Owning property in multiple states can complicate the estate planning process. The best way to protect your property and save your loved ones time, expense, and stress after your death is by establishing a revocable living trust. This estate planning option will save your beneficiaries from having to go through the probate process in Wisconsin and other states where you hold property.
An estate planning attorney with Peterson, Berk & Cross, S.C. can advise you on creating this type of trust and help with any other estate planning needs you may have.
What Is a Revocable Living Trust?
A revocable living trust is an estate planning arrangement that allows you to put your property, money, and other assets into a trust that you control while you are alive. You can alter, amend, or revoke this trust and its terms at any time.
Like a will, the trust can also dictate what happens to your property after you die. Upon your death, management of the trust passes to the trustee you have named, who will distribute your estate to your beneficiaries according to your wishes.
According to the U.S. Consumer Financial Protection Bureau (CFPB), one of the advantages of a revocable living trust is that it allows your estate to avoid going through probate. Probate is the court-supervised process of distributing a deceased’s assets, and it is required for most wills. When you own property in multiple states, it can result in multiple probate proceedings, which can be costly and time-consuming for your beneficiaries.
Other Ways You Can Help Your Estate Avoid Probate
There are other ways you can plan your estate to protect property in multiple states, but they are not as comprehensive as a revocable living trust. Other options include:
- Holding property as joint tenants with a right of survivorship – If you include your spouse on property deeds with a right of survivorship, the property will pass to your spouse upon your death without probate or a specific directive in your will.
- Establishing Transfer on Death (TOD) deeds – Many states (including Wisconsin), but not all states, allow for TOD deeds. TOD deeds take effect when you die, and transfer the property to the ownership of the person named on the deed. To be binding, TOD deeds must be signed, notarized, and filed with the Register of Deeds in the county where the property is located.
Whatever method you choose to safeguard your properties, make sure you review your estate plan often and make changes as needed. Additionally, ensure that you establish your main home as your primary residence, as this can affect taxes and legal proceedings.
Do You Need an Estate Planning Attorney?
Working with an attorney can help you make an estate plan that is thorough and legally binding. A lawyer can answer any questions you have about estate planning and advise you on the best ways to protect your assets and your family.
Estate planning attorneys with our law firm can assist with:
- Creating revocable living trusts, irrevocable living trusts, and special needs trusts
- Creating wills
- Elder law and elder care planning
- Assigning powers of attorney to handle health care, financial, and property decisions in your stead if necessary
Contact Peterson, Berk & Cross, S.C. About Your Estate Planning Needs
You have worked hard for what you have, and you deserve to have your efforts protected. Peterson, Berk & Cross, S.C. can handle all of your estate planning needs. If you have properties in multiple states, we can advise you on options that will help you avoid probate and ensure a smooth transfer to your intended beneficiaries.
To learn more about how we serve you, contact us online or call now to connect with our estate planning lawyers serving Wisconsin.