What is a Revocable Living Trust in Wisconsin?

Attorney Thomas B. Burton answers the following question: What is a Revocable Living Trust in Wisconsin? Attorney Burton answers this question and discusses how a revocable living trust works to protect you and your assets both during your life and after your death.


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Transcript of Video: What is a Revocable Living Trust in Wisconsin?

Today's question is the following what is a revocable living trust in Wisconsin

so this is a great question and one I see come up frequently in my estate planning

practice here at my office so when I'm sitting

down with clients I often say a good way to think about a revocable

living trust is it's like setting up a company for

your assets and personal affairs that will outlive

you so if you think about a company like

Walmart or Target or some other publicly traded

company like Exxon Mobil or something that company has existed for decades

and it will continue to exist if it keeps going

in business beyond the current tenure of whoever is the CEO

right now for instance Sam Walton started Walmart

but Walmart is still going after Sam Walton's death

Why? that's because a corporation like Walmart

has in theory a perpetual life it can keep going as long as it's making money

and staying in business the same with your revocable living

trust you set it up during your life and the reason we call it revocable

means you are free to change it during your life at any time you wish

and it's a living trust meaning it's during your lifetime

but the trust can be set up to continue both during your life and after your

death for whatever period of time is

appropriate so a lot of revocable living trusts are set up to go

during your life and after death and then wrap things up a year or two

after you're gone but some trusts can be set up to go

for a long time let's say you have a child with special needs that needs

care or to care for your pets or minor children

so it just depends on your specific situation how long the trust goes

but in general to form a revocable living trust in Wisconsin

you work with a qualified estate planning attorney

we talk about your wishes and desires and then you need to

draft the trust document and sign it in Wisconsin all that's required to form

a trust is that you sign it at my office I usually have you execute it

in front of a notary public because this is something banks and

other institutions you may deal with like to see but it is not strictly

required to be legal you simply need to sign the

trust this is another reason a trust can be a

great estate planning what we call a will substitute instead

of a will you can have all your assets pass

under a revocable living trust and avoid probate upon your debt

and also provide incapacity protection during your lifetime so another

important benefit to revocable living trust

is that not only can it help you after you're gone

but let's say you're alive but incapacitated with a health

condition you can have your successor trustee take over and manage your

property and affairs while you're in poor health and then you

can resume those duties when you recover and

it's very seamless with a revocable living trust and the banks and financial

institutions are used to working with trustees under trust documents

so great question about how to form a revocable living

trust in Wisconsin and thank you for asking!

© 2020 Burton Law LLC. 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 the office.

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