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What is The Minimum Amount of Assets Needed to Form a Trust in Wisconsin?

Attorney Thomas B. Burton answers the question about what minimum amount of assets are needed in order to form a Revocable Living Trust in Wisconsin and discusses some of the common reasons people use Revocable Living Trusts as part of their estate plans.

Transcript of Video: What is the Minimum Amount of Assets Needed to Form a Trust in Wisconsin?

Today's question what is the minimum

assets required to form a revocable

living trust this is a question I get

asked all the time clients come to me

and they wonder how much money do I need

to have before I can form a trust the

answer is there's no minimum amount

assets need to form a trust there's many

good reasons to form a trust some having

to do with the estate and tax planning

others having to do with probate

avoidance and avoidance of guardianship

that have little to do with the amount

of asset however in general in Wisconsin

if you have over $50,000 in probate

assets meaning assets that would

otherwise pass under a will and go

through the probate court system a trust

can benefit you because a trusts putting

the assets in the trust can bypass

probate a will alone will not allow you

to opt out a probate properly funded as

it's held in a trust and assets which

will not pass through probate can bypass

probate completely and again in

Wisconsin anything above $50,000 has to

go through the probate process there's a

simplified process for very small assets

and accounts below 50,000 but for many

people if you own real estate and it's

worth more than $50,000 that asset is

going to have to go through probate a

at death unless you have it held in some

other form of title or in a properly

funded trust

so to recap there's no minimum level of

assets you need for a trust but that

$50,000 of probate assets when you get to

that level it's a good reason to look at

a trust to bypass probate and ease the

administration of your state after your

death. Great question and thank you for


© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

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