Introduction
Probate is the court-supervised process for transferring a decedent's assets to those entitled to receive them. In Wisconsin, probate matters are governed by Wisconsin Statutes Chapters 851 through 882 and are handled by the Circuit Court in the county where the decedent resided at the time of death.
Necessity of Probate in Wisconsin
Probate is generally necessary in Wisconsin when a decedent owns assets solely in their name without designated beneficiaries. However, certain assets can bypass the probate process, including:
Jointly Owned Property: Assets held in joint tenancy with rights of survivorship automatically pass to the surviving owner.
Beneficiary-Designated Accounts: Accounts such as life insurance policies, retirement accounts, and payable-on-death (POD) or transfer-on-death (TOD) accounts transfer directly to named beneficiaries.
Trust Assets: Assets placed in a living trust are managed and distributed according to the trust's terms, avoiding probate.
Additionally, Wisconsin offers simplified procedures for small Estates, which can expedite the process under specific conditions.
Types of Probate in Wisconsin
Informal Administration: This is the most common form of probate in Wisconsin, suitable for uncomplicated Estates without disputes. It involves minimal court supervision, allowing the personal representative to administer the Estate more efficiently.
Formal Administration: This process involves greater court supervision and is used for more complex Estates, contested matters, or when the validity of the will is in question. It ensures that all aspects of the Estate administration comply with legal requirements.
Summary Settlement and Summary Assignment: These are simplified probate procedures available for small Estates meeting certain criteria, such as Estates with minimal assets or those passing entirely to a surviving spouse or minor children. They streamline the probate process, reducing time and costs.
Timeframe and Costs
Timeframe: The duration of probate in Wisconsin varies based on Estate complexity and the type of administration.
Informal Administration: May be completed within six months to a year, depending on the Estate's simplicity and absence of disputes.
Formal Administration: Typically takes longer due to increased court supervision and potential disputes, often extending beyond a year.
Summary Procedures: Can be finalized in a shorter period due to the simplified procedures.
Costs:
Court Fees: Filing fees and other court-related expenses vary by county and the Estate's value. It's advisable to consult the specific Circuit Court for accurate fee schedules.
Attorney and Personal Representative Fees: Wisconsin permits reasonable compensation for both attorneys and personal representatives, often based on the Estate's complexity and the services rendered. Some professionals may charge hourly rates, flat fees, or a percentage of the Estate's value.
Avoiding Probate
To minimize or avoid probate in Wisconsin, consider the following Estate planning tools:
Revocable Living Trusts: Transferring assets into a living trust allows for management during your lifetime and seamless transfer to beneficiaries upon death, bypassing probate.
Joint Ownership with Right of Survivorship: Holding property jointly ensures that upon your death, the property automatically passes to the surviving owner, avoiding probate.
Beneficiary Designations: Designating beneficiaries on accounts such as life insurance policies, retirement accounts, and payable-on-death (POD) or transfer-on-death (TOD) accounts facilitates direct transfer of assets without probate.
Transfer on Death Deeds: Wisconsin allows for the use of transfer on death deeds, enabling real estate to pass directly to named beneficiaries without going through probate.
Implementing these strategies can help streamline the distribution of an Estate, reduce legal expenses, and provide peace of mind for beneficiaries.
Additional Resources
For more detailed information on probate in Wisconsin, consider the following resources:
To organize and manage the settlement process for the Estate, consider using software such as Legacy Logix.
Disclaimer
This article is for informational purposes only and should not be construed as legal advice. Probate laws can be complex and vary by jurisdiction. For advice tailored to your specific situation, please consult a qualified attorney in your community.