Your family may need to go to probate court after you pass away. Contrary to popular belief, having a will in place does not mean that your family will avoid probate court. A will simply lets the probate court know about your wishes. However, it is best for you to avoid probate if possible.
It is on Public Record
One of the reasons that a Wisconsin estate planning lawyer will recommend that you avoid probate is because it will be on your public record. Your social security numbers and bank account information will not be available because the court wants to protect your identity.
However, the value of your assets, the identities of your beneficiaries and creditor claims will be available to the public. It is easier to get this information than ever before because of the Internet.
It May Be Expensive
You will have to pay the fees for Wisconsin probate attorneys, personal representatives and court. Even if you have a small estate, it can still cost thousands of dollars. The money should be going to your beneficiaries. However, legal fees, creditor fees and court fees will reduce the amount of money that your beneficiaries can get.
It Can be a Lengthy Process
The size of your estate and the place you live will determine how long this process takes. However, probate is typically a lengthy process. In fact, it can take over a year in some cases. This delay can make things a lot harder for your family members.
Contact McLario Helm Bertling & Spiegel S.C
One of the keys to avoiding probate is proper estate planning. If you need help with estate planning, then you will need to contact Wisconsin estate planning attorneys. They can help ensure that your assets are protected and passed down to your family members.