What is Probate? What to Expect and How to Find Support
If you are a Milwaukee or Wauwatosa resident who has recently lost a loved one, you may be wondering what happens next. Many people have never gone through the probate process before, and don’t know where to start. This blog post is here to help. In it, we will talk about what probate is, when probate happens, what a person can expect from the probate process, and whether or not they need to hire a probate lawyer. We hope this information provides some much-needed clarity during a difficult time.
I’m experienced Probate Attorney Robert Fricker. At Fricker Law, we have helped people just like you in Milwaukee, Wauwatosa, and surrounding communities navigate probate and build custom estate plans for more than 65 years. For questions or to learn more about our services, simply call (414) 442-9494 or click here.
What is probate?
Probate is the legal process of administering a person’s estate after they die. This includes validating the will, distributing assets to beneficiaries, paying debts and taxes, and resolving any claims against the estate. If the estate had a personal representative named in the will, that person will oversee the probate process. The probate process can be complex, especially for large and complicated estates, and it is smart to hire an experienced probate lawyer.
When does probate happen?
Probate typically happens when someone dies with assets in their name that are not jointly owned with another person or held in a trust. The probate process can also be used to settle disputed claims against the estate, even if there are no assets to distribute.
Probate begins when the personal representative files a petition with the court. The court will then issue letters of administration, which give the personal representative the authority to administer the estate. In Wisconsin, the personal representative must file the petition with the court within three years of the decedent’s death.
What can I expect from the probate process?
The probate process can take anywhere from a few months to several years, depending on the size and complexity of the estate. The first step is to file a petition with the court to open probate. Once probate is open, the personal representative (the person responsible for administering the estate) will begin collecting assets, paying debts and taxes, and distributing assets to beneficiaries.
Do all estates go through probate?
In Wisconsin, if someone dies with assets valued at more than $50,000.00, the estate will go through probate.
However, not all assets in a given estate are subject to probate. Any assets that are held in a trust will avoid the probate process. Financial assets such as bank accounts, life insurance policies, and retirement accounts that are designated as “Transfer on Death” (TOD) or have a named beneficiary will transfer to that beneficiary without going through probate. Jointly owned assets, like homes, will pass to the surviving owner without going through probate.
Wondering which of your assets will be subject to probate? Contact Fricker Law with questions today.
Do I need to hire a probate lawyer?
If you are a personal representative or a close family member of someone who has recently passed and are responsible for navigating the next steps, it is smart to think about hiring a probate lawyer. Without the support of a lawyer, probate can quickly become overwhelming and costly mistakes can be made. The probate process can be complex, and a probate lawyer can help you navigate the process and protect your interests.
When somebody close to us dies, the last thing we want to think about is paperwork and legal proceedings. If you are going through the probate process, or if you are planning for it, we hope this blog post has been helpful. Fricker Law is here to support you every step of the way. We have decades of experience helping individuals and families through probate, and we would be honored to help you too. Contact us today to schedule a consultation with our expert probate lawyer, Robert Fricker.
