A living trust is a tool many people use to transfer their assets to their loved ones without having them go through the probate process or pay estate taxes. However, one of the most common questions asked about living trusts is who owns the property. Our Madison estate planning attorneys break it down for you below.
Do I Lose Control of Assets in My Trust?
No, you can keep full control of all your assets, they are just in the name of your revocable trust. As long as you live, you can do anything you can with the assets in your trust – buy and sell assets, or even change or cancel your trust.
It is important to note that an irrevocable trust cannot be revoked or modified after they are signed. Unlike revocable trusts, an irrevocable trust will require you to give up ownership and control over the trust property.
How Do I Know If I Need a Living Trust?
One of the major benefits of getting a living trust is to spare your loved ones the expense and delay of probate court proceedings after your death. Wisconsin and Illinois do not use the Uniform Probate Code, which makes the probate process much more complex. Having a living trust can help your loved ones avoid the probate process.
However, Wisconsin does have a simplified probate process for small estates under $50,000. Illinois also has a simplified probate process for small estates (under $100,000, excluding real estate). If your net worth is under $50k (for Wisconsin) or $100k (for Illinois), the probate process may be straightforward and relatively inexpensive.
However, every case is unique, so it is best to speak with an experienced estate planning attorney for guidance.
Madison Estate Planning Attorney
If you are concerned about your property ownership when making your estate plan, you need an experienced attorney to guide you through the process. There is no one size fits all approach when it comes to estate planning, plus laws and regulations can be complicated. By having the team at Estate Law Partners, LLC on your side, you can have peace of mind knowing that your estate plan is best suited to protect your best interests and those of your loved ones.
Contact our Madison and Rockford estate planning attorneys today at (608) 292-5185 to schedule a consultation!