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The person seeking to use a Small Estate Affidavit must complete a sworn statement or affidavit including information about the deceased person, an inventory of assets, an estimate of the total value of the estate, and a list of heirs.
Work with an experienced attorney to oversee your documents, submit them to probate court. If the court finds the affidavit to be valid and the estate meets the eligibility criteria, it may authorize the distribution of the assets without the need for a formal probate proceeding.
Before choosing a small estate affidavit, it’s essential to verify that the estate qualifies under Wisconsin law.
Each state sets specific criteria defining a “small estate.” In Wisconsin, an estate is considered “small” if the probate assets total $50,000 or less. This amount is based exclusively on probate assets, excluding jointly owned properties or accounts with designated beneficiaries. Wisconsin periodically adjusts this threshold, so it’s important to verify current limits with a qualified attorney.
Common probate assets counted towards this limit include personal belongings, bank accounts without designated beneficiaries, and other individually held financial accounts. Assets held jointly or with a named beneficiary pass directly to the co-owner or beneficiary outside the probate process and aren’t included in the calculation.
To determine if a small estate affidavit is appropriate, consider these key questions:
Typically, small estate affidavits in Wisconsin are utilized when the decedent passes away without a Will (intestate). However, the state also allows this affidavit under certain circumstances even if a Will exists. Additionally, Wisconsin law requires waiting at least 30 days after the decedent’s death before filing the affidavit.
We strongly recommend consulting with Konstantakis Law Office to confirm your eligibility and ensure compliance with state-specific requirements.
Understanding the benefits of using a small estate affidavit involves recognizing the challenges it avoids. Probate in Wisconsin can be lengthy and costly, typically lasting several months to over a year, with probate costs and fees ranging from 3% to 8% of the total estate value.
By using a small estate affidavit, eligible estates bypass the probate process entirely, significantly saving time and costs. Typically, an affidavit is processed within weeks, providing a swift and economical alternative to traditional probate.
It is essential to revisit and update an estate plan in Wisconsin after creating it to ensure that your wishes are still reflected later in
Section Quick Takeaway What is a TOD Deed? A legal document that allows property owners to name a beneficiary to receive real estate upon death,
Only certain individuals closely related to the decedent are eligible to file a small estate affidavit. Eligible individuals typically include:
These individuals can file only if all other conditions, including asset limits and waiting periods, are satisfied.
A small estate affidavit can be obtained through the local probate court in the county where the deceased lived or online through the Wisconsin court system website.
Here’s a simplified process:
Navigating estate procedures can be complex, even with a small estate. Konstantakis Law Office provides experienced guidance, ensuring your small estate affidavit complies fully with Wisconsin law, simplifying the process for you and your loved ones.
Small estate affidavits highlight the importance of proactive estate planning. Proper estate planning, including a Trust or a Last Will and Testament, can eliminate the need for probate altogether, saving your family time, money, and stress.
Are you ready to create or update your estate plan? Konstantakis Law Office offers comprehensive, affordable estate planning services customized to your needs. Contact us today to secure peace of mind for you and your loved ones.
If you have additional questions or need assistance with your estate, please reach out to Konstantakis Law Office—we’re here to help.
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