How to Avoid Probate in Wisconsin

Secrets to Probate-Free Estate Transfers in Wisconsin

The probate process can be lengthy and costly, potentially reducing the assets passed on to your heirs. Our experienced estate planning lawyers have the knowledge and resources to avoid probate and the hardships with it. The attorneys of Niebler Pyzyk guide you through the intricacies of Wisconsin probate laws and devise effective strategies to minimize or eliminate probate involvement.

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What is Probate?

Probate is a legal process after someone dies to validate their will and distribute their assets. It involves filing the necessary documents with the court, notifying beneficiaries and creditors and resolving any disputes. The goal of probate is to pay off the deceased person's debts and distribute their remaining assets according to their wishes or the applicable law.

How to Avoid Probate in Wisconsin: 10 Strategies

In Wisconsin, the easiest way to avoid probate is to create a living trust. A living trust allows you to manage your assets during your lifetime and distribute them to your beneficiaries, such as a spouse, child or relative after you die. By understanding the strategies to bypass probate, you can create a seamless transfer of your assets.

1. Establish a Revocable Living Trust: Transfer assets to a trust, allowing them to be managed and distributed outside of probate.

2. Utilize Joint Ownership: Hold property jointly with rights of survivorship, so it automatically transfers to the co-owner upon death.

3. Designate Beneficiaries: Name beneficiaries on assets like bank accounts, retirement accounts, and life insurance policies to pass them directly to the designated beneficiaries outside of probate.

4. Create Payable-on-Death (POD) or Transfer-on-Death (TOD) Accounts: These types of accounts allow for the direct transfer of assets to designated beneficiaries without probate involvement.

5. Gift Assets: Consider gifting assets during your lifetime, reducing the size of the estate subject to probate.

6. Use Small Estate Affidavit: If the estate value is below $50,000, eligible individuals can use a small estate affidavit to bypass probate.

7. Employ Lifetime Gifting Strategies: Make use of annual gift tax exclusions to transfer assets to beneficiaries during your lifetime.

8. Establish Joint Bank Accounts: Set up joint bank accounts with the right of survivorship, allowing the funds to pass directly to the surviving account holder.

9. Utilize Transfer-on-Death Deeds: For real estate, consider using transfer-on-death deeds, also known as beneficiary deeds, to transfer property directly to designated beneficiaries.

10. Plan with Legal Assistance: Consult with an estate planning attorney to explore additional options and create a comprehensive plan tailored to your specific circumstances, ensuring your assets are distributed efficiently and potentially avoiding probate.

Is Probate Required in Wisconsin?

In Wisconsin, probate is mandatory if you possess a will and your estate holds a value of $50,000 or higher. According to Wisconsin statutory law, any will about an estate valued at $50,000 or above must undergo verification to establish its authenticity, followed by the distribution of assets following the will's provisions.

Do Wills Always Have To Go Through Probate?

No, wills do not always have to go through probate in Wisconsin. Establishing a revocable living trust or utilizing beneficiary designations can avoid the need for probate. Wills generally go through the probate process unless alternative estate planning methods have been established.

Avoid Probate in Wisconsin With Our Estate Planners

Niebler Pyzyk’s estate planning services are designed to help you avoid probate. By employing estate planning strategies, individuals can avoid the need for probate and facilitate the efficient transfer of assets to beneficiaries. Our experienced estate planning attorneys create comprehensive estate plans tailored to your unique needs and goals.

We understand the intricacies of Wisconsin probate laws and will guide you through a range of strategies to minimize or eliminate probate involvement. From establishing revocable living trusts and implementing beneficiary designations to exploring joint ownership options, we work closely with you to develop a customized plan. 

Contact us online for a consultation for legal advice on avoiding probate.