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.

Can I make changes to my living trust?

Estate planning worksheet for living trustEstate planning comes with a lot of questions; after all, estate planning is an important and beneficial action for the sake of the estate owner and their family and friends. Drafting legal documents, deciding what legal documents are right for the situation, modifying the estate planning documents…estate planning is a continual process that fluctuates as your life changes.

When those changes occur, the question “can I make changes to my estate planning documents?” is the typical response. Since a will is the most common estate planning document, it is common knowledge that the document can be altered. A revocable living trust is a less commonly used document and comes with its own set of questions—especially when modifications are needed.

What is a revocable living trust?

A revocable living trust is a legal document that outlines your assets and distribution. In a living trust, all assets are placed in a living trust and a trustee is appointed to manage the assets. Typically, the trustee is the estate owner during their lifetime and is transferred to another party or parties when necessary. Any adult or corporation can be named trustee in a revocable living trust.

Unlike a will, a revocable living trust is a private document. The biggest benefit of a revocable living trust 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.

Should I have a will even if I have a revocable living trust?

A will should be drafted even in situations where a living trust is in place. A will can detail instructions for any assets not covered under the revocable living trust and appoint a guardian for minors. Detailing instructions for support of those minors can be included in the revocable living trust.

Can I make changes to a revocable living trust?

A revocable living trust can be modified or revoked after drafting. Contact a lawyer for information on how to do so, 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.

Living Trust versus Will: What’s the difference?

Estate planning worksheet for writing a willIn the past few years we’ve had more clients in our Wisconsin offices asking about revocable living trusts and whether or not a living trust is right for their estate planning. While we can’t answer the latter question here (make an appointment to find out if a living trust is right for your situation), we can give you a basic overview of revocable living trusts and wills.

Will

The will is the most common estate planning document. A will is a legal document (find tips for drafting a legal will here) that details your wishes, such as guardianship of minor children, distribution of assets, and who the executor is that carries out your wishes. Other than drafting a will and other important estate planning documents, no other actions may be necessary during the estate owner’s lifetime.

Revocable Living Trust

A revocable living trust is a legal document that outlines your assets and distribution. The living trust is revocable at any time. In a living trust, all assets are placed in a living trust and a trustee is appointed to manage the assets. Typically, the trustee is the estate owner during their lifetime and is transferred to another party or parties when necessary.

Similarities

A revocable living trust shares similarities to a will. Both legal documents dictate the distribution of your assets and should be established during estate planning prior to one’s death. Also, estate taxes are the same for estates with a will and living trust.

Differences

There are some key differences between these estate planning documents, however. A revocable living trust is not a public document, making all matters private. When an estate is in a living trust, the estate does not have to go through probate. All wills have to go through probate, which can take longer (in some cases months or years) and incur more expenses to the estate. Overall, it is easier to create and make changes to a will than it is to a living trust. A living trust has more initial costs during set-up than a traditional will.

What is right for you

Your lawyer can discuss whether a will or revocable living trust, or a combination of both (a “pour over will”), is right for your situation. Make an appointment to get the process started and determine which legal option is right for your estate and your family.

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.