La Crosse & Kenosha Estate Planning Attorney
Probate is the process by which the property of the decedent is transferred to the heirs. Generally, probates are formal, court supervised, and public. Probates often require the involvement of an attorney and usually take at least six to eighteen months to complete.
For those reasons, many people wish to avoid probate.
With the proper planning, along with the appropriate follow through on that planning, it is often possible to completely avoid probate.
Some methods of avoiding probate that we recommend are:
- Joint ownership of property with rights of survivorship. Titling your property correctly is important for many reasons other than avoiding probate.
- Living Trusts. Most often used to avoid estate taxes, many couples take advantage of Living Trusts to establish a comprehensive estate plan even if they do not have a taxable estate.
- Transfer on Death Deeds. Wisconsin recently passed legislation allowing you to name who will inherit your real property without the necessity of a probate proceeding.
- Taking Advantage of Payable or Transfer on Death provisions. Bank accounts and many investment accounts allow you to name a beneficiary who will inherit the account without a probate proceeding.
- Naming Beneficiaries. Insurance policies, IRA’s, retirement accounts and many other assets allow you to name a beneficiary who will inherit the account without a probate proceeding.
- Gifting. It is possible to give property away while keeping the right to use it. For example, you can give your house to your children while retaining a “life estate,” which allows you to live in the house as long as you wish. However, giving your property away before you die has tax and medical assistance implications which must be considered before you make the gift.
Unfortunately, improper planning or follow through can result in a probate where one was not necessary and cost you or your heirs substantial amounts of time and money. Therefore, it is important to have the assistance of an experienced estate planning attorney during this process.
Contact an Estate Planning Attorney Today
If you want to learn more about avoiding probate, contact the attorneys at the Law Offices of James W. McNeilly Jr., LLC for a free consultation. Call us at 608.782.4262 in the La Crosse area, and 262.843.3400 in the Kenosha area, or send us an e-mail.
Our firm serves clients throughout Western and Southeastern Wisconsin.
