Disclaimer: This article is for educational purposes and does not constitute legal advice.
Detailed Answer
1. Appointment of a Personal Representative
After a person dies, the court appoints a personal representative (PR). The PR often appears in the decedent’s will. If the will names no PR or if there is no will, heirs may petition the county probate court to serve. Under Wis. Stat. § 851.01, the court issues Letters of Administration or Letters Testamentary to authorize the PR to act. Wis. Stat. § 851.01.
2. Identifying and Collecting Assets
The PR locates all assets owned by the decedent at death. This includes real estate, bank accounts, investments, personal property, business interests, and digital assets. The PR secures property to protect its value.
3. Preparing and Filing the Inventory
Within three months of appointment, the PR must file a detailed inventory with the probate court. The inventory must list each asset, its description, and its value as of the date of death. See Wis. Stat. § 859.01 for requirements. Wis. Stat. § 859.01.
4. Valuing Assets
To value assets, the PR may obtain appraisals for real estate, business interests, or collectibles. Financial accounts and publicly traded securities carry values from statements or market quotes on the date of death. Accurate values help ensure fair distribution.
5. Paying Debts and Expenses
Before distributing assets, the PR uses estate funds to pay valid claims, funeral expenses, taxes, and court costs. Wisconsin gives creditors up to four months to submit claims. The PR must review and pay or object to each claim under Wis. Stat. § 859.22.
6. Distributing Remaining Assets
Once debts and expenses are resolved, the PR prepares a proposed distribution plan. If the will dictates how to divide property, the PR follows its terms. If the decedent died intestate (without a will), assets pass under Wisconsin’s intestacy statutes (Wis. Stat. ch. 852). The PR petitions the court to approve the plan and issue a distribution order. Distribution occurs under Wis. Stat. § 861.01. Wis. Stat. § 861.01.
Helpful Hints
- Gather bank statements, deeds, and investment records early to streamline the inventory.
- Use certified appraisers for unique or valuable personal property to avoid disputes.
- Keep detailed records of all estate expenses and communications with creditors.
- Communicate openly with heirs to manage expectations and reduce conflict.
- Consult a probate attorney if complex assets or disputes arise during distribution.