What property does not pass under a will in Wisconsin?

When it comes to estate planning, understanding which assets pass under a will and which do not is crucial. In Wisconsin, there are specific types of property that bypass a will, ensuring they are distributed according to their designated beneficiaries. Knowing what property does not pass under a will in Wisconsin can help individuals make informed decisions when creating their estate plans.

Joint Property

One type of property that does not pass under a will in Wisconsin is joint property with rights of survivorship. When two or more individuals own property jointly and one owner passes away, the surviving owner automatically inherits the deceased owner's share of the property. This transfer occurs outside of the probate process, making joint property a non-probate asset.

Life Insurance Policies

Proceeds from life insurance policies are another example of assets that do not pass under a will in Wisconsin. Life insurance policies typically designate a specific beneficiary to receive the death benefit upon the policyholder's passing. Because the beneficiary is named directly in the policy, the proceeds bypass probate and go directly to the designated recipient.

Trusts

Assets held in a trust are also exempt from passing under a will in Wisconsin. A trust is a legal arrangement where a trustee holds and manages assets on behalf of a beneficiary. When the creator of the trust passes away, the assets held in the trust are distributed according to the terms outlined in the trust document, bypassing the probate process.

Legal Code Reference

Wisconsin Statutes Section 854.13 outlines the rules regarding property that does not pass under a will in the state. It is essential for individuals to consult this legal code and seek guidance from a qualified estate planning attorney to ensure their assets are distributed according to their wishes.

Planning Your Estate Wisely

Understanding what property does not pass under a will in Wisconsin is a critical aspect of estate planning. By being aware of how assets such as joint property, life insurance policies, and trusts are handled, individuals can make informed decisions to ensure their assets are distributed efficiently and according to their wishes.

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