Category Archive: Avoiding Probate
- Dec. 10 2019
Beneficiary Designations – An Often Overlooked Part of Estate Planning
Creating a Wisconsin revocable trustA trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. created during lifetime that can be terminated, amended, or modified by the person creating it. A Revocable TrustA trust created during lifetime that can be terminated, amended, or modified by the person creating it. A Revocable Trust is often used in Wisconsin to avoid probate and provide for the orderly and proper distribution of assets upon death of its creator and to provide for management of assets and property if the creator of the trust becomes incapacitated. is often used in Wisconsin to avoid 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. and provide for the orderly and proper distribution … Read more
- Jul. 18 2019
Estate Planning Elder Law Attorney: When to Contact?
As 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 … Read more
- May. 15 2019
Simple Will: Often Not Adequate Estate Planning
As estate planning lawyers, we often have clients contacting us for a “simple” Last Will and TestamentSee WillA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause... Sometimes a “simple will” can accomplish our clients’ goals. More frequently however, a simple willA written document that sets forth and names … Read more
- Jun. 21 2018
Wisconsin Marital Property Law
Wisconsin marital propertyA law for married persons with respect to ownership and rights in and to assets, property, and income during life and upon death of a married couple. Marital PropertyA law for married persons with respect to ownership and rights in and to assets, property, and income during life and upon death of a married couple. Marital Property law is unique to the State of Wisconsin, but is a form of and based upon many principals contained in Community Property law. law is unique to the State of Wisconsin, but … Read more
- Mar. 23 2018
Avoiding Probate: Definitions and Key Reasons
Many of our clients name avoiding probateThe court process proving the validity of a Will and conducting the orderly InventoryA document filed during probate administration and sometimes during trust administration setting forth the assets owned at the decedent’s death and the value of those assets. In a probate administration case, the Inventory is filed with the court and is a public document., Accounting, and AdministrationA process during which the deceased persons assets pay debts, claims and funeral expenses and the remaining estate funds are then distributed according to the wishes of the deceased person set forth in the Will or Trust. The Administrator is in charge of the process and must follow what is set forth in the Will or Trust. If there is no Will or Trust, the distributions and payments are made according to the law of the applicable state and is called intestate succession. of a decedent’s assets under a Will or under Intestacy laws if there is no WillA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause.. The probate … Read more
- Aug. 22 2017
Wisconsin’s Transfer on Death Deed
Wisconsin’s Transfer on Death Deed (TOD Deed) allows for the non-probate transfer of real property upon death. This seemingly simple law, Wisconsin Statute 705.15, can be used as a powerful estate planningPlanning in advance of disability, incapacity, or death to … Read more
- Nov. 30 2016
Estate Plan Review: When Do I Need One?
As estate planning lawyers, we are regularly asked “When do I need to do an estate plan review?” When we draft an estate plan for a client, we attempt to draft with an eye towards the future so that frequent … Read more
- Nov. 1 2016
Marital Property Agreement: Funding a Revocable Trust Without Probate
In Wisconsin,a marital propertyA law for married persons with respect to ownership and rights in and to assets, property, and income during life and upon death of a married couple. Marital Property law is unique to the State of Wisconsin, but is a form of and based upon many principals contained in Community Property law. agreementA document created by married persons in advance of marriage (prenuptial agreement) or following marriage (post-nuptial agreement) to agree with or alter the pre-set Wisconsin Marital PropertyA law for married persons with respect to ownership and rights in and to assets, property, and income during life and upon death of a married couple. Marital Property law is unique to the State of Wisconsin, but is a form of and based upon many principals contained in Community Property law. laws. A Marital Property agreementA document created by married persons in advance of marriage (prenuptial agreement) or following marriage (post-nuptial agreement) to agree with or alter the pre-set Wisconsin Marital Property laws. A Marital Property agreement can also be used to direct that property, upon death of one or both spouses, shall be distributed to a trust or person to avoid probate. In Wisconsin, a Marital Property Agreement can be used to help fund a Revocable Trust at the death of a spouse of both spouses to avoid probate and can be referred to as a Non-Probate Marital Property Agreement. can also be used to … Read more
- Jun. 28 2016
A Last Will and Testament Does Not Avoid Probate
A Last Will and TestamentSee Will. (will) is a great first step for an estate plan and is often one key part of a quality estate plan. However, a willA written document that sets forth and names the personal representativeA term used in Wisconsin to describe the person appointed by a probate court to be in charge of the probate administration process of a deceased person. This is often referred to in other states as an Executor or Administrator. The Personal Representative may be set forth and nominated in a decedent’s Will before death along with successor Personal Representatives. who … Read more
- Jun. 9 2016
Procrastination and Estate Planning
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 … Read more