Revocable Living Trusts in Wisconsin

Wisconsin has adopted the Wisconsin Trust Code (Wis. Stat. chapter 701), based on the Uniform Trust Code. A trust is created only if the settlor has capacity, indicates an intention to create the trust, the trust has a definite beneficiary (or is a permitted charitable or purpose trust), and the other statutory requirements are met. A trust need not be evidenced by a trust instrument, but an oral trust and its terms can be proved only by clear and convincing evidence. For trusts created by instruments signed on or after July 1, 2014, unless the terms expressly make the trust irrevocable, there is a rebuttable presumption that the settlor may revoke or amend it. Property transferred to the trustee passes under the trust terms without probate; assets left in the decedent's own name may still need probate or a transfer by affidavit.

Non-probate transfers available in Wisconsin: (1) Transfer on death deed for real estate (Wis. Stat. § 705.15). (2) Joint accounts belong to the surviving party, and P.O.D. accounts pass to the beneficiary, under the multiple-party accounts law (Wis. Stat. § 705.04). (3) Transfer-on-death registration of securities (Wis. Stat. §§ 705.21 to 705.30). (4) Nonprobate transfer of farm implements to a TOD beneficiary (Wis. Stat. § 705.18). (5) Survivorship marital property and marital property agreements, confirmed by court certificate (Wis. Stat. § 867.046). (6) Transfer by affidavit for estates of $50,000 or less (Wis. Stat. § 867.03), and summary settlement or summary assignment for small estates. (7) Vehicles: a surviving spouse or domestic partner can transfer up to five solely owned vehicles with Form MV2300 (Wisconsin DMV). (8) Revocable living trust (Wisconsin Trust Code).