Trusts Vs Wills In Wisconsin

By Andrew Bosshard, Estate Planning Attorney

When it comes to protecting your assets and providing for your loved ones, one of the most common questions people ask is whether they need a will or a trust—or both. Both documents are powerful tools in estate planning, but they serve different purposes and carry different benefits. Understanding how trusts vs wills in Wisconsin work can help you make informed decisions about your family’s future and long-term financial goals.

What A Will Does

A will (also called a last will and testament) is a legal document that explains how you want your assets distributed after your death. It also allows you to name guardians for minor children and specify your final wishes.

In Wisconsin, wills must meet certain requirements to be valid:

• The document must be in writing and signed by you.
• It must be witnessed by at least two people who are not beneficiaries.
• You must be of sound mind when you sign it.

A will becomes public record after your death and must go through probate, a court-supervised process where your assets are verified, debts are paid, and your estate is distributed according to your wishes.

Benefits Of A Will

• Simple and cost-effective to create
• Lets you name guardians for children
• Allows you to make specific bequests (for example, family heirlooms)

Limitations Of A Will

• Must go through probate, which can take months or longer and entails additional costs and fees
• Becomes public record
• Offers no control over how or when beneficiaries receive assets

What A Trust Does

A trust is a legal arrangement that holds and manages your assets during your lifetime and distributes them after your death. The most common type is a revocable living trust, which allows you to remain in control of your property while alive and capable.

When you create a trust, you often transfer ownership of assets—like your home, bank accounts, and investments—into the trust. You name yourself as the trustee (the person managing the assets) and appoint a successor trustee to take over upon your death or incapacity.

Benefits Of A Trust

• Avoids probate – Assets held in a trust transfer directly to beneficiaries without court involvement.
• Maintains privacy – Unlike wills, trusts are not public record.
• Provides for incapacity – If you become unable to manage your affairs, your successor trustee can step in without court approval.
• Gives control over timing – You can set conditions for when and how beneficiaries receive assets (e.g., at certain ages or milestones or requirements).

Limitations Of A Trust

• Higher upfront cost to set up
• Requires ongoing management (e.g., transferring assets into the trust)
• May not be necessary for small or simple estates

Trusts vs Wills in Wisconsin: Key Differences

Feature	Will	Trust
Goes through probate	Yes	No
Becomes public record	Yes	No
Effective during lifetime	No	Yes
Allows for control over timing of distributions	Limited	Yes
Names guardians for children	Yes	No
Cost to create	Lower	Higher

When A Will Might Be Enough

A will may be sufficient if:

• You have a modest estate with limited assets.
• You want a simple plan for distributing property.
• You don’t mind the probate process.
• You are able effectively to transfer your assets via beneficiary designations

For example, if you primarily own personal property, a vehicle, and one bank account, a properly executed will may accomplish your goals without unnecessary expense.

When A Trust May Be The Better Option

A trust may be the right choice if you:

• Own real estate or business interests.
• Have significant savings or investments.
• Want to avoid probate for privacy or efficiency.
• Need to provide for minors, family members with special needs, or loved ones who need guidance in managing money.

A trust also helps ensure a smooth transition of control if you become incapacitated—a valuable benefit for seniors or those planning for long-term care.

Using A Will And Trust Together

For many Wisconsin families, the best approach involves using both a will and a trust. The will covers any assets not placed in the trust and can appoint guardians for children, while the trust handles asset management and probate avoidance. This combination offers the most complete protection for your estate and loved ones.

Planning Ahead With Bosshard Parke

Whether you’re starting your first estate plan or updating an existing one, it’s important to understand trusts vs wills and work with an experienced estate planning attorney who understands Wisconsin law. At Bosshard Parke, we help families in La Crosse, Sparta, and throughout western Wisconsin create personalized plans that reflect their goals, assets, and family dynamics.

Contact Bosshard Parke today to request a consultation and learn which estate planning strategy—will, trust, or both—is right for you.

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. For personalized guidance, please consult an attorney at Bosshard Parke.