01/19/2024
Happy Friday! This week we “Will” be discussing estate planning. “Trust” me you will want to read this post. First off, what are wills vs trusts? A will is a legal document that outlines a person's wishes regarding the distribution of their assets and property upon their passing. A trust on the other hand, A trust is a legal arrangement in which assets are transferred to a trustee, who manages and distributes the assets according to the terms of the trust. The basic difference is, that a will is instructions on how a person’s assets should be disturbed upon a person’s passing, whereas, a trust is where a person’s property is transferred to a legal entity that holds and manages the assets for the person and distributes the assets to a beneficiary upon, or before a person’s passing. Wills are simpler and subject to the probate process, where a trust can be more expensive and difficult initially, but allows the beneficiaries to avoid the probate process and further insulate the person’s assets.
What happens if a person passes without a will? In Wisconsin, the person’s assets are essentially distributed equally amongst the person’s next of kin (After Probate).
There is no “one size fits all” in Estate Planning, rather each person should determine what fits best for them.
�For an Attorney you can trust, contact Jochman Law at 414-458-2382
Please note, “Fun Fact Fridays” are meant for educational purposes only and are not to be considered legal advice.