How to Avoid Probate in Wisconsin: Simple Strategies That Work

Estate planning is all about putting plans in place to support your family after your death. Creating a will is the most well-known way to do this, as you use this document to name a guardian for minor children and dictate what should happen to your assets. However, even if you do create a will, your family and other beneficiaries will have to endure a sometimes lengthy court process called probate before they receive the asset you’ve left to them. However, there are estate planning strategies you can use to help your family reduce the hassle of probate…or avoid it entirely.

I’m Milwaukee Estate Planning Attorney Paul Margerie. At Margerie Law, I help individuals and families navigate probate, wills, trusts, and all other elements of estate planning. Read on for my top tips for how to manage and avoid probate.

Create a Living Trust

A living trust is a document that allows you to transfer assets without going through probate. The trust becomes the owner of your assets, and your beneficiaries will receive them from the trust after you die. To create a living trust, work with your estate planning lawyer. You will initially name yourself the trustee of the assets contained in your trust. You will also name a secondary trustee who will manage and distribute these assets upon your death. Learn more about creating a living trust in Milwaukee. 

Name Beneficiaries

In addition to, or instead of, creating a living trust, you can name beneficiaries on specific assets to help those assets avoid probate. For example, you can name your spouse as the beneficiary of your life insurance policy or retirement account. You can also title assets jointly with your spouse or another loved one to avoid probate.

Payable-on-Death Beneficiaries

When talking specifically about bank accounts, you can also name a “payable-on-death” beneficiary. This is someone who will receive the funds in the bank account when you die. Again, this helps to avoid probate because the money goes directly to your beneficiary without having to go through the court system.

Transfer-on-Death Deeds

For real estate holdings, you have the option to record a transfer-on-death deed (a.k.a. beneficiary deed) and leave your property to someone specific upon your death. You can also register a transfer-on-death deed for stocks and bonds. These strategies also bypass probate.

Joint Property Ownership

Another way to avoid probate is by owning property jointly with another person. When you die, that person will automatically inherit the jointly-owned property as sole owner. Property that can be jointly owned includes bank accounts, real estate, and vehicles.

Small Estates

If your total assets are worth less than $100,000, you may be able to avoid probate by using the small estates process. This process allows you to transfer property directly to the heirs without going through a court proceeding. You must meet certain requirements in order to qualify as a small estate – contact estate planning attorney expert Paul Margerie at Margerie Law with questions about this process.

Designating a Power of Attorney

If you become incapacitated and can no longer make decisions for yourself, having a power of attorney for both healthcare and finances will ensure that someone you trust can make decisions on your behalf. Without a power of attorney in place, these responsibilities would fall to your next of kin or to the courts – neither of which may be prepared to act in your best interest. Utilizing powers of attorney is yet another way to avoid the need for probate court involvement. Learn more about powers of attorney. 

Ultimately, it’s not always possible to completely avoid probate. While the probate process might be long and frustrating, in some cases it can go smoothly and get wrapped up quickly. It all depends on the details and complexity of the estate, whether or not parts of the will are contested, what type of estate planning documents are in place, and many other factors.

Estate planning to avoid or navigate probate can be complicated, but you don’t have to do it alone. A Milwaukee estate planning lawyer who has specific expertise in probate, trusts, and wills can help you understand your options and decide which strategies will work best for your particular situation. For help with creating, updating, or strategizing about your estate plan, contact Attorney Paul Margerie today.