If you're getting ready for estate planning in Wisconsin, you might have heard about using a transfer on death, or TOD, account to avoid the probate process. Here's a closer look at the pros and cons of using TOD accounts. What is a TOD account? A transfer on death...
Probate
Should I establish a TOD for my investment assets?
If you want your survivors to avoid probate after your passing, consider incorporating a transfer on death (TOD) account for your investments. Having TOD accounts are viable alternatives for many families in Wisconsin and make the beneficiary process easier after you...
Is the probate process always difficult?
When many people in Wisconsin hear the terms "probate," "estate" and "probate court," they cringe. They harbor a number of conceptions about the probate process, some that may not be accurate and others that might be at least somewhat overblown. The reality is that...
What type of assets is subject to probate?
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...
Reasons to avoid probate
In the most extreme cases, it's not uncommon for probate to take months or even years for your estate to make it through the probate process, leading to staggeringly high legal bills. There are several reasons to try to build an estate plan that avoids probate in...
Protect family assets with probate and trust administration
Many Wisconsin families have significant assets that are valuable. When the head of a household passes on, those assets might wind up in probate court and subject to a judge’s whims and arguments by potential beneficiaries. Fortunately, you can prevent such a...
What does an executor need to do to settle an estate?
Grieving for a loved one can be difficult, and it may seem best to handle their affairs as quickly as possible. Unfortunately, estates can be complex puzzles, and it could take plenty of work before you can declare the process finished. It takes an average of 16...
Can I avoid probate if I have a will?
As you review your will, you may worry about the impact that probate could have on it. Because probate is often lengthy and costly, it can diminish an estate’s value. You may wonder if you can find ways for your assets to avoid it. In some – but not all – cases, they...
What happens to unpaid bills in a probate?
When a person passes away, they will most likely have unpaid bills on credit cards or owe money to medical providers. Probate allows for those debts to be paid after the person’s death. Typically, funds or property from the decedent’s estate is used to pay the debt....
