In the context of probate, an estate refers to the property which the deceased owned. The court will appoint a person, usually your spouse or next of kin, to administer your estate. Normally, in Wisconsin, this person is called a personal representative, and in other states this person may be called an administrator, or executor. Basically, the personal representative collects all of the assets of your estate, files an inventory of your assets with the court, notifies creditors, and pays proper claims against the estate. The personal representative also pays taxes and files tax returns, distributes the assets to the beneficiaries, and then makes a final report to the court showing all receipts and expenses.

It is important to note that nonprobate property will not be controlled by your Will. Nonprobate property will be distributed automatically to the person named as co-owner, or to a beneficiary named in a life insurance policy or a retirement plan, or an annuity, for example. Therefore, it is important to review the various assets that you own and how they are titled and whether or not there is a beneficiary named to make sure they are being distributed according to your wishes.

Please give Martinson Law Offices a call and allow us to assist you as you work through the probate process.