What is a trust?
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What is a Trust? The most basic way of explaining what a trust is, is when one person gives property to a second person, not for the second person to own, but for them to use on behalf of a third person. So if you say, when I die, I want my sister to be in charge of all of my money for my kids, that concept is what a trust is.
There's a lot more complexity that we can put into it. We have got a lot of flexibility and tools that we can use along with that, but that is the basic idea - is simply that that one person is holding assets for the benefit of someone else.

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This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Want to know more about Estate Planning, schedule a free consultation with us.

How is an Estate Plan the only way to avoid probate?
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There's a number of different strategies when it comes to avoiding probate. The basic concept is that any asset that does not have an automatic trigger to transfer to a new person is a probatable asset. So, if you have a house that's in your name and that's all you've done, that house becomes a probatable asset.

There are a number of techniques and tactics that you can use to have those assets automatically transfer. And a combination of those are usually what constitutes an estate plan. Once you've come up with a strategy on how you want to make those transfers, going through the process of making sure that all of your assets do transfer without going through probate, whether that is a beneficiary designation or joint ownership or putting the assets into something like a trust, is essential.

We support you in figuring out the method and technique that works best for you and your assets and your families on how those assets should transfer so that they don't have to go through the probate process. ​If you would like to know more about the topic, just reach out for a Free Consultation. We can help.

This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Want to know more about Estate Planning, schedule a free consultation with us.

How does a prenup fit an estate plan?
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We actually call it a marital property agreement because it can happen before or after you get married, and they're equally valid either way. 
​The marital property agreement determines what is going to be considered to be your assets. An estate plan says what happens to my assets when I die. So there are two different pieces of it, but it's really important that they work well together. 

So if you have an estate plan that says I want all of my property to go to my children that were from a previous relationship and my spouse has children from a different relationship, that's part of it. But it hasn't figured out what you mean when you say all of my property. It may not be what you think it is because in Wisconsin, everything that you own and everything that your spouse owns is presumed to be equally owned by the both of you. So it's important if your intention is, especially in a blended family, if your intention is for your assets to go to someplace that's different from where your spouse's assets would go that you have some sort of agreement in place to figure that out.
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If you would like to start a conversation about this, just reach out for a Free Consultation. We can help.

This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Want to know more about Estate Planning, schedule a free consultation with us.

What does a Personal Representative do?
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A personal representative is in charge of handling all the affairs of the estate. What that means is they gather all the assets, figure out what debts there are, make sure that the debts are paid off, Then, from there, they have other requirements on what they're allowed to do and what they're not allowed to do.

A personal representative does not decide who gets to inherit from the estate. If someone has a will that says 50% goes to each of my kids, the personal representative doesn't get to change that. They do, however, get to decide what makes up that 50%. So if half the estate is in cash and half is in real estate, they can decide what to do with that. Does the house get sold and the cash divided? Does the house get given to one or both of the beneficiaries?

​There are some decisions that the personal representative gets to make, but they have a responsibility to the estate and to the beneficiaries of the estate to act in a proper way and to look out for the best interests of the beneficiaries. So they're bound by what's called a fiduciary duty to look out for the best interests of the beneficiaries.

​If you would like to know more about the topic, just reach out for a Free Consultation. We can help.

​This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Want to know more about Estate Planning, schedule a free consultation with us.

What is Personal Representative?
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PR stands for personal representative. This is the person who has been appointed by the court to be in charge of an estate that's going through the probate process.
A will, will often nominate a personal representative, and a lot of times that person has the impression that they're allowed to start acting on behalf of the estate as soon as the person has passed away. A document like a will can only nominate a personal representative. That person does not have any authority until the court actually appoints them. So, a personal representative is nominated in the will, but is appointed by the court to act on behalf of the estate and handle all the affairs of the estate.

If you would like to know more about the topic, just reach out for a Free Consultation. We can help.

This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Want to know more about Estate Planning, schedule a free consultation with us.

What is the difference between a trust and a will?

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This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Want to know more about Estate Planning, schedule a free consultation with us.

So what is the real difference between a trust and a will? Both legal documents that can be used to transfer assets, but the methods that they use and the court involvement that's required is very different. A will is a set of instructions to the probate court. So, it's only ever going to be involved when an estate is already going through the probate process.

​A trust is set up to be entirely out of court and it can function in a very similar way where you say in a trust who you want things to go to, under what conditions, who's going to be in charge of things, who's involved in administering everything. A trust has some advantages in that it stays out of the court process, and it's got a lot more flexibility - you can have the trust go for a longer period of time - while a will only governs for a short period of time after you've passed away.
Also, once all the assets are handed out, a trust can last for the entirety of, for example, a child's childhood and can last as long as it needs to stay open. So, they can be similar and function, but they get there in very different ways.

This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Contact an attorney for more information. Book a Free Consultation here.

​Wisconsin Intestate Succession statutes state that when someone dies without a will, the deceased spouse or legal domestic partner is considered next of kin. After that, children receive priority as the next of kin to inherit the estate. If there is no spouse, or no children, the estate goes to the deceased’s parents, then siblings. However, Intestate Succession only follows bloodlines and legal relationships. If you want someone who isn’t legally related to you to inherit something, you’ll need to set it up.
 
According to the U.S. Census, in 2019, the number of unmarried partners living together in the U.S. had nearly tripled in two decades from 6 million to 17 million, representing 7% of the total adult population. If couples are not married and are not legal domestic partners (requires signing and filing a declaration of domestic partnership with the county registrar of deeds), they need to cover their bases if they want their partner to inherit their estate if they die.
 
The following checklist can help individuals and couples to start thinking about their estate, which includes financial assets, real estate assets, and all belongings. No matter how much or little people think their estate is worth, these steps will ensure a loved one is not left out of the picture if their partner were to pass.
 
The Basics: Beneficiary Status and Rights of Survivorship
A formal estate plan (that is, a pile of paperwork from a lawyer) is not needed to securely designate the beneficiary of financial assets. Individuals can add their partner’s name to financial assets including bank accounts, retirement accounts, investment accounts, annuities, and insurance plans.
 
Rights of survivorship means that if an asset is jointly owned, all ownership and/or funds pass directly to the surviving owner in the event of death. For real estate properties, make sure both names are on the deed with rights of survivorship. Double check all joint checking/savings accounts, credit cards, and any other asset where both names are listed have rights of survivorship.
 
It is important to note that many unmarried couples choose to keep their bank accounts and real estate investments separate. It is also important to understand that beneficiary status and rights of survivorship don’t cover belongings or the event that the couple perishes at the same time. This is where the comprehensive estate planning strategy comes into play.
 
The Strategy: Estate Planning for Life and Death
While the law only looks at bloodlines and legal partnerships in the absence of a will, any group of people can create an estate plan together. Many unmarried couples plan their estate together, so everything transfers over to the surviving partner automatically. If there are shared assets and dependents involved in the relationship (including pets), it is even more reason to make sure a couple’s living and non-living wishes are clearly stated.
 
An estate plan is a strategy, often including a collection of legal documents, that, if done correctly, lets individuals decide where their property goes and allows loved ones to avoid probate after they pass on. An estate plan typically includes:
 
 
1.Will – A legal document that gives instruction to the probate courts about your wishes regarding the care and distribution of your assets after your death. A will cannot reach out and grab things, it can only direct property that is already going through the courts.
 
2.Powers of Attorney – The medical and financial power of attorney documents inside of an estate plan ensures the person put in charge is able to make decisions should the individual become incapable of doing so. 
 
3.Trusts – A crucial and diverse aspect of estate planning, trusts will protect an individual’s or couple’s legacy and ensure privacy and control of their wealth. The most frequent type of trust that is involved with estate planning and estate administration is a Revocable Trust (sometimes called a living trust or an inter vivos trust).
 
4.Advanced Directives – A legal document that tells doctors and loved ones an individual’s wishes about their health in the case they cannot communicate those decisions themselves.
 
 
Unmarried couples need to cover their bases when it comes to their estate so that their assets – and the future security of their loved one – are protected from probate, avoidable taxes, and legal contests from would-be heirs. Start today with a free consultation.