Wills and Trusts Attorney in Wauwatosa, Pewaukee, Shorewood and Milwaukee
Estate planning is not just for the wealthy or elderly – it’s a crucial step for anyone who wishes to protect their loved ones and ensure that their wishes are fulfilled after they pass away. At Collins Law Firm, we assist individuals and families in Wauwatosa, Pewaukee, Shorewood, Milwaukee and surrounding areas – including Whitefish Bay, Fox Point, Mequon, Cedarburg and Greendale – to create clear and personalized estate plans based on two fundamental tools: wills and trusts.
While wills and trusts are often discussed together, they serve different purposes and operate according to different rules. It is important to understand these differences and how they work together to create a comprehensive plan that ensures security, avoids unnecessary delays, and meets your specific goals.
Wills vs. Trusts: Knowing the Difference
One of the main differences between a will and a living trust is when they come into effect:
- A will becomes active only after your death. It specifies how your assets will be distributed, names a person to manage your estate, and allows you to appoint guardians for your minor children.
- A living trust becomes active as soon as it’s created and funds are transferred. You can manage the assets through the trust while you’re alive and make changes as your circumstances change. After your death, the trust will continue to operate without court involvement.
Because of these differences, many clients benefit from having both a will and a trust as part of their estate planning. At Collins Law Firm, we understand that no two families are the same, so we do not offer one-size-fits-all solutions. Instead, we take the time to understand your unique family structure, assets, and long-term goals to create a personalized plan that meets your specific needs.
The Importance of a Well-Drafted Will
A last will and testament is one of the most important legal documents you can create. If you don’t have a valid will in place, Wisconsin law, not your personal wishes, will determine who inherits your property. This can lead to unexpected outcomes, family conflicts, and additional stress during a difficult time.
With a properly executed will, you can:
- Name the people or organizations that will inherit your assets.
- Appoint a trusted person to manage your estate.
- Designate a guardian for any minor or dependent children, which is a critical consideration for young parents.
- Specify final arrangements and leave personal messages for loved ones.
Your will will need to go through probate, which is a court-supervised process to validate the document and ensure that debts are paid before assets are distributed. Although probate provides some oversight, it can be time-consuming, public, and expensive. That’s why many people choose to pair their will with a trust in order to minimize the amount of paperwork that needs to go through the probate process.
At Collins Law Firm in the Milwaukee area, our attorneys will guide you through every step of the process, from choosing beneficiaries to ensuring that your documents comply with Wisconsin law. This ensures that your intentions are clearly documented and can be legally enforced.
The Power and Flexibility of a Living Trust
A revocable living trust provides significant benefits, especially for individuals seeking privacy, efficiency, and control over their estate. Unlike a will, which requires probate, a trust avoids this process. Assets held in a trust transfer directly to named beneficiaries in accordance with the creator’s instructions, often within weeks or months instead of the 6-18 month probate process.
The main advantages of a revocable living trust are:
- Avoidance of probate in Wisconsin and other states where you own property
- Privacy: Trusts are not public records and remain confidential
- Continuity of management: In case of incapacity, your successor trustee will take over smoothly, avoiding the need for court-appointed guardians
- Flexibility: You, as the grantor, can act as your own trustee and manage assets, amend or revoke the trust while you’re alive and capable
Trusts also allow you to set conditions for distributions, such as providing for a child’s education or delaying inheritance until a certain age. This offers greater control than a simple will.
Why Many Families Choose Both a Will and a Trust
While a trust handles most major assets, a “pour-over” will act as a safety net in a comprehensive estate plan. This type of will ensures that any assets that are accidentally left out of the trust at the time of your death will be “poured over” into the trust through probate, so nothing falls through the cracks.
In addition, a will can only be used to:
- Name a guardian for minor children
- Address personal items not specifically listed in the trust
- Appoint an executor for any remaining probate assets
For these reasons, Collins Law Firm typically recommends a combined approach: a revocable living trust for efficient asset transfer, paired with a will for completeness and legal backup.
Personalized Estate Planning for Southeastern Wisconsin Families
At Collins Law Firm, we understand that estate planning is a deeply personal process. Whether you are a young parent, retiree, small business owner, or caring for aging parents, our team takes the time to listen to you, explain your options clearly, and create a plan that provides you with confidence and peace of mind.
Our goal is not only to prepare documents, but also to provide you with a plan that will protect your family both today and for future generations.
Complimentary Estate Planning Workshops
Take Control of Your Legacy—Start Planning Today
Don’t leave your family’s future to chance. By creating a solid estate plan, you can ensure that your values, wishes, and loved ones are protected, no matter what life throws your way.
In the end, trusts and wills do serve different but similar purposes, so there is an advantage to having both. Collins Law Firm can help with a full estate planning package that ensures you and your loved ones are covered. Call 414-207-6292 to get started today.
Common Wills and Trusts FAQs
The most fundamental difference is when they take effect and what they control. A Will is a legal document that expresses your wishes for the distribution of your assets and the guardianship of minor children after your death. It only becomes active upon your passing and must go through the probate court process. A Trust (specifically, a Revocable Living Trust) is a legal entity you create during your lifetime that immediately holds ownership of the assets you transfer into it. It provides for the management of those assets both during your life, in case of incapacity, and after your death, typically avoiding probate.
Yes, absolutely. Even with a comprehensive trust, a “Pour-Over Will” is a critical, backup component of your estate plan. This type of Will acts as a safety net, ensuring that any asset you accidentally left out of your trust (or acquired and forgot to transfer) is “poured over” into the trust upon your death so it can be distributed according to the trust’s terms. More importantly, a Will is the only legal document where you can formally nominate a guardian for your minor children, making it indispensable for parents.
In Wisconsin, a Will, by its nature, must be submitted to the probate court to be validated—this is the probate process. The court oversees the appointment of your named executor, ensures creditors are notified, and ultimately approves the transfer of your probate assets (those held solely in your name) to your beneficiaries. While some estates may qualify for simplified procedures, the Will itself is the primary document that initiates and guides this court-supervised process.
Yes, a primary benefit of a funded Revocable Living Trust is avoiding probate. This works because when you create the trust, you legally transfer the ownership of your assets (like your home, bank accounts, investments) from your individual name into the name of the trust. Since you no longer personally “own” these assets at the time of your death (the trust does), they are not part of your probate estate. Your successor trustee can then manage and distribute them directly to your beneficiaries as instructed in the trust document, privately and without court involvement.
If you have a standard Revocable Living Trust, you remain in complete control. You are the grantor (creator), the initial trustee (manager), and the beneficiary during your lifetime. You can buy, sell, invest, and use the trust assets just as you did before. You can also amend or revoke the trust at any time as your wishes or circumstances change. The “living” and “revocable” aspects mean it is a flexible tool for managing your affairs, not a relinquishment of control.
A comprehensive plan using both instruments provides layered protection and efficiency. A Trust offers probate avoidance, privacy, immediate incapacity planning, and efficient asset management. A Will provides the essential guardianship nomination for minor children and acts as a catch-all for any overlooked assets. Together, they create a cohesive plan that covers virtually all scenarios, reduces the burden on your family, ensures your wishes are followed, and provides peace of mind.