How to Avoid Probate in Wisconsin

Probate is a legal process that can be costly and time-consuming. For Wisconsin residents seeking to minimize estate taxes and avoid probate, Fricker Law Office provides expert estate planning and probate attorney services. Our blog will cover what probate involves, which assets are subject to probate, and effective strategies for avoiding probate. We offer a variety of estate planning options, such as living trusts, joint ownership, POD accounts, TOD deeds, and beneficiary designations. Schedule a consultation with Fricker Law today to learn more about how we can help you with your estate planning needs.

What is Probate?

Probate is the legal process in which a deceased person’s estate is administered and distributed. During probate, a court determines whether the deceased person’s will is valid, identifies and appraises all of the person’s assets, and pays any outstanding debts and taxes. Then, the remaining property is distributed according to the will or state law.

In Wisconsin, assets that are subject to probate include real estate, bank accounts, investment accounts, personal property, and any other assets that are solely owned by the deceased person. Jointly owned assets with right of survivorship, assets in a trust, or assets with designated beneficiaries are generally not subject to probate.

The probate process is court-driven and can be a lengthy and expensive process, often lasting several months or even years. Probate is also a public process, which means that anyone can access the public records regarding the process, the contents of the will, and the assets being administered.

To avoid probate, it is advisable to work with an estate planning attorney like me, Attorney Robert Fricker of Fricker Law Office in Wauwatosa. My expert legal team can help you create an estate plan that includes a living trust, joint ownership, payable-on-death accounts, transfer-on-death deeds, and beneficiary designations. These strategies can give you control over how your assets are managed during your lifetime, and ensure that they are distributed according to your wishes after your passing. Click here for more information about our services and keep reading to learn more about probate.

Why Avoid Probate?

There are several reasons why individuals may want to avoid probate. Firstly, the process can be time-consuming and costly. First, the will must be validated by the court, which can take some time. Any creditors, beneficiaries, or potential heirs will also have the opportunity to make claims on the estate, which can further prolong the process. Additionally, all court fees, legal fees, and administrative expenses are paid from the estate, which can significantly reduce the value of the inheritance left for beneficiaries.

Secondly, probate is a public process. This means that all court filings and records are available to the public. This can be an invasive experience for families, especially in cases where there are sensitive or personal details that should remain private. Avoiding probate can help maintain privacy and ensure that personal details are not disclosed to the public.

Finally, probate can also be emotionally challenging for family members and loved ones. The process of going through probate can be stressful and fraught with conflict. Beneficiaries may feel as though they are in limbo waiting for the estate to be distributed, which can put a strain on familial relationships. By avoiding the probate process, beneficiaries can receive their inheritance quickly without any unnecessary delays or disputes.

Overall, avoiding probate can save time and money, maintain privacy, and reduce emotional stress for loved ones. By working with an experienced estate planning attorney, individuals can create a comprehensive estate plan that includes effective strategies for avoiding probate.

Estate Planning Strategies to Avoid Probate

Living Trusts

A living trust is a legal document that you create during your lifetime. You transfer your assets into the trust, and a trustee manages them according to your wishes. When you die, your assets pass to your beneficiaries without going through probate. Living trusts are private, flexible, and can help avoid probate.

Joint Ownership

Joint ownership is another strategy to avoid probate. When you own property jointly with someone else, such as a spouse or child, the property passes automatically to the joint owner when you die. This is known as “right of survivorship.” Joint ownership is common for real estate, bank accounts, and investment accounts.

Payable-on-Death (POD) Accounts

POD accounts are bank accounts that allow you to designate a beneficiary who will receive the funds when you die. The beneficiary has no access to the funds while you are alive. POD accounts are a simple and effective way to avoid probate for bank accounts.

Transfer-on-Death (TOD) Deeds

TOD deeds are a way to transfer real estate without going through probate. You sign a TOD deed that names your beneficiaries and file it with the county recorder’s office. When you die, the property passes to your beneficiaries without going through probate.

Hiring an Estate Planning Attorney

If you want to avoid probate, it’s important to work with an experienced estate planning attorney, preferably one who also has legal experience with probate. An attorney can help you create a living trust, prepare estate planning documents, and advise you on the best strategies to minimize estate taxes and avoid probate. A skilled attorney can also help you review and update your estate planning documents as your life circumstances change.

Probate is a time-consuming and expensive process. However, with careful Wisconsin estate planning, you can avoid probate and save your loved ones time and money. For questions about how to tailor your estate plan to avoid probate, click here to contact Fricker Law Office.