Attorney Thomas B. Burton discusses the minimum amount of money necessary to form a Revocable Living Trust in Wisconsin.
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Transcript of Video: How Much Money Do I Need to Form a Revocable Living Trust in Wisconsin?
How much money do you need to have to
form a revocable living trust? I get
asked this question quite often. The
answer; there is no minimum or maximum
amount to where it makes sense to think
about revocable living trust it just
depends on each situation and what
you're trying to do. Now in Wisconsin for
any estate worth more than $50,000 it
must go through a formal probate process.
if you have an estate valued at less
than $50,000 of probate assets there is
a more simplified process that might be
possible for your estate to go through
but for most people if they own a home
or any other real estate they're often
over that $50,000 limit. Whether you want
to form a revocable living trust or not
comes down to other factors including
your thoughts on privacy whether you
want to avoid probate or not and whether
you want to plan to avoid a guardianship.
Watch my other videos for some of the
top reasons people form revocable living
trusts but the short answer is there
minimum asset level needed for a
revocable living trust? No. Are they
just for wealthy people? No. There's lots
of good reasons to form a revocable
living trust and it's a case-by-case
basis whether it makes sense for you.
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Transcript and captions provided for ease of access for the hearing impaired.