A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Wisconsin Nominee Trust
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FAQ
A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldn't go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.
In Wisconsin, a trust is revocable unless it specifically states it is irrevocable in the trust document. Usually a living revocable trust becomes irrevocable (not open to changes) when you die. A trust involves three parties: The settlor or grantor is you, the person who creates the trust.
(a) Upon the request of a qualified beneficiary for a copy of the trust instrument, promptly furnish to the qualified beneficiary either a copy of the portions of the trust instrument relating to the interest of the qualified beneficiary or a copy of the trust instrument.
A Wisconsin living trust can do the following things: Avoid probate after your death. Manage your property (both active physical management and financial management) when you're no longer able to do so. Shorten the time necessary to distribute assets to your loved ones.
The decision to create a trust or a will depends on your specific needs and circumstances. If you have a large estate or complex assets, a trust may be a better option because it allows you greater control and flexibility over how your assets are managed and distributed.
A Wisconsin living trust holds ownership of your assets while you continue to use and control them during your lifetime. After your death, the trust assets are distributed to the beneficiaries you have chosen.