Friday, August 10, 2012

An Important Step in a Quest to Avoid Probate in Wisconsin

The following post is for informative purposes only.  For specific legal advice relative your particular situation, please consult a lawyer licensed to practice law in your state.  Atty. Drosen is licensed to practice law in the State of Wisconsin.

Did you know that Probate as a process is almost always avoidable? That's correct...it is almost always avoidable.  In Wisconsin, one of the best ways is through the usage of beneficiary designations, i.e. Transfer on Death, Payable on Death, etc.

Did you also know that you can now (and for the last several years) transfer Real Estate through a Transfer on Death Deed?  In the past the existence of solely owned real estate was easily one of the number one reasons for Probate proceedings in Wisconsin.  The reason, Real Estate commonly is valued over $50,000 and as such a Probate proceeding was necessary.  

Now, with the integration of a Transfer on Death deed as part of the overall estate plan, real estate is transferring from one party to another outside of the Courts which means at a substantially reduced cost.  

As if this was not good enough, the transfers are conditional so they don't retain the negative traits of the Quit Claim Deeds, with or without the retention of Life Estates, which were commonly used by lawyers previously.

With that said, each individual's situation dictates what estate plan is best for them.  To determine what estate plan is best for you, please consult with a lawyer licensed in your state.

For more information on transferring real estate through the use of Transfer on Death deeds in the State of Wisconsin, please feel free to contact Drosen, Wandt and Rustad at (414) 545-5450 or WisconsinCollaborativeDivorce.com