Understanding The Differences Between A Will And Trust
Although wills and trusts are both legal instruments that can be used to establish a sound estate plan, they are not interchangeable. At Cramer, Multhauf & Hammes, our attorneys can help you identify the tool that best suits your needs and achieves your objectives.
Our estate planning legal team is eminently qualified to educate you on your legal options. Our attorneys share nearly nine decades of experience in this field and have assisted thousands of Waukesha residents with all facets of this process. When you choose to work with us, you benefit from our wise counsel and tailored representation.
How You May Benefit From A Trust
Wills and trusts can be used to streamline the inheritance process and may help your beneficiaries avoid probate. If you write a will, your beneficiaries will need to wait until your passing before they receive their inheritance. If you create a trust, however, your loved ones can receive assets and property during your lifetime.
In Wisconsin, a will must be filed with the county’s probate office even if your estate does not need to go through the formal probate process. The terms in your last will and testament are then entered into the public record, available for anyone to access. On the other hand, trusts are not required to be probated, ensuring that this document remains private.
A properly structured trust can also be used to shield assets from creditors, limit tax obligations and strengthen your control over how your assets are distributed and utilized.
These are just a few of the advantages associated with this estate planning tool. When you consult with our lawyers, they will explain other benefits and help determine which trust can help you accomplish your goals.
The Advantages Associated With A Will
Trusts can be structured to provide funds for special needs children, charities and pets; however, these legal entities cannot appoint a guardian for your child. If you have small children, it is critical that you create a will that assigns caregiving and financial responsibilities to trusted adults.
There are a variety of factors that need to be considered when selecting the appropriate legal tools for your estate plan. When you meet with us, we give you an honest assessment of your choices so that you understand the advantages and drawbacks associated with each tool.
Speak With A Skilled Attorney Today
We are eager to help you find the legal solution that protects your loved ones, your assets and your legacy. Please email or call 262-542-4278 to arrange a consultation with a seasoned estate planning lawyer.