living trust, they may not go through this process. The successor trustee will oversee the distribution of your asset, and the beneficiaries will save a lot of money in the end.
Most importantly, you will have peace of mind while alive, knowing that your assets will be distributed according to your wishes and almost immediately after death.
So, do you need a living trust in Wisconsin? Of course, a revocable living trust is a vital document in your estate planning, key to helping your inheritors get your estate sooner.
Although Wisconsin has not adopted the Uniform Probate Code, your beneficiaries will likely bypass the probate process without a living trust. For instance, if your estate is $50,000 or less, your estate can skip the probate process.
Alternatively, you can transfer your real property using the transfer-on-death deed to keep part of your estate out of probate. But suppose you have a more significant estate comprising bank and retirement accounts. In that case, putting them in a revocable living trust is a sure way of avoiding probate.
In Wisconsin, After Making a Living Trust, Do You Still Need a Will?
Yes, you may need a will in some situations. For example, if you have not put all your assets in the trust, you should create a will to outline how they will be handled or distributed after your death.
You may also need a will if you have a child below the age of 18 years to designate a guardian for them. But if you have included all your assets in the trust and don’t have minor children, a will may not be necessary.
Estate Taxes and Living Trust in Wisconsin
Please note that Wisconsin has no estate tax, and having a living trust will not lower your federal estate taxes. If your estate qualifies for federal taxes, regular taxes will be levied. But you can minimize or avoid estate taxes by putting your estate in an alternatively complicated trust, leaving it to the surviving partner.
Steps for Creating a Revocable Living Trust
So, how do you create a revocable living trust in Wisconsin? Here are the steps to follow.
Identify the assets you want to transfer to the living trust
Make a list of the beneficiaries and choose a successor trustee
Get the revocable living trust form and fill in the details
Sign the form before a notary official
Lastly, fund the trust by transferring the assets to the trust.
So, are you looking for a reliable provider of revocable living trust forms in Wisconsin? Look no further from Forms.legal We offer free and updated revocable living trust forms, and you can always fill in a sample of these documents online, download and print them when ready.