Month: April 2018

How Does a “Transfer on Death” Deed Work in Wisconsin?

There are many estate planning tools available in Wisconsin to individuals who want to transfer property without going through the formal probate process. One such tool is a transfer on death (TOD) deed. As the name suggests, this is a deed to real property that names a beneficiary who becomes owner upon the original owner’s death.

A TOD deed allows the real property to pass outside of probate, similar to how a named beneficiary receives a retirement account or other asset with a payable-on-death beneficiary designation. Keep in mind, however, that the beneficiary has no ownership rights under a TOD deed until the owner dies. The owner is free to amend or revoke a TOD deed at any point during his or her lifetime.

How Does Federal Law Affect My Estate Plan?

One of the more complicated aspects of estate planning is that while probate, or the process of transferring property upon a person’s death, is normally controlled by Wisconsin state law, most retirement plans are governed by federal law, specifically the Employee Retirement Security Act (ERISA). The ERISA “preempts” or overrides state law to the extent that there is a conflict between the two.

What Happens to My Business After I Die?

Most people only think about estate planning in terms of their personal assets, but what if you own or co-own a business? How does death affect the business? More importantly, what kind of business succession planning do you have in place to deal with your sudden or unexpected death?

Perhaps not surprisingly, most Wisconsin business owners have not done any succession planning. Some people assume the business simply dies with them. Depending on how you structured your business, however, that is not necessarily true. Even if the business is simply you, and you never created any separate legal entity, there will inevitably be certain matters that need to be wound down upon your death.

Naming the Wrong Trustee can Cost Your Estate in Both Time and Money

When you are creating a will or revocable trust as part of your estate plan, you need to think carefully before selecting someone to act as a personal representative or trustee. Many people just go with their nearest relative, such as a spouse or eldest child, but a fiduciary’s role is not ceremonial. An executor or trustee must be financially responsible and demonstrate the willingness to comply with legal deadlines and court orders. Failure to do so can lead to a substantial delay in administering your estate or trust.

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