Wisconsin Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children
Definition and Meaning
A Wisconsin Living Trust is a legal document created to manage assets during a person's lifetime and designate beneficiaries for those assets after their death. For individuals who are single, divorced, or widowed with children, this trust type allows for a straightforward, flexible approach to estate planning.
Who Should Use This Form
This form is designed for individuals who are single, divorced, or widowed and have children. Such individuals may benefit from establishing a living trust to ensure that their assets are distributed according to their wishes upon their death. It is particularly helpful for those who want to avoid probate and provide for their children's financial needs.
Key Components of the Form
The Wisconsin Living Trust typically includes several essential components:
- Trustor Information: Identification of the person creating the trust.
- Trustee Designation: Appointment of the individual responsible for managing the trust.
- Beneficiary Information: Details about the children and other beneficiaries entitled to receive the trust's assets.
- Assets of the Trust: A list of properties and accounts intended to be held in the trust.
Benefits of Using This Form Online
Filing for a Wisconsin Living Trust online offers several advantages:
- Convenience: Users can complete the form at their own pace without needing to schedule in-person meetings.
- Accessibility: Online forms can be easily accessed from anywhere with an internet connection.
- Cost-Effective: Utilizing downloadable templates may reduce the costs typically associated with hiring an attorney.
What Documents You May Need Alongside This One
When preparing to establish a Wisconsin Living Trust, you may need various documents, including:
- Identification documents (e.g., driver's license or passport)
- Property deeds and titles
- Financial account statements
- Existing wills or estate planning documents
Common Mistakes to Avoid When Using This Form
When completing the Wisconsin Living Trust form, users should be cautious of the following common errors:
- Failing to properly identify the trustor and beneficiaries.
- Omitting vital information about the trust’s assets.
- Neglecting to sign the document where required.
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FAQ
Generally, trusts are considered the separate property of the beneficiary spouse and the assets in a trust are not subject to equitable distribution unless they contain marital property.Putting marital assets into a trust does not make those assets separate property.
Aside from being used as an estate planning tool, trusts can be used for asset protection in divorce.If a spouse established a trust prior to the marriage, the assets placed in that trust are typically considered separate property as long as the funds are not combined with marital funds at any point.
As the grantor or creator of an irrevocable trust, if you place assets into one before your marriage, these are never marital property and are never at risk in a divorce.You can't get these assets back later if you decide you don't mind sharing them with your spouse or after you divorce.
Some Trusts Protect Assets from Divorce. In California, trusts established before marriage are considered separate property. Other trusts including domestic or foreign asset protection trusts, revocable trusts and irrevocable trusts also protect assets in the event of divorce.
Aside from being used as an estate planning tool, trusts can be used for asset protection in divorce.If a spouse established a trust prior to the marriage, the assets placed in that trust are typically considered separate property as long as the funds are not combined with marital funds at any point.
Some Trusts Protect Assets from Divorce. In California, trusts established before marriage are considered separate property. Other trusts including domestic or foreign asset protection trusts, revocable trusts and irrevocable trusts also protect assets in the event of divorce.
Under California law, a marriage automatically invalidates any pre-existing will or trust as to the new spouse's inheritance rights, unless the documents provide for a new spouse, or clearly indicate a new spouse will receive nothing.
If marital property is placed in an irrevocable trust, that trust cannot be changed and the assets in it cannot be removed and divided in the divorce. The trust assets remain in the trust until after the death of the grantor, when they are distributed to the beneficiaries in accordance with the trust's terms.