How can I avoid probate on my estate?

A key way to avoid probate on your estate in Wisconsin is through thoughtful estate planning. Estate planning involves taking important steps in making sure your assets and wishes are carried out after your death. One specific way to avoid probate is through the use of revocable living trusts. Through a revocable living trust, you can transfer ownership of your assets to a trust that will be managed according to the instructions you placed in the trust. After your death, the assets will not be subject to probate because they are owned by the trust. Another way to avoid probate is to set up accounts with transfer-on-death (TOD) or pay-on-death (POD) designations. When you set up accounts like bank accounts, retirement accounts, and brokerage accounts, you can name a beneficiary to receive the assets in the account after your death. When you pass away, the account will go directly to the beneficiary without having to go through probate. Additionally, you can transfer your assets to a joint tenancy with rights of survivorship. This means that when one joint tenant dies, the other joint tenant would become the sole owner of the asset and it would not be subject to probate. Lastly, you can create a charitable remainder trust to avoid probate. When you place assets into a charitable remainder trust, the assets are managed by a third party that will distribute the assets according to the instructions in the trust after your death. Overall, it is important to have a detailed estate plan in place that is tailored to your individual needs. Understanding the various options available to you is key to avoiding probate on your estate in Wisconsin.

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How can I avoid probate on my estate?

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