Your Guide to Avoiding Probate in Wisconsin
The Secrets to Probate-Free Estate Transfers in Wisconsin
Avoiding probate in Wisconsin is a wise decision. Our experienced estate planning lawyers have the knowledge and resources to avoid probate, which can often prolong hardships during a hard time. The probate attorneys of Niebler Pyzyk guide you through the intricacies of Wisconsin probate laws and devise effective strategies to minimize or even eliminate probate involvement.
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What is Probate?
Probate is the legal process that occurs after someone's death to validate their will and distribute their assets. It involves filing the necessary documents with the court, notifying beneficiaries and creditors and resolving any disputes. The goal of probate is to ensure that the deceased person's debts are paid off and their remaining assets are distributed according to their wishes or the applicable laws.
How to Avoid Probate in Wisconsin
The easiest way to avoid probate is by placing assets in joint ownership with a surviving spouse, child, or relative. In the event of one joint owner's passing, the surviving owner automatically assumes sole ownership of the assets without the need for probate.
Individuals can also utilize estate planning strategies such as establishing a revocable living trust, which allows for the transfer of assets outside of probate, or by designating beneficiaries on assets like bank accounts, retirement accounts, and life insurance policies.
10 Strategies to Avoid Probate
- Establish a Revocable Living Trust: Transfer assets to a trust, allowing them to be managed and distributed outside of probate.
- Utilize Joint Ownership: Hold property jointly with rights of survivorship, so it automatically transfers to the co-owner upon death.
- Designate Beneficiaries: Name beneficiaries on assets like bank accounts, retirement accounts, and life insurance policies to pass them directly to the designated beneficiaries outside of probate.
- Create Payable-on-Death (POD) or Transfer-on-Death (TOD) Accounts: These types of accounts allow for the direct transfer of assets to designated beneficiaries without probate involvement.
- Gift Assets: Consider gifting assets during your lifetime, reducing the size of the estate subject to probate.
- Use Small Estate Affidavit: If the estate value is below $50,000, eligible individuals can use a small estate affidavit to bypass probate.
- Employ Lifetime Gifting Strategies: Make use of annual gift tax exclusions to transfer assets to beneficiaries during your lifetime.
- Establish Joint Bank Accounts: Set up joint bank accounts with the right of survivorship, allowing the funds to pass directly to the surviving account holder.
- Utilize Transfer-on-Death Deeds: For real estate, consider using transfer-on-death deeds, also known as beneficiary deeds, to transfer property directly to designated beneficiaries.
- Plan with Legal Assistance: Consult with an estate planning attorney to explore additional options and create a comprehensive plan tailored to your specific circumstances, ensuring your assets are distributed efficiently and potentially avoiding probate.
Is Probate Required in Wisconsin?
In Wisconsin, probate is mandatory if you possess a will and your estate holds a value of $50,000 or higher. According to Wisconsin statutory law, any will pertaining to an estate valued at $50,000 or above must undergo verification to establish its authenticity, followed by the distribution of assets in accordance with the will's provisions.
Do Wills Always Have To Go Through Probate?
No, wills do not always have to go through probate in Wisconsin. Establishing a revocable living trust or utilizing beneficiary designations can avoid the need for probate.
Wills generally go through the probate process unless alternative estate planning methods have been established. However, our estate planning services are designed to help you avoid probate! By employing estate planning strategies, individuals can avoid the need for probate and facilitate the efficient transfer of assets to beneficiaries.
Estate Planner Who Helps You Avoid Probate
Our experienced estate planning attorneys create comprehensive estate plans tailored to your unique needs and goals. We understand the intricacies of Wisconsin probate laws and will guide you through a range of strategies to minimize or eliminate probate involvement. From establishing revocable living trusts and implementing beneficiary designations to exploring joint ownership options and other effective methods, we will work closely with you to develop a customized plan. Let us help you navigate the complexities of estate planning and avoid the burdensome probate process!
Contact us online for a consultation to get legal advice on avoiding probate.