Protect Your Family’s Future With A Wisconsin Trusts Attorney

Since 2007, attorney Ashley Lillesand-Leonhard has drafted estate plans and set up trusts for Waukesha and Milwaukee residents. As the owner of Lillesand Leonhard Law LLC, she assists individuals and families with estate planning and creating trusts.

If your concern is planning for the future and protecting your family’s interests, her experience as a trusts attorney can help you achieve those goals.

Understanding Trust Types For Effective Estate Planning

Trusts involve a grantor (the creator), a trustee (the manager) and beneficiaries (the recipients). Different kinds serve different purposes. As your trusts attorney, Ashley can walk you through these options, explaining how they work in plain language and helping you choose the right trust(s) for your situation.

Here are some common trust arrangements in Wisconsin:

• Revocable living trusts: These flexible trusts can be changed or canceled as your needs change. It allows you to maintain control of your assets as long as you live.
• Irrevocable trusts: Irrevocable trusts offer protection for your assets and assist with avoiding probate.
• Special needs trusts: These trusts support loved ones with disabilities without affecting their government benefits.
• Testamentary trusts: Created through your will, these trusts take effect after your passing. They help manage assets for beneficiaries who might not be ready to handle them directly.

With Ashley’s guidance, you can set up a trust with a lawyer who values long-term security and protection of your assets.

How Trusts Aid In Asset Protection 

Trusts aren’t just about passing on wealth; they’re powerful tools for protecting your assets too. Some trusts, especially irrevocable ones, can shield assets from creditors, lawsuits and even some long-term care costs by moving them out of your direct ownership.

Revocable trusts also help avoid probate – the time-consuming, costly and public court process of settling your estate. With a revocable trust, your trustee can distribute assets according to your wishes without court involvement, saving time and preserving your family’s privacy.

Frequently Asked Questions About Wisconsin Trusts

Since trusts are a cornerstone of estate planning, it is important to learn as much as possible about them. The answers to some of the most common questions about trusts can provide you with clarity.

How do trusts fit into a comprehensive estate plan alongside wills and powers of attorney?

Trusts round out an estate plan with advantages such as asset protection, privacy and efficient management. They complement other legal documents by addressing different aspects of your estate planning needs. For example, a trust can allow you to decide how your assets are managed while living and after your death.

However, a will remains crucial for handling assets not included in the trust and appointing guardians for minor children. Powers of attorney authorize individuals to manage financial and medical decisions upon incapacitation, helping preserve your wishes in challenging circumstances.

Together, these tools form a cohesive plan that provides security and confidence for you and your loved ones.

What role does a trustee play, and how do I choose the right one?

A trustee is responsible for managing the assets in your trust according to its terms and for the benefit of the named beneficiaries. This often involves completing complex tasks such as investing assets, paying bills and distributing funds to beneficiaries.

Choosing the right trustee is crucial. They should be trustworthy, financially savvy and capable of handling complicated responsibilities. Many people select a close family member or a trusted friend, while others opt for an attorney or a professional fiduciary to serve as trustee.

What are the key differences between a will and a trust?

The primary difference lies in when they take effect. A will only becomes active upon your death and must go through probate, a public legal process. A trust, particularly a living trust, takes effect during your lifetime and allows for the management of assets both before and after your death.

Trusts offer greater privacy and can provide ongoing management for vulnerable beneficiaries such as minors or individuals with special needs. They are also useful in keeping assets out of the probate process.

How often should I review and update my trust?

Generally, it is recommended to have your trusts reviewed every three to five years. They also benefit from a review and update after major life events such as marriage, divorce, the birth of a child or significant changes in your financial situation. Regular updates can help ensure that your trust always reflects your current wishes and complies with Wisconsin laws.

Can I use a trust to protect my business assets in Wisconsin?

Yes, trusts can be an effective tool for protecting business assets. For example, a revocable living trust can ensure the smooth transition of business ownership upon your death, while an irrevocable trust can shield assets from creditors and provide tax benefits.

Consulting with an experienced Wisconsin estate planning attorney is essential to tailor a trust to your unique business needs.

Are there any specific Wisconsin laws I should be aware of when creating a trust?

Wisconsin has unique laws governing trusts, such as choosing not to adopt the Uniform Trust Code, which most states follow. Instead, Wisconsin follows its own rules such as providing potential probate shortcuts for small estates.

For instance, heirs can use a small estate affidavit if the total probate estate is valued at $50,000 or less (Wis. Stat. § 867.03). Alternatively, a summary settlement may apply if the estate’s value is $50,000 or less and certain conditions are met (Wis. Stat. § 867.01). These options may reduce the need for a trust solely to avoid probate.

What are the costs associated with setting up and maintaining a trust in Wisconsin?

There are no set costs for creating a trust – it can vary depending on your needs and the trust’s potential complexity. On average, setting up a trust can range from $1,000 to several thousand dollars or more.

Maintenance costs may include trustee fees, accounting expenses and legal fees for updates or administration. While these costs may seem substantial, the benefits trusts provide, including probate avoidance, control and peace of mind, typically outweigh the expenses for most individuals and families.

Protect What Matters Most With A Trusts Attorney

Trusts are just one part of your estate plan. They work alongside other tools like wills as well as powers of attorney. Partnering with a Waukesha trusts attorney from Lillesand Leonhard Law LLC, ensures you have the right combination of these tools to protect what you’ve built.

Start the process with a free consultation. Call 414-488-6511 or reach out via this online form. Ashley’s estate law firm is located in Waukesha.