Wills vs. Trusts
Deciding whether you need a will, a trust, or both can be complicated. A Wisconsin estate planning lawyer can help you establish an appropriate estate plan for you and your family.
A will is a legal document that designates who is to receive at least some of your assets after death. You can also name a guardian for minor children in a will. Since the probate court oversees that wills are carried out as written, the contents of a will become part of the public record. Some families consider the court costs and public nature of wills disadvantages. Wills must be created properly to stand up in court. Receiving the assistance of a Milwaukee will and trust attorney ensures your will is legally valid.
Since there are many different types of trusts, you’ll need the assistance of Wisconsin trust attorney to find the right one for you. A trust is a vehicle in which assets are placed to be managed by a trustee. A trust names at least one beneficiary who is to receive your property. The trust also designates how and when the property is to be distributed.
Trusts are classified as revocable or irrevocable. A revocable, or living, trust can be modified or dissolved during your lifetime. An irrevocable trust cannot be altered. Many living trusts are set up to become irrevocable at death. Trusts have the advantage of typically avoiding the costly and time-consuming process of probate, which keeps your affairs private. A disadvantage of trusts is they cannot be used to name a guardian for children.
It’s never too early or too late in life to protect yourself, your family’s future, and your assets with an estate plan. McLario Helm Bertling & Spiegel S.C has been helping families with their estate planning needs for more than 60 years. Begin your journey towards peace of mind with us today.
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