Comprehensive estate planning in Wisconsin includes accounting for any assets that must go through probate. Probate records are public, and the legal process can cost your beneficiaries significant time and money. By understanding what assets must usually go through probate and potential strategies to bypass this process, you can spare your heirs from legal headaches and help them keep more of your estate.
Wisconsin Laws on Transferring Assets After Death
Wisconsin’s laws on which of your assets must go through probate are complicated, so it’s vital to work with an attorney who can help you understand them. The general rule is that if your estate exceeds $50,000, it must go through formal probate after you die. The assets that usually must go through probate in Wisconsin include:
- Real estate, such as your family home or other properties
- Bank accounts and investments account that are solely in your name
- Other personal property you solely own, such as jewelry, artwork, etc.
Certain assets typically do not have to go through probate in Wisconsin, such as:
- Assets in a trust
- Jointly owned assets, assuming the other owner is still alive
- Assets that automatically transfer to your beneficiaries upon your death
- Your share in a business, with the proper procedures
Ways to Protect Your Assets from Probate
Protecting your assets from probate helps keep your family’s affairs private and can save your heirs considerable time and money. Some potential strategies to protect your assets from probate include:
- Trusts – Placing your assets in a trust is one of the best ways to avoid probate. By having someone else manage your assets on behalf of your beneficiaries, trusts allow you to transfer assets without court involvement. That said, there are complex rules for trusts, so it’s critical to get proper legal assistance to establish one.
- Joint Ownership – If you co-own property with someone and they have the right of survivorship, the asset automatically transfers to the other owner when you pass away, avoiding probate.
- Transfer-on-Death Deeds – You can file a transfer-on-death deed for real estate like your home or other properties. This allows the property to transfer directly to your chosen beneficiary upon your death, bypassing probate.
- Payable-on-Death (POD) Accounts – You can name beneficiaries for your bank accounts or certificates of deposit. When you die, these funds will pass to your designated beneficiary without going through probate.
- Beneficiary Designations – For retirement accounts, life insurance policies, and similar assets, naming a beneficiary ensures these assets avoid probate.
How a Wisconsin Estate Planning Attorney Can Help You Bypass Probate
Hiring a Wisconsin probate attorney is crucial if you want to pass on as much of your estate as possible. The team at Peterson, Berk & Cross, S.C., can assist in this regard by helping you identify your goals, developing a legal strategy to meet those goals, drafting crucial documents like your will, and creating and managing a trust for your assets. We’ll handle the complex legal work, giving you peace of mind because you know your family’s future is in capable hands.
Don’t wait to start your estate plan, as you never know what tomorrow will bring. Call Peterson, Berk & Cross, S.C., today or complete our contact form for a free consultation.