When a person with assets valued over $50,000 passes away in Wisconsin, their estate enters probate court for supervision. This means that the court will take steps to be sure your creditors are paid, taxes are paid, and that your assets are properly distributed. Since this process is a public record, and can be lengthy, you may want to help your loved ones avoid it if you’re planning your estate. In some circumstances using probate court supervision and procedures is in your best interest and the most practical way to administer your estate. Your attorney can help you determine this by looking at your overall estate, family situation and obligations If administration outside the probate process is appropriate for you, here are a few steps your attorney may advise you take.

How to Avoid Probate Court in Wisconsin

1. Create a Living Trust

Work with an estate planning attorney to create a living trust for your property, vehicles, bank accounts, and any other sizable assets. While some states limit which assets you can attach to living trusts, Wisconsin is not one of them. Simply name the individual to act as successor trustee upon your death. This lets you stay in control of your belongings during your life and eventually allows the named person to transfer them to your beneficiaries. Unlike wills, living trusts do not require probate court supervision, but will require follow-up administration after death.

2. Use Joint Ownership

You can also avoid probate by making your beneficiaries co-owners of your property. When you own assets like vehicles and homes with another person “with right of survivorship,” they get automatically transferred (after completing minimal paperwork) to the surviving owner upon your passing. Known as joint tenancy, this transfer will require minimal paperwork on their part. 

3. Designate Assets as “Payable on Death” or “Transfer on Death”

Ensure your beneficiaries gain access to your funds after you pass with payable-on-death (POD) or transfer-on-death (TOD) designations. You can create savings accounts or certificates of deposit that are POD, and use the TOD option for brokerage accounts like stocks and bonds. If you wish to transfer real estate to a beneficiary in Wisconsin, create a transfer-on-death deed. In all these scenarios, your loved ones will only receive these funds after your passing. 
 

Work with Alan A. Panek Law Office, S.C. to determine which of your assets to keep out of probate court. Providing estate planning services for Wood, Adams, and Portage counties, as well as the rest of Wisconsin, this attorney and his experienced staff work tirelessly to meet your needs. Call (715) 421-4900 today to schedule a consultation or visit their website for a full list of their practice areas.