Have you prepared an estate plan?

What is a will?

A Will is a written document that accomplishes three primary tasks:

  1. Directs the distribution of your property after your death
  2. States who will care for and distribute your property
  3. If you have minor children or a child with special needs, it names someone to care for them

 

What happens if you die without a Will?

If you die in Wisconsin without a Will, state law directs the distribution of your property, regardless of your wishes or intent ant the time of your death.

 

What is a Revocable Living Trust?

The primary feature of a Revocable Trust is that the property placed into the trust is held and managed by an individual called a trustee, for the benefit of another person or persons called the beneficiary. A revocable living trust can also be referred to as a "living trust" or "revocable trust"

A revocable trust:

  • Can’t save you income taxes
  • Won’t reduce estate and other death taxes more than any other estate-planning tool
  • Doesn’t protect against creditors claims after you die
  • Doesn’t eliminate the need for a will
  • Doesn’t eliminate the possible need for a durable power of attorney
  • Won’t help you avoid nursing home costs

 

There are also other kinds of Trusts including Special Needs Trusts and Irrevocable Trusts