When a loved one passes away, the estate will often proceed through the courts. While this process may seem complicated, there are situations when these assets can be handled through small estate administration.
This is more of a streamlined process that helps distribute the assets quicker to the beneficiaries. If you would like to learn more about small estate administration in Wisconsin, here are a few points to know.
The Basics of Small Estate Administration
In Wisconsin, if the value of the estate does not exceed $50,000, and the decedent is survived by a spouse or one or more minor children, the estate may qualify for simplified probate. This is also known as small estate administration.
The person who administers the estate is known as the personal representative. They are responsible for managing the probate process. Most of the time, this individual is named in the will. However, there are times when no one is designated for the position. In those cases, the court can appoint a person to the role.
Small estate administration is a court-supervised process. Several steps need to be completed. First, all creditors and interested parties must be notified. If they have any claims or concerns, those can be addressed during the process.
Also, any heirs or beneficiaries will need to be alerted. In these cases, the rightful recipients of the estate can collect any assets. After these parties have been identified, the decedent’s assets will be collected and inventoried. This aspect ensures that all the assets are properly valued before they are used to pay off debts and distributed to the heirs.
Once that is finished, the estate must calculate and pay federal and state taxes. Additionally, there may be a claim against the estate, which will have to be resolved. Administration fees are also paid at this stage.
After these financial matters are settled, the next step involves transferring the decedent’s assets to the heirs or beneficiaries as outlined in the will. All the assets are distributed according to the wishes of the deceased individual.
Finally, there must be an account of the gathered assets. The estate administrator must record how the assets have been managed and distributed. With that, the courts can ensure that these matters are properly administered and compliant with Wisconsin laws.
Transferring Property
Small estate administration also simplifies the process of transferring property from the decedent’s estate to the rightful heirs. The small estate affidavit must be entered by a notary and filed in the county of the decedent’s residence. This method saves time and expenses, allowing for a quicker resolution for estates that fall below the $50,000 threshold.
While many people are concerned about the timeframe for starting the probate process, small estate administration can usually be concluded between six and 12 months. However, keep in mind that any disputes or complications can cause delays, increasing that time. The administration of the decedent’s estate requires time to make sure that all legal requirements are fulfilled and that the estate is administered correctly.
Find Out More About Wisconsin Small Estate Administration
The small estate administration process in Wisconsin is meant to be streamlined, but it can still be complex. Whether you have experience or not, you may want to consult a legal professional when dealing with estate administration matters. With their help, you can make sure that the process adheres to all the laws in the state.
If you have any questions about small estate administration, contact the Collins Law Firm. We offer comprehensive estate planning, administration, business, and elder law services. We proudly serve Southeastern Wisconsin and the Milwaukee area.
Our experienced estate planning team helps individuals like you to build and protect your legacy. Schedule your free and confidential consultation today by contacting us or calling (414)-207-6292.