Are you expecting to work your way through Wisconsin probate within a matter of weeks? Unfortunately, you and your family will usually have to spend more time than that going through this process in the aftermath of a loved one’s death. Allow Rockpoint Probate Funding to set you up with the financial assistance you need during this dark time.
Understanding the Wisconsin Probate Process
If you and your family haven’t ever gone through the probate process in Wisconsin, you might be surprised to see how long it takes. Families must take several steps to ensure the assets left behind by their loved ones land in the right hands.
Gaining a solid understanding of the Wisconsin probate process is an effective way to make it less stressful. Continue reading to discover how this process plays out and how to keep it moving.
Does Wisconsin Require Probate?
Did your loved one leave behind an estate worth less than $50,000? If so, you and your family will not usually have to endure the Wisconsin probate process. You can fill out a small estate affidavit and skip the process altogether.
If your loved one’s estate surpasses the $50,000 mark, you have no choice but to navigate the probate process. You’ll also need to go through it if any disputes arise once the contents of your loved one’s will are uncovered, regardless of how much their estate is worth.
How Soon Do I Need To File a Probate Petition in Wisconsin?
Wisconsin is one of the few states that doesn’t force families to file a probate petition within a certain number of days following the deaths of loved ones. Instead, different counties within the state request that families finish the probate process within anywhere from 12 to 18 months.
Each county in Wisconsin has guidelines regarding when families must complete probate. Find out when your family will need to finish the process based on which county your loved one called home.
What Takes Place During the Wisconsin Probate Process?
There is a simple reason the probate process in Wisconsin takes so long. It features quite a few steps that families need to take between the time they create an estate for a loved one and the time they close it.
Here are the steps that families must take during the probate process after a loved one dies in Wisconsin:
- Presenting a petition to a probate court and providing copies of a loved one’s death certificate and will
- Notifying heirs and creditors about the death of a loved one by posting public notices
- Listing a loved one’s assets and finding values for them
- Listing a loved one’s debts and working with creditors to pay them off
- Distributing a loved one’s assets
- Closing a loved one’s estate
Some steps, such as presenting a probate petition, might only take a few hours. Others, including listing and appraising a loved one’s assets, can take weeks. An executor will be in charge of moving your family through these steps and may receive executor compensation after the process ends.
How Long Does the Probate Process Take in Wisconsin?
Under Wisconsin’s probate laws, creditors have up to 90 days to file claims against your loved one’s estate. For this reason, even straightforward probate cases take at least a few months to end.
If your loved one left behind a large estate or any familial disputes arise during the distribution of a loved one’s assets, the probate process might drag on much longer. It isn’t uncommon for some probate cases to last for over a year.
Is There Any Way To Avoid the Wisconsin Probate Process?
If your loved one created a living trust while doing estate planning, that alone could serve as the saving grace you need to avoid the probate process in Wisconsin. A living trust will automatically distribute bank accounts, life insurance policies, and other assets to the rightful heirs as designated by your loved one.
What Happens If My Loved One Dies With No Will in Wisconsin?
If your loved one didn’t create a will prior to their passing, it can complicate the Wisconsin probate process. In this case, you can’t rely on a will to help you distribute a loved one’s assets, so the state will do it by leaning on its intestate succession laws.
These laws call for the distribution of your loved one’s assets in this order:
- Spouse
- Children
- Parents
- Siblings
As you might imagine, many disputes can arise during this type of probate process, delaying the process for many months and sometimes even years.
Does Wisconsin Have an Inheritance or Estate Tax?
Wisconsin doesn’t have an inheritance or estate tax. If your loved one’s estate is worth over $13.61 million in 2024, though, it’ll be subjected to the IRS’ federal estate tax.
What is Probate Funding?
Probate funding refers to a financial service that provides cash advances to heirs and beneficiaries of an estate during the probate process. This service can be critical for families who are facing financial strain while waiting for probate proceedings to conclude and assets to be distributed. By accessing probate funding, heirs can alleviate immediate financial burdens, enabling them to manage expenses such as funeral costs, debt payments, and legal fees without waiting the potentially long duration of the probate process.
Unlike traditional loans, probate funding is a non-recourse advance, meaning that if the estate does not yield enough assets to cover the advance, the borrower is not responsible for repayment. This structure provides beneficiaries with a safety net, as they won’t incur additional debt in the event of an unfavorable outcome from the probate process. As such, probate funding serves as a flexible financial solution tailored specifically for individuals navigating the complexities of settling an estate.
Steps to Apply for Probate Funding
The process to apply for probate funding typically begins with an application form that can be completed online or over the phone. This form usually requires basic information about the estate and the applicant’s relationship to the deceased. Once submitted, a funding representative will review the application and may ask for additional documentation, such as a copy of the death certificate or will, to assess eligibility and expedite the funding decision.
After the initial review and any necessary documentation is gathered, applicants can expect a prompt response. If approved, the funding agreement is drafted and sent to the beneficiary for review and signature. Once signed and returned, funds can often be disbursed quickly, sometimes within 24 hours, allowing heirs to access the financial assistance they need without delay.
Is It Possible To Receive a Portion of an Inheritance Prior to the End of the Wisconsin Probate Process?
You and your family can’t legally touch any part of your inheritance from a loved one until the probate process in Wisconsin concludes. If you need to secure cash fast, you can attempt to qualify for a probate cash advance through Rockpoint Probate Funding. This is how our process works:
- You schedule a free consultation with us to educate yourself on probate cash advances.
- You provide us with a copy of your loved one’s will and probate paperwork so we can review it.
- We tell you whether you’re qualified for a probate cash advance and, if you are, send it to you within about 24 hours.
- You repay the probate cash advance once you receive your inheritance from a loved one.
Learn More About Probate Cash Advances by Giving Rockpoint Probate Funding a Call
Does taking out a probate cash advance sound like a good idea to you? Let Rockpoint Probate Funding make the Wisconsin probate process easier by setting you up with one. Contact us at (888) 263-8588 for more information about whether it might suit your circumstances.
