People are often concerned about whether or not they should try to avoid probate. Probate costs vary greatly depending on the size of the estate and the state where a will is probated. Leitner Law Office, LLP answers some common questions people have about Madison probate:
- How does informal probate administration differ from formal Wisconsin probate?
- When do I need an attorney to handle probate?
- What assets do not have to go through probate?
- What are probate costs in Wisconsin?
- What are Wisconsin probate taxes?
Discuss Madison probate and plan your family’s future
At Leitner Law Office, we offer a free consultation with our probate attorney to help you make decisions about probate. Find out how to best preserve your wealth and carry out your wishes. Call (608) 836-0259 today or contact Leitner Law Office, LLP online.
Informal probate is administered by the county registrar, is less expensive than formal probate, and in many cases can be handled through the mail, depending on the Wisconsin county where you live. Formal probate must be used if any aspect of the will is contested and it is overseen and ruled on by a probate judge.
If going through formal probate, you must hire a lawyer to represent the estate. For informal probate, the personal representative may represent the estate and consult with an attorney as needed, or have a lawyer handle proceedings for them.
Estates worth less than $50,000 are not required to go through Wisconsin probate. In such cases property is transferred by affidavit. Other property that does not have to go through probate includes:
Court costs, probate bonds (if not waived by the will), along with personal representative and attorney fees are the main costs involved with probate. Court filing fees are based on the value of the estate's assets. Attorney fees vary depending on the complexity of the estate and how individual attorneys bill for services but cannot be based on the estate's value.
Wisconsin has no estate taxes on probate. Estate tax in Wisconsin expired on December 31, 2007.