If you answered yes to either of these questions, there are several important steps you need to take. While you may be able to answer some questions on your own, it never hurts to get the assistance of a trust lawyer.
Upon reaching out to a Wisconsin trust lawyer, you’ll find that you are in better position to understand what you’re doing, how to move forward, and most importantly, how to avoid serious mistakes.
Now that we have that out of the way, it’s time to focus on some of the most important questions you can ask a Wisconsin trust attorney. While you have the right to discuss anything that’s on your mind, there are a few questions that come up time and time again. Let’s take a closer look at these:
- What are the benefits of creating a trust, as opposed to relying on a will? A lawyer can lay out the pros and cons of both strategies, including the benefits associated with a trust. There are many of these, such as the fact that a trust allows your assets to avoid probate. Along with this, it adds another level of privacy to your estate plan.
- Is it true that it costs more money to create a trust than a will? This is a difficult question to address, because it depends on many factors, but the basic answer is yes. However, you need to remember one thing: you may spend more money upfront, but it will help your heirs save cash in the future. If you’re looking down the road, you need to realize that a trust may be the best decision from a financial point of view.
- How long does it take to create a trust? Once again, this depends on many factors, such as how many assets you want to add to the trust. In short, creating a trust typically takes longer than the creation of a will. But remember, moving quickly isn’t always a good thing. Sometimes, the process that takes longer is the one that will benefit you most in the end.
- What happens during the trust administration process? If you’re faced with the task of administering a trust, you know that there are many steps involved. Not only do you need to contact the beneficiaries, but you’re also responsible for many accounting related details. On top of all this, there’s plenty of court related paperwork to file.
- What are the different types of trusts? It’s easy to believe that all trusts are the same, but nothing could be further from the truth. There is more than one type. For instance, you may be interested in a revocable living trust while somebody else wants to learn more about an irrevocable living trust.
Open Up to an Attorney
The more questions you have for a Wisconsin trust attorney the better off you will be. This doesn’t mean you want to waste your time on details you have already figured out. But it does mean that you want your legal team to provide you with the guidance and advice you require during this important time in your life.
When you open up to an attorney, you’ll find it much easier to understand what you should and should not be doing. Furthermore, you know there is always somebody on your side who can answer your questions and point you in the right direction.
Are you wondering if now is the best time to create a trust? Are you wondering if you need to spend more time on the estate planning process? If you find yourself in this position, it’s better to be safe than sorry.
To ensure that you’re on the right track, download our report entitled “Fifteen Common Reasons To Do Estate Planning.”
Once you have this in hand, you’ll better understand why you need to create an estate plan right now. You will also come across information that helps you move forward, regardless of what you hope to accomplish.
You can never go wrong by creating a comprehensive estate plan. This is something you need on your side!