The Wisconsin Notice of Inventory on File (Formal Administration) is a document that is filed with the Wisconsin Register of Deeds at the time of a probate estate being opened. It is used to inform creditors of the estate and any interested parties of the assets of the estate. The notice provides a description of the assets, the value of the assets as of the date of death, and the name and address of the person responsible for administering the estate. It also contains information regarding the time frame for creditors to make a claim against the estate. There are two types of Wisconsin Notice of Inventory on File (Formal Administration): Initial Inventory and Updated Inventory. An Initial Inventory is filed when the estate is first opened and contains all the assets as of the date of death. An Updated Inventory can be filed at a later date and includes any assets that have been acquired or disposed of since the Initial Inventory was filed.
Wisconsin Notice of Inventory on File (Formal Administration)
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FAQ
A Formal Administration requires the assistance of an attorney. Informal Administration may be granted without an attorney's assistance. Informal Administration is the administration of the decedent's estate without continuous court supervision, and is supervised by a Probate Registrar.
Probate is required in Wisconsin if you have a Will and an estate worth $50,000 or more. It is a statutory law in Wisconsin that a Will for an estate of $50,000 or more must be verified as authentic and distributions carried out in ance with the terms of the Will.
Formal probate involves a petition , a hearing or trial before a Judge or Court Commissioner who resolves the issues with a final court order . Informal Probate only requires an application, no hearing or trial, and is administered by a court official known as the Probate Registrar .
Any Wisconsin estate that is valued in excess of $50,000 must go through the probate administration process unless the property is subject to certain exemptions. For example, assets placed in a revocable living trust or life insurance proceeds are not subject to probate.
Wisconsin probate laws require an estate to be settled within 18 months.
In most cases, Wisconsin probate will take less than a year but can take up to two years in some cases.