Why You Need a Proper Legal Will or Trust
Estate Planning from Attorney Dean Delforge Helps you “Keep it in the Family”
If you’re concerned with how your property will be disbursed after your passing, estate planning from an experienced attorney is essential. Attorney Dean Delforge has decades of experience helping families and businesses plan for the passing of their estates. Whether you need a simple will or would like to enact a living trust, Dean Delforge provides you with the proper plan to meet you and your family’s needs.
Consequences for NOT having a Will or Trust
Quite simply, without an active will or trust, your intended beneficiaries will struggle to maintain control of your assets. Some of the many legal hurdles your beneficiaries will see are:
- Intestate Estate – This is the ultimate result of an estate which has no instructions for dispersal. Intestate succession will follow, which means a court will distribute your property according to state laws.
- Executor Disputes – Without a properly named executor, the courts may see an equal right among many people to represent your estate.
- Unintentional Beneficiaries – Depending on state laws, all or half of your estate could go to your spouse, thus disinheriting any children. If you are unmarried, your property may be handed over to your parents, who may be in nursing home care, which will likely lead to a loss.
- Unintended Guardianships – Minor children may end up in the care of someone you may not expect, as courts can make their own choice for guardians.
- Custodial Trusts – Minor children may see their inheritance placed into a custodial trust which will be given over without oversight or rules to the child when they turn 18.
Make sure your property is dispersed the way you want – Contact Dean Delforge for proper wills and trusts.
Why Legal Representation for Wills and Trusts is a Must
The goal of wills and trusts in estate planning are almost universal: to keep as much control over property as possible, to reduce exposure to probate litigation and to minimize the impact of taxes, court fees and professional fees.
However, setting up wills and trusts is a complicated affair, with many poorly-defined plans leading to property title disputes upon their distribution. In order to avoid such conflicts, it is necessary to adhere to the proper rules governing title ownership.
The Minefield of Title Types
Understanding to what extent property is owned is a difficult prospect to navigate. Without well-defined ownership roles, titles involved in living trusts can be subject to legal barriers preventing the their intended distribution. This is just one of the challenges in estate planning. There are five ways in which property is commonly titled:
- Fee Simple – Single owner possesses total control over property.
- Joint Tenancy – Two or more entities possess a property. Upon death of one owner, the share of the property is transferred to remaining owning entities.
- Tenancy in Common – Two or more entities possess a property. Tenants can disperse property to non-tenants upon death, but creditors can make claims against that individual’s share.
- Transfer on Death Designation – Named beneficiaries receive assets at the time of death, with the account holder deciding what percentage each beneficiary receives.
- Community Property – This title is lawful in Wisconsin, this protects joint owners from capital gains taxes.
Each of these types of holdings come with varying control, entitlements and protections—it’s essential for each piece of an individual’s property have a properly named title. Attorney Dean Delforge is ready to help you navigate the complicated arena of legal property titling.