December 18, 2015
We are delighted to report that our lead estate planningPlanning in advance of disability, incapacity, or death to make sure that key life issues have been addressed while the person is still of sound mind and able to understand and sign key documents such as Power of Attorneys, Power of Attorneys for Health Care, Wills, and Trusts to form a strategy and provide for the administration and disposition of his or her assets upon death or upon incapacity. attorney, Paul B. Wokwicz, recently wrote an article published in the Wisconsin Lawyer, the publication of the Wisconsin State Bar Association. The article, Wanted: Lawyers Versed in Real Property Sales from Estates, appears in the December 2015 issueA person’s children and/or lineal descendants such a grandchildren and great-grandchildren. It refers to a direct blood line in Wisconsin along with legally adopted persons. In Wisconsin the term “issue by right of representation” is commonly used to indicate that a share of beneficiary, if predeceased, shall be distributed to his or her children or lineal descendants. Although slightly different this is often also referred to as Per Stirpes distribution..
Selling Real Estate from a Probate Estate
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In the article, Mr. Wokwicz highlights the challenges of selling real estate from a probateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts. estate. Leveraging his extensive experience in these matters, Paul addressed the following issues in the article:
- Real Property Sales from ProbateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts. Are Not Standard Transactions
- Negating Standard Offer-to-Purchase Language
- Additional Formalities When Selling from a ProbateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts. Estate
- Sales Without Warranty from Trusts of Decedents
The full article is available on the Wisconsin Lawyer magazine website:
Wanted: Lawyers Versed in Real Property Sales from Estates »