Bank accounts with a Payable on Death beneficiary and.Some examples of assets that are usually considered non-probate assets, and therefore would not use the Affidavit to transfer interests, include interests in:
Property that would otherwise be distributed to the decedent’s estate via beneficiary designation.Certificated or uncertificated securities.Real property (an interest in real estate).Some examples of property which may be transferred using the Affidavit include interests in: However, there is no bright line test one can use to categorize probate property, and the task of correctly classifying property can be more complicated than one would think. What Property May be Transferred Using the Transfer by Affidavit?Īll property which would otherwise be subject to a probate administration, including an interest in real and non-real property, may be transferred using the Affidavit. To determine who is best suited to utilize this power is often dependent on the facts of the case and whether there was any prior estate planning put in place. The trustee of a revocable trust created by the decedent, a guardian of the decedent at the time of the decedent’s death, an heir of the decedent, or a person named in the decedent’s will to act as personal representative, in the case of only non-real property, can take advantage of this form. A Transfer by Affidavit can eliminate this process.
#Small estate affidavit illinois template full
Unfortunately, a full probate is not only costly and time-consuming, but it can also be an incredibly stressful process. Why is the Wisconsin Transfer by Affidavit Important?įar too often, Wisconsin residents are denied access to a decedent’s bank account, life insurance policy, or other important assets, and are told the only way to get access is through probate. This “small estate affidavit” is an alternative to using a court process for smaller estates and allows an entitled person to collect, receive, and have the decedent’s interest in property transferred from the person, institution, or entity possessing those assets. The State of Wisconsin allows its residents to utilize a Transfer by Affidavit to avoid probate when the decedent’s estate does not exceed $50,000 in gross value.
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