Serving Clients Throughout Wisconsin & Illinois 

Consider Location of Assets, Loved Ones as You Plan Your Estate

Most everyone remembers the childhood song, “It’s A Small World.” With today’s technological advances, that world is getting progressively smaller. Along with this technology, the realities of modern economics mean that more people choose to be, or must be, more transient than ever. Sunny retirement prospects, or distant job opportunities, may lead you further away from home and family. In addition to impacting relationships, this affects your estate planning, as well.

If you have not created an estate plan, you may be wondering what type of plan best fits your more mobile lifestyle. Perhaps you own multiple properties in multiple states. You may own separate residences for winter and summer, or perhaps job relocation during the housing crash of the last decade left you unable to sell your previous residence. For those with real estate assets in multiple states, a revocable trust may be very beneficial. If your estate plan centers around a will, the law says your executor must probate your will in every state where you own property. So, if you own your residence in Wisconsin, a rental property in Iowa, and a vacation home in Florida, that would require three separate probate procedures to distribute your assets.

With a revocable trust, however, your estate could avoid the expense and time of these processes, as a trust permits your successor trustee to distribute all of your assets upon your death, anywhere in the U.S., regardless of what state your assets, or you, are at the time of your death.

Another consideration is the location of your loved ones, particularly, the person or people you want to oversee the distribution of your assets upon your death. Each state has varying laws regarding a non-resident serving as an executor of an estate. Some forbid it entirely. Wisconsin does not bar it, but it can be complicated, as many probate courts prefer that executors of the estates under their jurisdiction are Wisconsin residents. The probate judge may exclude your preferred person from serving based upon where he/she lives. Even if the judge approves your executor, Wisconsin law requires your executor to appoint a business or person residing in Wisconsin to serve as her/her agent, and the court may require your preferred executor to post a substantial bond in order to serve.


With a revocable trust, this potential problem is not a hurdle in most cases. Generally, revocable trusts are managed outside the scope of court oversight. This means that, typically, the person you name to serve as the successor trustee of your trust doesn’t have to live in Wisconsin, but can reside in any state.

As you consider your needs and options, also take into account the benefits of retaining a Wisconsin attorney experienced in estate planning to prepare your plan. Attorney Daniel J. Krause of Krause Law Offices LLC has more than a decade of experience helping clients with all types of estates, and the commitment to individual attention to ensure your plan is customized to meet your needs and goals. Attorney Daniel J. Krause can help you weigh the costs and benefits of every estate planning, and make sure you have a plan that offers you confidence and peace of mind.

Contact us through our website to schedule your confidential, no obligation initial consultation.

Categories

Quality Counsel

Experience You Can Count On

What Sets Us Apart?

Our Philosophy
  • Cutting Edge
  • Authentic
  • Respect
  • Empathy

The Stories That Matter

Read Our 5 Star Reviews
    She was very responsive and always made sure to answer any questions we had.

    “Our experience with Danielle was very professional and efficient even with having to do everything through zoom due to Covid. She was very responsive and always made sure to answer any questions we ha ...”

    - Shannon
    [Matt] was very engaging and rephrased any questions we didn't udnerstand.

    “Matt was able to answer my questions without all the legal mumbo jumbo. He was very engaging and rephrased any questions we didn't udnerstand. Due to COVID pandemic, we were limited to a phone ...”

    - Steven
    [Matt] was very helpful...

    “He was very helpful in answering our questions and providing guidance that we understood.”

    - Troy
    He took the time to understand our goals and our family situation. He was friendly, thorough, and very knowledgeable.

    “What a great attorney! He explained everything to us in plain English, with no legal jargon. He took the time to understand our goals and our family situation. He was friendly, thorough, and very ...”

    - Mark
    He was wonderful...they asked all the right questions, were patient with our back and forth, and everything was wrapped up successfully.

    “My husband and I needed a will and turned to this firm for their help after the firm had invited us to a "what is estate planning all" about dinner/meeting. Having a will was something we knew we ...”

    - Kris
/

Take the Next Step

Schedule Your Consultation Today
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please enter your address.
  • Please enter your city.
  • Please make a selection.
  • Please enter your zip code.
    This isn't a valid zip cide.
  • Please make a selection.
  • Please make a selection.
  • Please enter a message.