In Wisconsin, a Personal Representative (PR) is entitled to reasonable compensation for services and reimbursement of necessary expenses incurred in administering an estate, with the primary governing authority in Wisconsin Statutes § 857.05. A PR may be paid even if they are also a beneficiary, but all compensation must be reasonable under...
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Wisconsin Estate Planning FAQ’s: Faith and Values in Estate Planning
Estate planning isn’t just about money, it’s also a chance to express what you believe and how you want to be cared for. Through a living will and healthcare power of attorney, you can name a trusted decision maker and give clear guidance about end‑of‑life choices such as organ donation, pain management...
Wisconsin Probate: What is the procedure to be followed when a Personal Representative fails to perform their duties in Wisconsin?
In Wisconsin, when a Personal Representative (PR) fails to properly perform their fiduciary duties, the probate system provides several remedies and procedures to protect the estate, beneficiaries, and creditors. These remedies are primarily found in Wisconsin Statutes Chapter 857 and related probate procedure statutes.
If a PR is not...
Wisconsin Estate Planning FAQ’s: How Irrevocable Trusts Protect Assets From Creditors
Asset protection is about building a legal moat before trouble appears, and irrevocable trusts can be a key wall in that moat when they’re set up correctly and early. The core principle is control: to gain creditor protection, assets must be moved out of your personal ownership and you must relinquish meaningful...
Wisconsin Probate: What are the powers and duties of a Personal Representative in Wisconsin?
In Wisconsin, a Personal Representative (PR) is a court-appointed fiduciary responsible for administering a decedent’s estate. The PR’s authority and obligations are primarily governed by Wisconsin Statutes Chapter 857. The PR has both statutory powers (what they are allowed to do) and fiduciary duties (what they are required to do).
Wisconsin Estate Planning FAQ’s: Estate Planning Myths That Can Ruin Your Plans
Estate planning can feel confusing, and well-meaning advice from friends or the internet often makes it worse. Here are four common myths and the truths that can save your family time, money, and frustration.
First, “If I have a will, my estate will avoid probate” is false. Property that...
Wisconsin Probate: In Wisconsin, does a Personal Representative own the assets in a Probate?
No. In Wisconsin, a Personal Representative does not own the decedent’s probate assets; the estate itself is the legal successor to the decedent’s property during administration. The Personal Representative holds and manages estate assets only in a fiduciary capacity under Wisconsin Statutes Chapter 857. Because the Personal Representative is not the owner,...
Wisconsin Probate: How and when is a testamentary trustee appointed in Wisconsin?
A testamentary trustee is someone named in a will to administer a trust created by that will and is appointed by the probate court after the will is admitted and the testamentary trust becomes operative, unless the will provides a different mechanism. The trust does not operate during the testator’s lifetime; it...
Wisconsin Estate Planning FAQ’s: Before You Transfer Your Home To Your Child – Read This!
For every person who signs a deed to a child without a hitch, there’s another who later regrets it. Transferring a residence to an adult child can work in some situations, but it often introduces risks that families don’t anticipate. Before you move forward, be sure you understand what you might be...
Wisconsin Probate: Are bonds often required in a probate in Wisconsin?
In Wisconsin, bonds are not routinely required in probate, but they may be required depending on the type of administration and what the will or court order provides. As a general rule, if the will waives bond, if all interested parties agree, or if the court finds a bond unnecessary, the Personal...