Any assets you own in your name are subject to probate once you pass away in Wisconsin. This includes your real estate property, vehicles, bank accounts, business interests, lands, bonds, and stocks. Additional assets include clothing, artwork, electronics, and furniture. All types of personal possessions like jewelry and collections
Non-probate property includes assets titled in the name of a trust, bank accounts with beneficiaries, and property that is owned jointly.
How to protect your assets from probate
If you want to protect your assets from probate, you’ll need to write a living trust and list the beneficiaries to ensure they are immediately released to your loved ones after your death. A living trust helps you to completely avoid probate because everything is already distributed in the contract.
You can also name the beneficiaries of your retirement and bank accounts and hold your property jointly with another person. Some of the accounts are already considered to be partly owned by your spouse if you’re married, meaning they’re protected.
Who can you contact for legal assistance?
If you need assistance protecting your assets from probate or want to create a living trust, contact an attorney with experience in estate planning. The legal professional will inform you of your rights and can help you to avoid common mistakes on the document to ensure it’s valid and recognized by the state. You can create highly personalized estate plans to ensure your wishes are honored and all the details are covered. An attorney can also assist you in similar matters related to social security disability, elder law and Medicaid, and trust administration. They’ll work hard to protect your assets and businesses while helping you navigate the legal system.
