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In addition to protecting your young beneficiaries from themselves, a trust can protect your beneficiaries from creditors at any age. With a TOD account, the only condition necessary for your beneficiary to have a right to the asset is your death.
Additionally, you can avoid formal probate in Wisconsin by adding a \u201cpayable on death\u201d designation to your financial holdings, such as bank accounts, savings accounts, and certificates of deposit. With this payable on death designation, you still control all of the assets in these accounts until your death.
In addition to protecting your young beneficiaries from themselves, a trust can protect your beneficiaries from creditors at any age. With a TOD account, the only condition necessary for your beneficiary to have a right to the asset is your death.
Additionally, you can avoid formal probate in Wisconsin by adding a \u201cpayable on death\u201d designation to your financial holdings, such as bank accounts, savings accounts, and certificates of deposit. With this payable on death designation, you still control all of the assets in these accounts until your death.
Revocable trusts give you much more than probate avoidance. If the creator of the trust becomes incapacitated, a successor or co-trustee can take over managing the account for the benefit of the creator. With a POD or TOD account, a durable power of attorney would be needed to have another person handle the account.
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Naming Multiple Beneficiaries on a Transfer on Death Deed: Wisconsin law now allows a special type of deed known as \u201cTransfer on Death Deed\u201d or \u201cTOD Deed\u201d for short, and similar to a \u201cLady Bird Deed\u201d in other states.
In Wisconsin, you can expect to pay about 4 to 5% of the estate's total value when all is said and done. Attorney fees during the probate process may total half or more of this expense, given the time and complexity involved in settling the estate.
Paying for a TOD deed could be a complete waste of money. ... TOD deeds put private estate planning in the public eye. ... TOD deeds don't completely avoid probate. ... For most folks, TOD deeds don't offer significant tax benefits. ... TOD deeds can complicate future estate planning.
The most important benefit of a TOD account is simplicity. Estate planning can help minimize the legal mess left after you die. Without it, the probate system can take over the distribution of your assets. It can also name an executor of your estate and pay off your remaining debts with your assets.
Wisconsin's Transfer on Death Deed (TOD Deed) allows for the non-probate transfer of real property upon death. This seemingly simple law, Wisconsin Statute 705.15, can be used as a powerful estate planning tool, in the right circumstances.

wisconsin transfer on death deed form pdf