How to Transfer Assets to a Revocable Trust in Wisconsin
Transferring assets to a revocable trust in the state of Wisconsin doesn't differ much from transferring assets to revocable trusts in any other state. The assets are signed over to the trust by the owner, at which point the trust becomes the controlling owner of the assets, with the trustees making decisions as to asset use. The primary difference lies in the transfer documents used for property assignment to the trust. In most states, a simple quitclaim deed is sufficient for the transfer of assets. In the state of Wisconsin, however, a more binding deed --- a grant deed --- is necessary to avoid legal action against the trust.
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Things You'll Need
- Trust document
- List of trust beneficiaries
- List of trustees
- List of trust assets
- Grant deed
- Trust property schedule
Instructions
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Establish a revocable trust by creating a trust document that includes the date that the trust begins, the beneficiaries of the trust and the list of trustees you wish to oversee trust operations.
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Make a list of assets that you wish to transfer over to the trust. Any asset of value is suitable for transfer with the proper paperwork applied.
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3
Change the titles of property to the revocable trust name to transfer property ownership to the trust. Use a grant deed to transfer the property. List the current owners of the property in the grantor section of the deed, then list the trust name in the grantee section of the deed. Instruct the owners to sign and date the deed in front of a witness, then get the signatures notarized. File the deed with the county recorder's office where the property is located to avoid possible suits against the trust.
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Add other assets to the trust by listing them on the property schedule attached to the trust document. Be as detailed in describing the asset as possible to avoid any confusion. Property listed on the schedule often includes bank and brokerage accounts, as well as personal property.
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