What happens if you die without an estate plan in Wisconsin?
Many people assume their spouse or children will automatically inherit everything. In reality, if you pass away without an estate plan, Wisconsin law may determine who receives certain assets and who is responsible for handling your estate.
Here are a few general things to know:
1. Only probate assets are affected
Not all assets pass through probate. Assets with beneficiary designations, jointly owned property with rights of survivorship, and assets held in a trust often pass outside of probate.
For assets that do go through probate, Wisconsin law determines who inherits if there is no estate plan in place.
2. Wisconsin law determines who receives your probate assets
If you die without a will or trust directing the distribution of your probate assets, Wisconsin's intestacy laws determine who inherits. The outcome depends on your family situation and may not reflect what you would have chosen.
3. Someone still has to handle your estate
If probate is required, the court will appoint a personal representative to administer the estate. With an estate plan, you can often nominate the person you would like to serve in that role.
4. Parents lose the opportunity to nominate a guardian
If you have minor children, a will allows you to nominate who you would want to serve as guardian. While the court ultimately decides what is in the child's best interests, your nomination can provide important guidance.
5. Some smaller estates may avoid formal probate
Depending on the type and value of assets involved, Wisconsin law provides simplified procedures for certain smaller estates, including transfers by affidavit. Whether these options are available depends on the specific circumstances.
6. Estate planning gives you choices
Some people choose a will. Others choose a trust-based estate plan. The right approach depends on your assets, family situation, and goals.
Estate planning is not just about deciding who receives your property. It's about making things easier for your loved ones and ensuring your wishes are known.
Freeman & Johnson Law Office can help you understand your options and create an estate plan that fits your needs.
