Wisconsin Affidavit of No Probate is a legal document used to notify creditors, heirs, and other interested parties that a deceased person did not have any assets that required the probate process. It is typically filed by the executor of the estate or by an heir to the estate. There are two types of Wisconsin Affidavit of No Probate: Small Estate Affidavit and Formal Affidavit of No Probate. A Small Estate Affidavit is used when the total value of the estate is less than $50,000. For larger estates, a Formal Affidavit of No Probate is used, which requires additional paperwork. Both types of Affidavit of No Probate must be filed with the Register of Deeds in the county where the deceased person resided.
Wisconsin Affidavit of No Probate
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Description
You may file this affidavit when a decedent leaves property subject to administration in this state that does not exceed $50,000 in gross value, any heir of the decedent, trustee of a revocable trust created by the decedent, a person named in the will to act as personal representative at the time of the decedent's death may collect any money due the decedent, receive the property of the decedent, and have any evidence of interest.
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FAQ
Pursuant to Wisconsin State Statute Section 867.03, Transfer by Affidavit is used for solely owned property within this state valued under $50,000. Any heir, trustee, or person who was guardian, may collect and transfer the solely owned assets by completing an affidavit in duplicate.
In Wisconsin, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
If the total value of your estate is under $50,000 then the estate does not need to be probated and can be settled without court involvement.
Some strategies to consider if you wish to avoid probate court include: Transfer Property to Revocable Trusts. Reduce Your Estate. Create A Will. Name Beneficiaries. Take Advantage of Joint Ownership.
If an estate with a will exceeds the small estate threshold in Wisconsin, then it must move forward under probate before the assets of the estate can be transferred to the deceased person's heirs or beneficiaries.
How to Avoid Probate in Wisconsin: Simple Strategies That Work Create a Living Trust.Name Beneficiaries.Payable-on-Death Beneficiaries.Transfer-on-Death Deeds.Joint Property Ownership.Small Estates.Designating a Power of Attorney.
The list can be mailed to the Wisconsin Department of Health Services Estate Recovery Program P.O. Box 309 Madison, WI 53701-0309.
In Wisconsin, Small Estate Affidavits are commonly referred to as Transfer Affidavits. If you are dealing with someone's estate after they have passed, and there is $50,000 or less in probate assets, a transfer affidavit may be a good way to avoid probate, save time, and make the whole process easier for you.
