Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
A Wisconsin Living Trust — Revocable, also known as a revocable living trust or a revocable trust, is a legal arrangement established by an individual, referred to as the granter, to manage their assets during their lifetime and dictate their distribution after their death. This type of trust is popular in Wisconsin and offers numerous benefits such as avoiding probate, enhancing privacy, and providing greater control over assets. In a Wisconsin Living Trust — Revocable, thgranteror transfers ownership of their assets, such as real estate, bank accounts, investments, and personal property, into the trust. The granter retains full control over the assets and can make changes or revoke the trust entirely at any given time. The trust is revocable because it can be altered or terminated by the granter as they see fit. There are various types of Wisconsin Living Trusts — Revocable that cater to specific needs and circumstances: 1. Individual Living Trust: This is a trust created by a single person, allowing them to manage their assets and designate beneficiaries to receive the assets upon their death. 2. Joint Living Trust: Created by a married couple, this type of trust allows both spouses to combine their assets into a single trust, providing shared control and management. In the event of the first spouse's passing, the surviving spouse retains control over the trust assets. 3. Testamentary Living Trust: This type of trust is not established until the granter's death and is specified in their last will and testament. It allows the assets to bypass probate and offers flexibility in distributing the assets among beneficiaries. 4. Special Needs Trust: A special type of Wisconsin Living Trust — Revocable designed to provide ongoing financial support for individuals with disabilities while allowing them to maintain eligibility for government assistance programs. 5. Charitable Living Trust: Created to support charitable organizations or causes, this trust allows the granter to designate specific assets or a portion of their estate to be donated to a charity of their choice. In summary, a Wisconsin Living Trust — Revocable is a flexible estate planning tool that allows individuals to manage and control their assets during their lifetime and determine their distribution after death. Whether it's an individual living trust, joint living trust, testamentary living trust, special needs trust, or charitable living trust, Wisconsin residents have various options to tailor their trust to their specific objectives and needs.
