Wisconsin Inheritance Loans and Probate Advance Law
Jan 08 2019Probate is something most people don’t think about it until they are involved in an estate that is going through the process. Even then, most want to know how to avoid probate. But probate actually provides a legal way for ownership of property and assets to be transferred from the estate of the deceased to someone else. While the core probate process is much the same across the nation, each state defines its own laws, so there are some differences in the law from state to state.
What are Wisconsin Probate Laws?Wisconsin probate laws are less complex than the laws of some states. In Wisconsin, certain estates can bypass probate if they are below a certain monetary threshold simply by filing an affidavit. An executor does not need to be appointed for summary assignment or summary settlement cases in Wisconsin. One will be appointed for formal and informal probate cases. An executor, called a personal representative in Wisconsin, is required to hire an attorney for informal and formal probate cases. The attorney will know the laws of the state and what steps must be completed for probate to conclude, as well as the deadlines that must be followed for each step.
What is the Probate Process in Wisconsin?The probate process in Wisconsin is much the same as other states in that the court must be petitioned to open probate. A personal representative is assigned to the case. Typically, this person is named in the will, but if not, the court can appoint one. The personal representative will need to send notice of probate to all beneficiaries and heirs of the estate and must publish a Notice to Creditors of probate so that claims of debt against the estate can be filed. The personal representative will need to identify, locate, catalog and appraise all estate assets, and determine the debts that are owed by the estate. The final taxes of the deceased and the estate must be filed, and if any taxes are owed, they must be paid from the estate. Then all legitimate debts owed by the estate are paid according to Wisconsin law. Finally, the remainder of the estate is divided up according to the will. If there is no will, the estate is divided according to Wisconsin law. Once the estate is distributed to its heirs, probate can be closed.
What Property Must Go Through Probate in Wisconsin?Property must go through probate in Wisconsin if it is owned solely by the decedent and if the value of the property is more than $50,000. Property that does not need to go through probate includes property that owned in joint tenancy with right of survivorship. Assets that have designated beneficiaries do not have to go through probate and can transfer automatically when you die. These types of assets include retirement accounts, bank accounts, and insurance policies.
How Can You Avoid Probate in Wisconsin?One of the best ways to avoid probate in Wisconsin is through estate planning. When you plan your estate, you can designate beneficiaries for the majority of your assets, so they transfer upon death to the new owner, without a probate court having to supervise the transaction. A revocable living trust is another way to avoid probate. With a trust, your assets and property are assigned to someone else while you are alive, but you remain in full control of those assets until you die. And while estate planning and a living trust can be used to bypass probate, they are not the right options for all estates. An attorney can help you determine if you should set up a living trust, or if a different type of estate planning would work better for you.
Can You Access Wisconsin Inheritance Funds Right Away?You may be able to access Wisconsin inheritance funds right away without having to wait months or even years for probate to close. In fact, if you qualify for an inheritance advance through Probate Advance, you can get your inheritance in two days or less. Basically, qualifying heirs and beneficiaries can get a portion of their inheritance in as little as 24 to 48 hours. There’re no credit checks, no payment plans, and no rules on how you can spend your inheritance. With Probate Advance, you can get your money now and start doing those things you’ve been waiting to do. You shouldn’t have to wait and wait and wait for probate to end before you can get your inheritance funds, and with Probate Advance, you don’t have to.
Do You Qualify for an Inheritance Cash Advance?Simply call us or fill out the form today to find out if you qualify for an inheritance cash advance. To qualify, you must be a named beneficiary or heir to an estate that is currently going through the probate process in Wisconsin. If you qualify, you can forget about having to wait months and years to get access to your cash; you can have your money in less than two days. It only takes a minute to find out if you qualify, so fill out the form or give us a call now.
What Do You Need for a Probate Advance in Wisconsin?To get a probate advance in Wisconsin, you will need to provide us with some basic information about yourself and about the probate case. We will verify your status as a beneficiary or heir to the estate and then issue your advance. You just need to tell us if you want your money by check or wire transfer, and your inheritance cash can be in your bank account in as little as 48 hours.
What Areas of Wisconsin Qualify for an Inheritance Loan?You can get an inheritance loan regardless of where you live in Wisconsin. This includes the following major cities:
- Green Bay
Wisconsin Probate Resources
- Wisconsin Court System Self-Help Probate Center
- Wisconsin Guide to Estate Administration
- Wisconsin Statutes and Annotations