What is a warranty deed in Wisconsin?

Wisconsin property deeds, the documents used to legally transfer property between two parties, fall into a few different categories. Two of them are: Warranty Deed and Quit Claim Deeds. Both types of deeds include a legal description of the property (beyond just the address), grantor (current property owner), and grantee (new property owner). Most Wisconsin property deeds need a signature.

The Wisconsin property deed needs to be filed in the county where the property is located. The difference between the deeds are the guarantees included the Wisconsin property deeds. To determine the type of deed that suits the situation, contact a local real estate attorney that can offer advice and draft a legally-sound deed.

Warranty Deeds

A Warranty Deed offers the most guarantees of all the Wisconsin property deeds, meaning that the grantor is responsible for transferring clear title. The Warranty Deed offers guarantees or covenants to the grantee, such as:

  • The grantor guarantees that they are the lawful owner.
  • The grantor guarantees that the property is lien-free and is not subject to any claims by third parties.
  • The grantor guarantees that the title is clear.

Quit Claim Deeds

A Quit Claim Deed is a Wisconsin property deed with no guarantees. Because of the lack of protection for the grantee, Quit Claim Deeds are typically used in situations where there is some degree of trust. These situations could include the transfer of interest during a divorce, when property is transferred to a living trust, or during a transfer from an individual to a corporate entity. Under a quit claim deed, the grantor transfers their interest in the property to the grantee.

A warranty deed and quit claim are the two most commonly used Wisconsin property deeds. Other types of Wisconsin property deeds might be useful to the situation; contact anexperienced real estate attorney to get legal advice specific to the situation. In addition to advising on the right type of Wisconsin property deed, an experienced real estate attorney can guide the parties through the process and ensure that every document and step is legally sound.

The materials on this website are provided for informational purposes only and do not constitute legal advice. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.

What is a revocable living trust?

Estate planning worksheet for writing a willA revocable living trust in an estate planning document used to list the assets and express wishes for distribution. An experienced lawyer can draft a revocable living trust with specific instructions provided by the guarantor. Unlike an irrevocable living trust, a revocable living trust can be revoked at any time by the guarantor.

In a revocable living trust, certain assets are placed into a living trust. There are three parties named for management and distribution of the assets: a guarantor, trustee, and beneficiary (or beneficiaries). A guarantor is the owner of the assets. A trustee, either corporate or individual, is named to manage the assets. Beneficiaries are parties named to receive assets. Typically, while the owner of the assets is alive and competent, the guarantor is designated trustee. If the owner would become incapacitated, such as from a serious illness, a living trust contains specific directions for the trustee to manage the assets.

When the guarantor passes away, the living trust contains directions for the trustee to distribute assets to beneficiaries. In Wisconsin, a living trust incurs the same estate taxes as a will. If only certain assets are placed into a living trust, a guarantor may need to draft a will in addition to a living trust. Instructions for guardianship of minors should also be included in a will; detailed wishes for support of those minors can be included in the revocable living trust document. Unlike a will, a living trust does not need to go through the court-supervised probate process and is a private document. The biggest benefit of a revocable living trust, when compared to a will, is that all assets named in the trust do not have to go through probate, which can take longer for distribution and incur more costs.

A revocable living trust can be modified or revoked after drafting. Contact a lawyer for information on how to modify the living trust, and what is needed for the change. Typically, changes cannot be made when the estate owner passes away.

The materials on this website are provided for informational purposes only and do not constitute legal advice. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.