ByBuried in Work StaffBuried in Work Staff

When someone passes away, their assets are typically distributed through a legal process known as probate. In Wisconsin, understanding which assets go through probate and which do not is crucial for estate planning and settlement. Let’s delve into the specifics of what assets are subject to probate and those that are exempt in the state of Wisconsin.

Assets That Go Through Probate

Assets that are solely owned by the deceased individual and do not have a designated beneficiary or joint owner usually go through probate. These assets include:

  • Real estate owned solely by the deceased

  • Bank accounts solely in the deceased’s name

  • Investment accounts held solely by the deceased

  • Personal belongings and valuable items

Assets That Do Not Go Through Probate

Some assets bypass the probate process in Wisconsin. These include:

  • Assets held in a living trust

  • Proceeds from life insurance policies with named beneficiaries

  • Retirement accounts with designated beneficiaries

  • Jointly owned property with rights of survivorship

Handling of Assets During Probate

During probate, the court oversees the distribution of assets to pay off debts and taxes before transferring the remaining assets to the beneficiaries. The process can be time-consuming and costly, making it essential to plan your estate carefully to minimize probate involvement.

Wisconsin Legal Code on Probate

The probate process in Wisconsin is governed by Chapter 851 of the Wisconsin Statutes. This legal code outlines the procedures for administering estates, appointing personal representatives, and resolving disputes related to probate.

Strategies to Avoid Probate

Given the potential drawbacks of probate, individuals may consider various strategies to avoid or minimize probate involvement, such as:

  • Creating a revocable living trust

  • Designating beneficiaries on accounts and policies

  • Establishing joint ownership with rights of survivorship

  • Making lifetime gifts to reduce the size of the estate

Final Tips for Estate Planning in Wisconsin

Understanding the probate process and the treatment of assets in Wisconsin is essential for effective estate planning. By carefully structuring your assets and considering probate-avoidance strategies, you can streamline the distribution of your estate and minimize potential complications for your loved ones.

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