How to Avoid Probate in Wisconsin?

Probate is a court process that supervises the administration of a person’s estate after they pass away.

A decedent’s estate may include several types of property, such as:

• Financial assets, including bank accounts, investment accounts, and retirement accounts
• Personal property, including belongings, household goods, and vehicles
• Real estate, including a home, land, or investment property

As part of the probate process, the representative of the estate (also referred to as an executor) will be responsible for several things:

• Identifying and collecting the decedent’s assets
• Managing the decedent’s assets during the probate process
• Paying debts, creditor claims, taxes, and probate administrative expenses
• Distributing the remaining assets to those named in will, or if there is no will, to the heirs at law

What types of property can avoid probate in Wisconsin?

1. Property that is solely owned by the decedent and totals less than $50,000 in value. All that is required to transfer the property is completing a “transfer by affidavit” form that states the value and a description of the property, among other things.  

2. Property titled in joint ownership, as title automatically passes to the surviving owner upon the decedent’s death.

3. Life insurance payments and funds in an IRA, pension, 401(k) or other retirement plans will bypass probate if the decedent has named beneficiaries other than the estate. It is important to note that if the decedent did not name any beneficiaries or only named the estate as the beneficiary, the funds must go through the probate process.  

4. Any property held in a revocable living trust. A revocable living trust is a trust set up during the settlor’s life, the settlor is the person who creates the trust, where the settlor maintains the right to end the trust and take back all assets that were put into the trust.