There are many drawbacks associated with probate in Wisconsin. For this reason, it makes sense to do whatever you can to help your loved ones avoid this process.
Avoidance of probate is a gift to your loved ones. Allowing your loved ones to go through probate at your death puts them in a position and will add more stress to an already difficult time in their life.
Probate is a court process that oversees the distribution of your assets and payment of your creditors at your death.
Here are five of the biggest drawbacks of a Wisconsin probate:
1. Public record. As the probate process wears on, the lack of privacy can come to the forefront. From the will to the beneficiary information to assets and much more, everything is public record. In fact, in Wisconsin we can see the value of your estate on the internet at no cost at all.
2. Time delays. There is nothing worse than having to wait several months (or years) for property distribution to take place. Along with this, probate often times leads to will disputes. The average probate takes 9-24 months.
Even in the simplest of cases, you can expect probate to drag on for at least 4 months.
3. Challenging court process. If you are dealing with probate, it is safe to say you will need to hire an attorney. There are state laws and strict court rules that must be adhered to. Fortunately, a qualified attorney can guide you through the court process from beginning to end.
4. Cost of probate. The cost of administering probate can be expensive, especially when you begin to consider attorney fees, accounting fees, appraisals, court fees, publication costs and personal representative fees, and much more. If there is a will contest you can expect the cost to drastically increase.
5. Ancillary probate. This is not something that everybody has to deal with, but if the decedent owned real estate in another state and/or personal property registered in another state, such as a car or boat, this is necessary. This means you can have more than one probate. As you can imagine, this adds more time and expense to the process.
The above list are just some of the drawbacks to a Wisconsin probate. There are many more. It makes good sense to tie up all loose ends as soon as possible, ensuring that when you die your loved ones don’t have to deal with any additional challenges.
Do you still have questions about probate in Wisconsin? Are you currently dealing with this? Go to our website at KH-LAW.net to find out more free information or to schedule your free consultation.