Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed attorney for guidance on Wisconsin estate administration.
Detailed Answer
Administering an estate in Wisconsin involves locating assets, inventorying property, settling debts, and distributing assets according to law. Below are the core steps, each tied to Wisconsin statutes.
1. Appoint a Personal Representative
Begin by filing a petition for appointment of a personal representative (formerly executor) with the probate court in the county where the decedent lived. Under Wis. Stat. §857.01 , the court issues Letters of Office, granting authority to act for the estate.
2. Provide Notice to Creditors
Within 30 days of appointment, publish a notice to creditors in a local newspaper and mail a copy to known creditors, per Wis. Stat. §859.05 . Creditors must file claims by the deadline or lose the right to payment.
3. Locate and Secure Assets
Search for the decedent’s bank accounts, real estate records, retirement plans, and personal property. Secure physical assets (e.g., vehicles, jewelry) and obtain duplicate copies of titles and deeds.
4. Inventory and Appraise Estate Property
Within 60 days after qualification, file an inventory of all probate assets with the court clerk under Wis. Stat. §865.01 . Include fair market values as of the date of death. You may hire an appraiser for complex assets.
5. Pay Debts, Expenses, and Taxes
Use estate funds to pay valid claims, funeral costs, administrative expenses, and federal or state estate taxes. Follow Wis. Stat. §861.19 for filing a final account. Keep detailed records and receipts.
6. Petition for Distribution
Once debts and expenses are settled, file a petition for distribution under Wis. Stat. §861.29 . Attach a proposed distribution plan consistent with the will or, if no will exists, with Wisconsin’s intestacy laws (§852.01).
7. Obtain Court Approval and Distribute Assets
After a court hearing, the judge signs an order approving the distribution. Transfer titles and deliver assets to beneficiaries. File receipts of distribution with the court clerk.
Helpful Hints
- Keep meticulous records of all communications, filings, and expenditures.
- Use certified mail when serving notices to creditors to create proof of delivery.
- Consult an appraiser for unique assets like antiques or family heirlooms.
- Review federal estate tax thresholds to determine if a return is required.
- File timely estate tax returns to avoid penalties and interest.
- Seek professional help if complex assets or family disputes arise.