What is Probate?
Probate in Wisconsin is the legal process of administering a deceased person’s estate, ensuring that debts are paid and assets are distributed according to the will or Wisconsin’s intestacy laws if no will exists.
Where is Probate Handled in Wisconsin?
Probate in Wisconsin is handled by the Circuit Court in the county where the deceased resided at the time of death. Wisconsin has 72 counties, each with a Circuit Court that oversees probate matters.
Key Steps in the Probate Process in Wisconsin
- File the Will: The executor must file the will with the Circuit Court. If no will exists, an interested party must apply to be appointed as the personal representative of the estate.
- Inventory and Appraise the Estate: The personal representative inventories the deceased’s assets, including real estate, financial accounts, and personal belongings, and provides a valuation to the court.
- Notify Creditors: Known creditors must be notified directly, and a public notice must be published to alert any unknown creditors. Creditors typically have three months to file claims against the estate.
- Pay Debts and Taxes: The estate must settle all debts and pay final taxes, including any applicable state and federal estate taxes.
- Distribute Assets: After debts and taxes are paid, the remaining assets are distributed according to the will, or if no will exists, under Wisconsin’s intestacy laws.
When Is Probate Required in Wisconsin?
Probate is required in Wisconsin when the deceased owned assets solely in their name without a joint owner or beneficiary designation. Probate ensures these assets are legally transferred to heirs or beneficiaries.
Types of Probate in Wisconsin
- Informal Probate: A streamlined process for uncontested estates requiring minimal court involvement.
- Formal Probate: Required for larger or more complex estates, or when disputes arise, involving full court supervision.
- Small Estate Affidavit: A simplified process available for estates valued at $50,000 or less, allowing for quicker asset distribution without formal probate.
Avoiding Probate in Wisconsin
Certain assets in Wisconsin can bypass probate, including jointly owned property, payable-on-death accounts, life insurance policies with named beneficiaries, and assets held in a living trust.
How Long Does Probate Take in Wisconsin?
The probate process in Wisconsin typically takes six months to a year, depending on the complexity of the estate. Larger or contested estates may take longer to resolve.
Common Terms in the Probate Process in Wisconsin
- Affidavit for Collection of Personal Property: A legal document used to transfer small estates without formal probate.
- Intestate: Dying without a valid will.
- Letters Testamentary/Letters of Administration: Court-issued documents granting the personal representative the authority to manage the estate.
- Personal Representative: The individual responsible for administering the estate, also known as the executor or administrator.
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