Written by Wena Roeloffze, Real Estate Consultant and Lifestyle Expert. Owner of Realty Club 74, brokered by Coldwell Banker Realty.

Settling the estate of a deceased loved one is a daunting task, laden with legal and administrative complexities. For personal representatives tasked with this responsibility in Wisconsin, understanding the probate process is crucial. To offer guidance, let's delve into the six essential steps that personal representatives must take when settling an estate in the Badger State.

Step 1: Initiating Probate Proceedings

The probate process in Wisconsin typically begins by filing the necessary paperwork with the county probate court where the deceased resided. This includes submitting the will (if there is one) and petitioning for probate. The court will then appoint a personal representative (also known as an executor or administrator) to manage the estate's affairs.

Obtain copies of the Death Certificate, because that will be requested at several places. Before you start doing any work, make sure that you are the appointed PR by the court. Also, the will (if any) won’t have any value until it’s filed in court. When you received your Letter of Administration, you now have the official authority to take of all the descendant’s estate.

Step 2: Inventory and Valuation of Assets

After appointment, the personal representative must compile an inventory of all assets belonging to the deceased. This involves identifying and valuing assets such as real estate, bank accounts, investments, vehicles, personal belongings, and any other property owned by the deceased at the time of their passing. Accurate valuation is essential for estate administration and tax purposes.

Assets are appraised based on Date of Death Values, but can be appealed, especially with regards to real estate, where the value can change dramatically from when the person passes away until it sells. This can be due to market changes or an improvement to the property that increases the sale value, or it may have been decreasing in value because of the lack of maintenance or unexpected damage.

Step 3: Notifying Creditors and Settling Debts

One of the personal representative's primary responsibilities is to notify creditors of the decedent's passing and settle outstanding debts and claims against the estate. Creditors are typically given a specified period to submit claims, after which the personal representative evaluates and pays valid debts using estate funds. Appropriated assets are liquidated and all proceeds are placed in the estate account.

Step 4: Filing Tax Returns

In Wisconsin, both state and federal estate tax returns may be required, depending on the value of the estate. The personal representative is responsible for filing these returns and ensuring compliance with tax obligations. Additionally, income tax returns for the deceased individual and the estate may need to be filed for the tax year of death.

Step 5: Distributing Assets to Beneficiaries

Once debts, taxes, and administrative expenses are settled, the remaining assets can be distributed to the beneficiaries named in the will or determined by state law if there is no will (intestate succession). The personal representative must follow the instructions laid out in the will or adhere to Wisconsin's intestacy laws when distributing assets.

Step 6: Closing the Estate

The final step in settling an estate in Wisconsin is petitioning the probate court for approval to close the estate. This involves providing an account of all estate activities, including asset inventory, debt settlement, tax filings, and asset distribution. Once the court approves the final report and any objections are resolved, the estate can be officially closed, and the personal representative's duties are concluded.

Navigating the probate process as a personal representative in Wisconsin requires careful attention to detail, adherence to legal requirements, and effective communication with beneficiaries and creditors. By following these six essential steps, personal representatives can fulfill their duties efficiently and ensure the orderly administration of the estate. While the process may seem overwhelming, seeking guidance from legal professionals experienced in probate matters can provide invaluable support and guidance.

If you are in need of professional advice, please complete the form below and one of our representatives will get back to as soon as possible. Wena Roeloffze is a Certified Probate Specialist, a Seniors Real Estate Specialist and Price Strategy Advisor. She works with probate attorneys and the probate courts to assist families going through a probate process of a loved one.