You’ve heard of estate planning and living trusts, but perhaps you think a will is enough. Or perhaps you think that living trusts are only for the wealthy or those with complicated estates. Should everyone have a trust in Wisconsin? In truth, at Collins Law, we say the answer is yes. There are a lot of reasons why a living trust makes sense for pretty much every estate plan. Let us explain.
Do You Need a Trust Even if You Don’t Have a Lot of Money?
Yes, absolutely. In fact, for some it may be even more important if you don’t have a lot of money. The reason is probate. When you pass, you want to set up those you leave behind as well as you possibly can. Not even just for their own lives but also so that your death doesn’t become a burden on them.
Funerals, burial, cremation, funeral home services, and the rest can all extract a terrible cost from a mourning family. All the while, your money, even if it isn’t a lot, will be tied up in probate, leaving your family with the bill. A living trust can ensure that all of those expenses can be paid for right away.
How a Trust Gives You Greater Control Over Your Assets
A will is a document that is usually enforceable, but it can be contested, and it provides little control over how money and assets are distributed beyond just saying who gets what. Some would prefer more control than that.
With a living trust, you can set up care for those you leave behind, decide how money and assets are distributed and when, and even provide money for certain events or milestones such as the wedding of a child or grandchild.
What About Estates Worth Less Than $50,000
Keep in mind that most estates in Wisconsin are worth more than $50,000 once you factor in all the assets including the home. Regardless of that though, you may have heard that in Wisconsin probate is hastened and also made more affordable for estates worth less than $50,000. This is true, however, it only applies if you were survived by a spouse or a minor child. Additionally, it still does take time, and it may not be time that you want as part of the equation after you pass.
Read More: How a Living Trust Preserves Your Privacy
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