How to Avoid Probate in Wisconsin
So How Do I Avoid Probate?
It is really quite simple: You die "broke"!
Not meaning to sound crass, flippant or stupid, the only way to avoid having a need for a probate action is to have no assets, debts or claims to deal with. By now you already know that the word “broke” has more than one meaning, don’t you?
So you have worked hard all your life and have accumulated a nice nest egg. In fact, you may even have some money or property left over to give away to family, friends or charity. To die broke does not necessarily mean you are living in a box under the bridge. It just means that upon your death ALL of your financial affairs have been dealt with in a way that leaves you "broke" at the moment of your death.
OK, How Do I Become "Broke”?
You do this by (1) ‘Divesting’ [giving away for no or low market value], (2) by designating a beneficiary to your property, or (3) “selling” everything [converting the nature of your property] you have before you die.
By seeing a Wausau lawyer who specializes in this area, such as we do at Schmidt & Schmidt, S.C., you can have a plan drawn up that will deal with Divestments [giving property away], selling/spending and other Beneficiary Designations [deciding who will get certain property upon your death] in a way that allows you to keep possession of your home, bank and brokerage accounts, retirement plans as well as insurance and annuity plans.
WARNING: Some of these plans do have significant impact on your estate, especially if you are ever in need of using the services of a nursing home. Even if you do not want to go to a nursing home, your health situation may require the use of one. If you plan wrong the vast majority of your estate will be used to pay for a nursing home.
See Medical Assistance Planning for Long Term Care
Contact a Wausau Probate Attorney
Schmidt & Schmidt, S.C., is happy to assist with all aspects of probate and estate planning. If you would like to speak with one of our experienced attorneys, please call our Wausau office at 866-514-1627 or send us an email Link to Contact Us and we will respond promptly.