Changes To Wisconsin's Transfer-On-Death Statute: Why Avoiding Probate Just Got Easier

The Wisconsin legislature recently enacted a number of changes to a Wisconsin statute allowing for non probate transfers of real property (i.e., land) upon death. The changes will allow more people to take advantage of the statute and should minimize the necessity for a probate proceeding after death.

Generally, assets titled in an individual’s name without a designated beneficiary become part of the individual’s probate estate upon death. Alternatively, assets that pass to a designated beneficiary (other than the owner’s estate), or by operation of law (such as survivorship marital property), do not become part of the probate estate. For example, if you own a home and a bank account, and both are in your sole name, those assets will likely become part of your probate estate upon death. On the other hand, if your home is titled jointly with right of survivorship and your bank account specifically designates a beneficiary, the home passes directly to the surviving