Get updates delivered to you daily. Free and customizable.
SmartAsset
How Much Probate Costs in Wisconsin
By SmartAsset Team,
1 day ago
The cost of probate in Wisconsin will largely depend on the size and complexity of the estate. Expenses typically include filing and legal fees, as well as compensation for the executor. To manage these costs, you can plan your estate in advance by creating a will or a living trust, and designating beneficiaries.
If you need help planning your estate, a financial advisor can work with you to manage and distribute assets.
Understanding Probate Costs in Wisconsin
The cost of probate in Wisconsin depends on several factors but, in general, the more complicated the estate, the higher probate costs will be for beneficiaries. Here's a roundup of five types of cost that you should keep in mind.
Legal Fees
Attorneys handling probate cases charge either a flat fee or an hourly rate. While Wisconsin doesn’t set statutory attorney fees , it’s common for fees to range between 2% and 5% of the estate’s value. Estates with disputes among heirs will incur higher legal costs.
Executor Fees
The executor is responsible for tasks like inventorying assets, paying debts and distributing funds to beneficiaries. Executor fees in Wisconsin are typically a flat fee, but some may take a percentage of the estate’s value.
Court Costs and Filing Fees
In Wisconsin, filing fees start around $20 but increase as the estate’s value grows. Additional court costs can include fees for court hearings, motions and other legal proceedings necessary to resolve issues within the estate.
Appraisal and Valuation Fees
Accurate appraisals of assets such as real estate, businesses, or valuable personal property are necessary to determine the estate’s fair market value , but can add up quickly. The average home appraisal in Wisconsin can range from $575 to $725, but a business appraisal can range from $5,000 to $20,000.
Additional Costs
Other probate costs in Wisconsin may include expenses for mailing notices to beneficiaries, publishing notices to creditors and obtaining copies of legal documents. Specialized services, such as tax preparation or asset management, can also increase the total probate expenses.
Ways to Avoid Probate in Wisconsin
Navigating the probate process in Wisconsin can leave families waiting months or even years before settling an estate. Fortunately, several strategies can help individuals avoid probate altogether, ensuring a smoother and more efficient transfer of assets to beneficiaries. Planning can save time and money while providing peace of mind for loved ones, but consulting with a professional is recommended to avoid the dangers of DIY estate planning . Here are five common strategies to help you avoid probate in Wisconsin:
Revocable living trust . Creating a revocable living trust is one of the most effective ways to avoid the cost of probate in Wisconsin. A designated trustee manages these assets according to the trust’s terms, skipping the probate process and allowing for seamless asset distribution upon the individual’s death.
Joint ownership with rights of survivorship . This passes ownership automatically to the surviving owner. Joint ownership is common for real estate, bank accounts and other assets, making it a straightforward way to bypass probate.
Beneficiary designations : Designating beneficiaries for accounts such as life insurance policies, retirement accounts and bank accounts can help prevent these assets from going through probate.
Transfer-on-death (TOD) and payable-on-death (POD) designations : Wisconsin law allows individuals to name a beneficiary for assets such as securities and bank accounts through TOD and POD designations . These assets will be transferred directly to the beneficiary upon death, avoiding the probate process.
Gifting assets during lifetime : By transferring ownership of assets before death, they are no longer part of the estate and thus not subject to probate. However, you should keep in mind specific tax consequences. The gift tax allows you to give $18,000 in 2024 without tax consequence. And, the lifetime gift tax exemption is $13.61 million.
Bottom Line
The cost of probate in Wisconsin will depend on the size and value of your estate. It can also be affected by how much, or how little, estate planning was done before the decedent passed. In addition to creating a living trust and designating beneficiaries, you can manage probate costs by gifting assets during your lifetime, setting up joint ownership, and ensuring small estate provisions are used when applicable.
Estate Planning Tips
A financial advisor can help you create a personalized estate plan based on your needs and goals. Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now .
If you want to know how much life insurance you need to take care of your family, SmartAsset's life insurance calculator can help you get an estimate .
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Comments / 0