Disclaimer

This is educational information, not legal advice. I am not a lawyer. For specific legal guidance about your situation or to confirm how a particular bank, insurer, or government agency will respond, consult a Wisconsin attorney or contact the institution directly.

Detailed answer: how to choose which assets to list

When preparing a small-estates affidavit in Wisconsin, focus on assets that (1) are owned solely by the decedent at death, (2) are of the type the affidavit is designed to transfer (typically tangible personal property and certain accounts), and (3) have value that you actually intend to collect. Do not list assets that transfer automatically to another person by operation of law or contract (for example, accounts with pay-on-death beneficiaries or property held jointly with right of survivorship), and be cautious about including real estate, retirement accounts, or assets that a particular institution will not release with an affidavit.

Step-by-step decision process

1. Confirm the small-estate process applies. Check the Wisconsin rules or local court forms to confirm you meet the size and other requirements for using a small-estates affidavit. If the estate exceeds the statutory limit or the asset is excluded, you likely need formal probate.
2. Identify ownership for each item. For every asset, ask: whose name is on the title or account? If the decedent is the sole owner, the asset is a candidate to list. If the decedent shared ownership with another person as joint tenants with right of survivorship, the co-owner usually becomes owner automatically and you generally do not include that asset in the affidavit.
3. Check beneficiary or transfer-on-death designations. Accounts or policies that name a beneficiary (life insurance, retirement accounts, payable-on-death (POD), or transfer-on-death (TOD) designations) pass to the named beneficiary and should not be listed as estate property for collection.
4. Decide if you will claim an asset. Only list assets you actually intend to collect using the affidavit. If you intend to let the asset remain unclaimed, or if another process will handle it (e.g., direct beneficiary claims), you can omit it.
5. Exclude or treat specially certain asset types.
   • Real estate: Many small-estate procedures exclude real property or limit its inclusion. Real property often requires formal probate, a deed transfer, or special court procedures—so do not assume you can transfer land or houses with a simple affidavit without confirming the statute or the county register of deeds rules.
   • Vehicles: Vehicle transfers often require a title application and the Department of Transportation’s requirements. Some states accept small-affidavit transfers for cars; confirm Wisconsin DOT rules before relying on the affidavit alone.
   • Retirement and pension accounts: These commonly have beneficiary designations and may impose tax/penalty implications; usually do not include them in the estate affidavit if a beneficiary is named.
   • Social Security and government benefits: Federal benefits do not transfer via state affidavit; contact the agency directly.
6. List current value or zero consistently. If you include an asset, list its current fair-market value or account balance. If the asset has no value or a zero balance, you can list it with a zero value if the affidavit form requires a value field—but you can also omit truly worthless items if the form permits. Be honest: listing a false positive value can create legal problems.
7. Document and verify each item. Have supporting documentation available (account statements, titles, deeds, beneficiary designation forms, recent appraisals). Before submitting the affidavit, call the bank/agency to confirm whether they will accept the affidavit and what documentation they require.

Typical assets to include

• Personal property owned solely by the decedent (furniture, jewelry, household items).
• Bank or brokerage accounts titled solely in the decedent’s name when no POD/TOD beneficiary exists and the institution will accept an affidavit.
• Small, tangible items where the bank or custodian explicitly allows transfer by affidavit.

Typical assets to omit

• Assets with named beneficiaries (life insurance, retirement accounts, POD/TOD bank accounts).
• Jointly owned assets with survivorship rights.
• Most real estate, unless the small-estates law specifically allows it and you satisfy any statutory limits.
• Assets that an institution refuses to release on affidavit—confirm first.

What if an asset has a debt or lien?

List the asset’s gross value accurately. Note known encumbrances or liens. A small-estates affidavit generally transfers possession or collection rights, not necessarily clears liens. Creditors may still have claims against estate assets; some institutions will require satisfaction of liens before releasing property.

What if you aren’t sure whether an account has a beneficiary?

Check recent statements and account opening documents, or call the institution. Don’t assume there is no beneficiary. Names like “joint owner” vs. “beneficiary” vs. “POD” or “TOD” have different legal effects.

If an institution asks for a zero or a blank

Follow the institution’s instructions. Some banks want a value; others only want an item description. If a form has a required value field, enter the correct balance. Avoid leaving required fields blank unless the bank confirms that’s acceptable. If the asset truly has zero value, listing “$0.00” is appropriate.

When to get legal help

If the estate is near the statutory size limit, includes real estate, or features contested ownership, consult a Wisconsin attorney. Also contact an attorney if a creditor or institution challenges your affidavit or if there are multiple claimants to assets.

Helpful hints

• Get multiple death certificates early—banks and agencies typically require certified copies.
• Make a clear inventory with titles, account numbers, and beneficiary information for each asset.
• Call banks, insurers, and government agencies before submitting the affidavit to confirm acceptance and required documents.
• Keep originals and certified copies of all documents; send copies, not originals, unless asked.
• Do not try to use a small-affidavit process to avoid creditors—creditors may have rights and time limits to make claims.
• If an asset is jointly owned, ask for the title or account agreement: if it’s joint with right of survivorship, it probably passes outside the estate.
• For vehicle transfers, check Wisconsin Department of Transportation guidance on titling after death: the DOT may require specific forms or a title transfer instead of (or in addition to) an affidavit.
• When in doubt, list the asset and its accurate value rather than omitting it; transparency reduces disputes.