In Wisconsin and other states, probate is the legal procedure through which a person’s assets are transferred after their death. The process is supervised by a court of law and designed to protect anyone with a legal interest in the deceased person’s estate. Probate is used to distribute a decedent’s assets not only to beneficiaries, but also to creditors and taxing authorities.
Any Wisconsin estate that exceeds $50,000 in value must go through the probate process unless the property is subject to certain exemptions. Some exemptions include assets that are titled jointly with another individual, life insurance proceeds, and any retirement funds where a beneficiary other than the deceased person’s estate was chosen. Additionally, assets placed in a revocable living trust are not subject to the probate process.