Milwaukee Estate Planning Attorney for Wills and Trusts

Experienced Estate Planning Lawyer Creating Wills in Milwaukee, WI

Regardless of your age, it is important to plan for the future. With an estate plan, you can provide instructions for what you wish to happen after you die, and you can also make sure you and your loved ones will be protected financially. Wills and trusts are fundamental components of a comprehensive estate plan that can help you manage your assets and transfer your estate to your beneficiaries. At Mallery s.c., we help clients in Milwaukee understand and implement effective estate planning strategies, ensuring their wishes are honored and their loved ones are protected.

Understanding Wills

Your last will and testament outlines how your final affairs will be handled after your death. It can address a variety of issues, including:

• Distribution of assets: In your will, you can detail how you want your property to be distributed among your heirs. You can make decisions about who will receive different assets, including real estate, bank accounts, and personal belongings. This can ensure that your assets will go to the people or organizations you choose.
• Appointment of guardians: As a parent, your will can designate a guardian who will provide care for your children if you die unexpectedly. This is a critical decision that ensures your children will be looked after by someone you trust, such as a family member or a close friend.
• Executor appointment: In your will, you will name an executor who will assume control of your estate after you die. This person will manage your final affairs and distribute your assets based on the instructions you have provided. Choosing a trustworthy and capable executor is essential for the smooth administration of your estate.
• Funeral and burial instructions: You can include specific instructions regarding the disposition of your remains and the ways your memorial service or other proceedings will be handled. This can ensure that your final wishes will be respected.

Understanding Trusts

With a trust, one party (the trustee) will hold and manage assets on behalf of one or more other parties (the beneficiaries). When you transfer assets to a trust, you will no longer own them, and you can provide specific instructions for how they should be managed by the trustee and distributed to different beneficiaries. There are several different types of trusts that serve various purposes, including:

• Living trusts: You may choose to create a revocable trust during your lifetime, and you will be able to make changes or revoke the agreement altogether at any point. You may serve as the trustee, which will allow you to manage your assets and distribute them to different beneficiaries, including yourself if you choose. A successor trustee will assume control of the trust after your death or incapacitation and ensure that your wishes are followed when distributing assets to your beneficiaries.
• Testamentary trusts: You may make provisions to establish a trust in your will. This trust will take effect upon your death, and it can be used to provide for minor children, manage assets for beneficiaries who may need financial assistance, or address other specific needs.
• Asset protection trusts: You may establish an irrevocable trust that will remove assets from your control and ensure that they are used according to your instructions. Certain types of trusts are designed to protect your assets from creditors and legal claims. They can help ensure that your beneficiaries will have the financial resources they need, no matter what may happen in the future.
• Special needs trusts: These trusts may be used to provide for a beneficiary who is disabled without affecting their eligibility for government benefits. This can ensure that a loved one will receive additional support while qualifying for financial assistance that will address specific needs.
• Charitable trusts: You can use trusts to support non-profit organizations or other causes you believe in while enjoying potential tax benefits. These trusts can be structured to provide income to your beneficiaries during their lifetimes, with the remaining assets going to charity upon their death, or you can make regular donations for a certain period of time and then distribute the rest of the assets in a trust to specific beneficiaries.

Benefits of Trusts

Trusts offer several advantages, including:

• Avoiding probate: After your death, your executor will go through the probate process, filing your will in court and documenting how assets are distributed to your beneficiaries. However, assets held in a trust are distributed to beneficiaries outside of probate, allowing for faster and more private distributions.
• Managing and protecting assets: Trusts can be used to ensure that assets will be managed correctly and used for specific purposes. This can provide protections for beneficiaries who are minors, have special needs, or are not capable of managing financial issues responsibly.
• Reducing taxes: Certain types of trusts can provide tax benefits. Transferring assets into a trust may reduce the value of your estate, which may help reduce or eliminate estate taxes and prevent financial burdens for your beneficiaries.
• Ensuring long-term care: A living trust can be used to ensure that there are funds available for your long-term needs or those of your beneficiaries, providing you and your family with financial security and peace of mind.

Contact Our Milwaukee, Wisconsin Wills and Trusts Attorneys

At Mallery s.c., we understand the importance of thoughtful estate planning, and we are dedicated to helping our clients create comprehensive plans that protect their assets and honor their wishes. If you need to create or update a will, or if you want to know more about the best ways to use trusts to benefit yourself and your family, our experienced attorneys are here to guide you every step of the way. Contact us at 414-271-2424 to arrange a consultation and learn how we can assist you with your estate planning needs.