Your home, bank accounts, and vehicles are not the only assets that deserve attention in your estate plan. Intellectual property, and any rights or income tied to it, should be on the list. You do not have to be a bestselling author or well‑known inventor to own valuable IP that could benefit...
Category: Estate Planning
Wisconsin Probate: In Wisconsin, can Personal Representatives be paid for their services and reimbursed for expenses in settling the estate?
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...
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 Estate Planning FAQ’s: When Should You Refuse an Inheritance?
It sounds counterintuitive, but there are times when the smartest move is to refuse, or “disclaim,” an inheritance. In the right circumstances, a disclaimer can protect you from creditors, correct an outdated estate plan, or even minimize taxes for the next generation.
Debt and creditor issues are a common...
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...