Trust and Estates
Milwaukee Trust and Estate Attorneys
At Padway & Padway Law Offices, we take the time to get to know you and your family. We understand the trust you’ve place in our firm. We embrace the challenge, honor the relationship, and work hard for your family’s future. When you choose Padway & Padway you become part of the family, and nothing is more important to us than family.
Make the call and the skilled attorneys at Padway & Padway Law Offices will be by your side no matter the time or place because we know how important it is to you and your loved ones. It is what we do best. It is the Padway way.
Estate Planning
Throughout our more than 80 years of existence, Padway & Padway Law Offices has taken an individual and personal approach to helping our clients create an estate plan that best meets their goals. We take an in-depth approach to learn about who you are in order to provide the best guidance and advice possible, and craft a plan that can be executed in a seamless manner.
Wills
A Will is the formal document that expresses your wishes for your assets upon your death. A Will directs who will receive your assets upon your death, nominates someone to carry out or “execute” your wishes in your Will, and can be used to appoint guardians for any minor children.
In your Will, you nominate a Personal Representative who is charged with carrying out your wishes and ensuring your assets are distributed according to the Will. In Wisconsin, your Personal Representative should reside in Wisconsin, otherwise they will need to nominate a Registered Agent to accept service on behalf of the Personal Representative. At Padway & Padway Law Offices, we will work with you to ensure you choose the most appropriate Personal Representative for your needs.
When creating your Will, you can choose to make specific gifts or to split your assets evenly based on your own wishes.
The Wisconsin Statutes set out specific criteria a Will must meet in order to be considered valid and admitted to court. By working with our experienced attorneys, we can ensure your wishes are expressed clearly. Having this planned out ahead of time will give you peace of mind and make it easier on your loved ones after you pass.
Intestacy
When someone dies without a valid Will, it is known as intestacy or dying intestate. Instead of having control over how their assets are distributed upon their death, their assets pass according to the Wisconsin Laws that govern Intestate Succession. In addition to losing any control over the distribution of your assets, dying without a Will can make the probate process more time consuming and costly for your loved ones.
Personal Representative
The personal representative is the person you nominate to carry out your estate wishes upon your death. In some jurisdictions this is known as an “executor.” In addition to administering your wishes, the Personal Representative also makes sure all the debts of your estate are paid.
Probate
Probate is the court process of validating a Will and Administering the Assets in the Will. In Wisconsin, all Estates larger than $50,000 need to go through the Probate process. In addition, all estates, both those with Wills and Intestate, need to go through the Administration Process.
Formal vs. Informal Administration
Wisconsin requires Administration of Estates when the value of the total estate exceeds $50,000. If you need to open an Estate for a decedent, you will most likely be choosing between Formal and Informal Administration. The primary difference is Formal Proceedings are supervised by a Judge and require the assistance of an Attorney, whereas Informal Proceedings are overseen by a Probate Registrar. If you are looking to open an Estate for a loved one, we can help you in determining what path is appropriate for your circumstances.
Trusts
A Trust is an agreement where a settlor gives their property to a Trustee where it is then held and managed under terms specified by the Settlor. A settlor can create a trust and specify that the property in it be used for their own benefit until their death, at which point, the property is then given to the beneficiaries.
Trusts can be either revocable or irrevocable. A revocable trust can be ended or changed by the settlor at any time for any reason. An irrevocable trust cannot be changed or ended. If you do not specify what type of trust you are creating, Wisconsin Statutes default to a revocable trust. Revocable Trusts become irrevocable at the time of the settlor’s death.
One of the main benefits to a Trust is that it can allow you to create an Estate Plan that avoids the Probate Administration process.
Powers of Attorneys
A Power of Attorney is a document where a Grantor gives power to an Agent to act on their behalf. A Power of Attorney can be a useful tool to help the Grantor manage their affairs or make decisions for them if they are incapacitated. At Padway & Padway Law Offices, we work with you to ensure you have a Power of Attorney that meets all of your needs. It is important to remember that any powers given to an Agent end upon the death of the Grantor, therefore it is not a substitute for an Estate Plan.
Avoiding Probate Administration
In addition to creating a Trust, there are other avenues you can take to avoid the Probate Administration Process which simplifies things for you and your loved ones. At Padway & Padway Law Offices, our skilled and knowledgeable attorneys will sit down with you, listen and evaluate your needs, and then create an Estate Plan that will put your mind at ease.
