What is Probate?
When someone dies and they have assets that are left in their name, Probate is required to transfer those assets. Where the assets go is determined by the deceased person’s plan they put in their Will (sorry, just having a Will does not allow you to avoid Probate), or according to the State of Wisconsin’s plan that leaves things to certain relatives.
Probate is only required for assets left in the deceased individual’s name, so any assets with a beneficiary designated or jointly owned with another person would not have to go through the Probate process. In Wisconsin, if the total value of all assets is less than $50,000, you can do a simplified version of Probate by using a Transfer by Affidavit. If the asset total is greater than $50,000, then a full Probate is required.
In a nutshell, Probate starts with the court approval of the Will, if any, and appointing of the Personal Representative (i.e., executor). The court then sets certain deadlines the Personal Representative is responsible to meet. For example, the deadline to publish notice of the estate in the newspaper and deadline to file an inventory of assets with the court.
The Personal Representative then collects the assets, pays the estate’s bills, makes distributions to beneficiaries and coordinates to have any necessary tax returns done. To wrap up the estate, the Personal Representative files an accounting that shows all financial activity of the estate, obtains receipts from the beneficiaries for the distributions, and shows evidence no outstanding taxes or returns are needed. The court then dismisses the Personal Representative.
If a loved one has passed away, and they have assets requiring Probate, please contact our office to schedule a consultation to discuss how we can help you.
Notice To Current Clients
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