Settling Small Estates (WI)

Requirements

To use the small estate process, the gross value of estate assets must not exceed $50K.

In determining the gross value of the assets (i.e., personal property and real estate), you should value assets as of the date of death, and ignore any unsecured debts. Do not include any assets that would not normally go through probate, such as community property with right of survivorship, assets with named beneficiaries (e.g., 401Ks, life insurance policies), and other standard probate exclusions.

Process

To use the small estate process:

1. Prepare a Small Estate Affidavit form
2. Have the affidavit notarized, and attach a copy of the death certificate
3. Notify all heirs if you intend to use the affidavit to collect real estate, delivering them a copy of the affidavit at least 30 days beforehand
4. If the decedent received state-provided medical services, you must notify the Department of Health Services by sending a copy of the affidavit via certified mail, return receipt requested.
5. Obtain possession of the property by presenting the affidavit to the current custodian of the property
   (If you were named as the personal representative in the will, but are not an heir, the custodian must wait 30 days after receiving the affidavit to give you the property)
6. Settle the estate in the normal way (pay estate debts, distribute remaining assets)
7. If you are distributing real estate, submit a copy of the affidavit (and any notices from the previous steps) to the county office of the register of deeds

Requirements

You can use summary probate (also known as simplified probate) if the qualified value of the estate is <$50,000, and the decedent is survived by a spouse or minor children.

You can also use summary probate if the estate gross value is less than the sum of items 1-8 in the claim priority list above.

In determining estate value, you should value assets as of the date of death. Ignore any unsecured debts (such as credit cards), but do account for secured debts such as mortgages (i.e., if a house is worth $150K and has a $130K mortgage, the house would contribute $20K to the estate value). Do not include any assets that would not normally go through probate, such as community property with right of survivorship, assets with named beneficiaries (e.g., 401Ks, life insurance policies), and other standard probate exclusions.

Process

To settle an estate via summary probate:

1. Submit a Petition for Summary Settlement to the court (see below)
2. The court may require you to obtain a bond to protect the estate
3. The court may require you to give notice of the petition to interested parties
4. If the decedent received state-provided medical services, you must notify the Department of Health Services by sending a copy of the petition via certified mail, return receipt requested.
5. When at least 30 days have passed since any required notices were given, the court will order the transfer of all estate assets to the proper recipients (giving everything not otherwise assigned to any surviving spouse or minor children, other than amounts owed to the Department of Health Services)
6. If the estate includes real estate, submit a copy of the order to the county office of the register of deeds
7. The court may also order you to notify any unpaid creditors with information about the disposition of the estate

Requirements

You can use summary assignment if the qualified value of the estate is <$50,000 and summary settlement can't be used. In determining estate value, you should value assets as of the date of death. Ignore any unsecured debts (such as credit cards), but do account for secured debts such as mortgages (i.e., if a house is worth $150K and has a $130K mortgage, the house would contribute $20K to the estate value). Do not include any assets that would not normally go through probate, such as community property with right of survivorship, assets with named beneficiaries (e.g., 401Ks, life insurance policies), and other standard probate exclusions.

Process

To settle an estate via summary probate:

1. Submit a Petition for Summary Assignment to the court (see below)
2. The court may require you to obtain a bond to protect the estate
3. The court may require you to give notice of the petition to interested parties
4. If the decedent received state-provided medical services, you must notify the Department of Health Services by sending a copy of the petition via certified mail, return receipt requested.
5. Publish a Notice to Creditors as a class 1 notice (this differs from the standard SC Notice to Creditors)
6. When at least 30 days have passed since any required notices were given, the court will order the transfer of all estate assets to the proper recipients, including creditors and heirs
7. If the estate includes real estate, submit a copy of the order to the county office of the register of deeds
8. Mail a copy of the court disposition order to all interested persons whose addresses are known