When someone passes away, their belongings are not immediately transferred to their beneficiaries. Instead, the estate will have to go through probate, a complex legal process for retitling their assets. Understanding probate law will help you navigate the system and hire an experienced lawyer to resolve problems before they arise. Below is a brief guide about what to expect.

Deciding on the Appropriate Process

Most estates will have to go through the probate process, but many jurisdictions allow those without significant assets to transfer those possessions without going through court. Wisconsin’s probate law, for example, allows estates valued at less than $50,000 to be passed on by filing a simple affidavit.

Naming an Executor

The executor is the individual in charge of inventorying the estate, closing the deceased’s accounts, paying off their debts, and distributing their belongings. Normally, this person is named in the will, but if the decedent passed away without preparing one, the court would appoint someone to fulfill this vital role.

Closing Accounts

After receiving copies of the death certificate and other documents, the executor will start closing the decedent’s bank accounts and paying off their debts. The amounts owed take priority, so they might have to sell off some property if there is not enough cash on hand.

Conducting an Inventory

Before assets can be distributed to their new owners, probate law in most states requires the executor to conduct a thorough review of the estate. Specifically, they must locate items mentioned in the will and identify any valuable belongings that were not listed in the decedent’s plan.

Distributing Assets

Once the debts have been paid, the executor will begin distributing assets to the beneficiaries. If the deceased left behind a will, the appointed individual is required to follow those instructions. Otherwise, the estate will be passed out to close family members according to the laws of the state.

Ready to start estate planning? Together, the legal team at LaRowe Gerlach Taggart LLP have over 175 years of combined legal experience across a broad range of practice areas. With their thorough knowledge of probate law, they can guide you through every step of the process. Visit their website or call (608) 524-8231 to schedule an appointment at their office in Reedsburg, WI, and follow their Facebook for tips and updates.