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1. What is probate?
2. When is the "reading of the will" for family members?
3. Is probate always necessary?
4. When can I start paying the bills?
5. Who should come and what should we bring to the first appointment with the attorney?
6. How long does it take to settle an estate?
7. What are the inheritance tax consequences?

1. What is probate?
Probate is the court proceeding whereby the court formally recognizes the will of a deceased person, and the assets are obtained and distributed according to the law. Probate in Wisconsin may either be "formal" or "informal". The difference between the two is the amount of court involvement in the proceeding.

2. When is the "reading of the will" for family members?
Generally, there is no "reading of the will" as actually visualized by most people. A family member or several family members, including the designated personal representative or executor, bring the will to an attorney of their choice. The attorney reviews the will and the known assets of the deceased to determine whether a probate of the estate is necessary. Of course, if the decedent requested a reading of the will or if the family would like one, it may be arranged with your attorney.

3. Is probate always necessary?
A probate may not be necessary depending on the dollar amount of the assets the decedent had at the time of death. There are different procedures for estates valued at $20,000.00 or less, for estates valued between $20,000.01 and $50,000.00, and finally for estates valued at over $50,000.00. If assets are held in joint tenancy or made payable on death, no probate may be necessary. However, in these cases there may still be some legal work to terminate the tenancy or to preserve tax status that should be discussed with an attorney.

4. When can I start paying the bills?
The bills cannot be paid until a personal representative or executor has been officially appointed by the court. This process can take anywhere from a couple of days to several weeks depending on the number of beneficiaries and the ease of getting in touch with all of them. The important thing to remember is that a power of attorney terminates at the time of death. Therefore, no one may act until a personal representative is appointed by the court.

5. Who should come and what should we bring to the first appointment with the attorney?
The spouse of the decedent and the designated personal representative or executor should come to the first appointment. Generally, any immediate family member who would like to come is also invited. The family should come with a death certificate, if available, the names and addresses of all of the people named in the will as well as the names and address of the next of kin. If at all possible, financial information should be brought to the first appointment. The information most helpful would be the names of any institutions holding assets. If there is real estate, the abstract or title policy and the most recent property tax bill should also be brought to the meeting. If this information is not readily accessible to the person attending the appointment, it would be helpful to bring the deceased person's latest income tax return. Information on insurance policies, pension plans, and other assets should also be taken to the first appointment.

6. How long does it take to settle an estate?
Some important dates in estate proceedings are the following:

1. Appointment of the personal representative - A few days to a month
2. Publication in the local newspaper - Three consecutive weeks with the first insertion being within fifteen days from the filing of the estate
3. Time limit for creditors to file claims - Not less than three months and no more than four months from the date of the order
4. Inventory - Any time before but not later than six months after appointment of personal representative
5. Disclaimer - Any time before but no later than nine months after date of death
6. IRS Form 706 - No later than nine months after date of death

If there is real estate to be sold, the market plays a large role in how fast an estate may be settled. An estate is generally closed within a year after the date of death.

7. What are the inheritance tax consequences?
Wisconsin does not have an inheritance tax at this time. Then, an Wisconsin tax is due. However, if the decedent would owe income taxes on a transaction, generally, so will the estate. Estate tax returns or fiduciary returns are generally taxed at a higher rate than individual tax returns. In addition, there is a federal estate tax charged to estates in excess of $2,000,000.00 in 2008. The amount of the tax is computed using Federal Form 706.

Disclaimer: The information supplied on this web site is general in nature and should not be relied upon to make legal decisions. This website is an advertisement for legal services. The material contained in this website is not intended as legal advice, and does not constitute the creation of an attorney/client relationship. All information regarding law contained in this website pertains to the law in the State of Wisconsin. The laws of other states and nations may be entirely different from what is described here.