How can I protect my assets during probate?

In Wisconsin, protecting your assets during probate can be accomplished with careful planning. First and foremost, a well-crafted Last Will and Testament is essential in order to ensure that your wishes are carried out in the event of your death. According to Wisconsin law, your Will must be in writing and signed by two witnesses in order to be valid. The Will should also include a Statement of Descent that names the individuals who will inherit your assets. Another way to protect your assets during probate is to set up a trust. A trust is created when an individual or group of individuals is responsible for managing and distributing assets according to the instructions in the trust document. Through this type of arrangement, assets can be shielded from the probate process. It is also important to note that certain types of assets are generally exempt from probate. This includes life insurance policies, joint property, and individually held retirement accounts. A benefit of these exemptions is that assets held in these forms will not require probate or become subject to the probate process. Finally, another method of protecting assets is to create a Transfer on Death (TOD) designation. This designation allows for an individual to transfer their assets to a designated beneficiary without going through probate. When it comes to protecting assets during probate, it’s important to speak with an experienced attorney. A knowledgeable attorney can provide important advice and guidance when it comes to estate planning and protecting your assets.

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How can I protect my assets during probate?

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