While there are many benefits associated with a living trust in Madison Wisconsin, many people continue to overlook this during the estate planning process. Not only is this one of the best ways to help your loved ones avoid probate, but it provides a variety of benefits both before and after death.
With all this in mind, you may be intrigued at the thought of creating a living trust. In this case, the best thing you can do is speak with an experienced Madison estate planning attorney about the pros and cons, including whether or not this is best for somebody in your position.
Living Trust in Madison Wisconsin
Here are five living trust related questions you need to answer before moving forward:
1. What is the difference between a will and a living trust? Many people think these are one in the same, however, this is not true. A trust is the perfect option for people who are concerned with privacy, while also wanting to ensure that probate is avoided.
2. Do I need a living trust? There is no requirement stating that you must create a living trust. Living Trusts is something more and more people are doing however in order to provide the ultimate gift to their loved ones. However, a will is better than no plan at all.
3. Can I create a living trust on my own? You may have the option to do so, but it is always best to work one on one with an experienced estate planning attorney. This will ensure that the proper documentation is filed and that your living trust is 100 percent legal and accurate.
The last thing you want to do is make a mistake that could cost your heirs time and money in the future or worst yet do something that is not consistent with your wishes.
4. How much does it cost to setup a living trust? It is easy to believe that this is an expensive process. In the overall scheme of things the fees associated with this plan are very reasonable if you work with the right estate planning attorney.
5. Does a Living Trust Ensure privacy? In Wisconsin, people dying with wills and going through probate are exposed to the internet. It is free to go on line to look up the size of the estate of anyone going through probate and also to see what has been filed within this court process. Privacy is an issue that is very important to many people especially in Wisconsin and for good reason. Having this information available on-line exposes the estate to conflict and the beneficiaries to solicitation. With a Living Trust, there is no requirement to file it with the court and everything is completely private.
To schedule your free estate planning consultation with us, go to KH-LAW.net.