Probate frightens many but is just a court process with distinct phases. Understanding these phases of probate allows us to appreciate the process and determine whether probate is the right strategy.
Starting
This involves finding the will of the person who has died (the “decedent”) and determining who will manage the decedent’s final affairs (the “personal representative”). Interested parties will be determined, including individuals given property in the will (“beneficiaries”) and individuals would have inherited from the decedent if they had died intestate (“heirs”). The will and the legal documents to start a probate will need to be filed with the court. All of the interested parties and the decedent’s creditors will need to be notified of the probate proceeding. The probate officially starts when the court accepts the will and grants the petition for probate.
Inventory
This phase involves identifying the decedent’s property and taking control of it. The phase culminates in filing a document called the “Inventory.” This document lists the property going through the probate process and its value on the day the decedent died.
Resolving Claims
The decedent’s creditors have a deadline to let the court know what is owed by the decedent. It is the personal representative job to resolve any claims that are filed in a timely manner. Resolving the claim can be done by paying the claim, negotiating a settlement, or challenging a claim that is erroneous. The probate estate may incur bills which need to be paid as well. The expenses will need to be gathered and prepared into an accounting of what the probate estates funds were used during its administration.
Closing
Under Wisconsin law, a probate estate may not be closed until it shows the decedent has paid all taxes owed to the State of Wisconsin. This is done with a Closing Certificate for Fiduciaries, which is issued by the Department of Revenue. After the Closing Certificate is filed and final accounting is complete, the estate will be prepared to make final distributions to the beneficiaries. The probate estate is closed once the personal representative shows that all beneficiaries have been paid, claims resolved, taxes paid, and the final accounting is approved.
Conclusion
Working with an experienced probate attorney will help you navigate through each of these stages of probate. Together, we can take the fear out of probate for you and your family.