Most people know the importance of estate planning in making sure that their loved ones get taken care of when they pass on, but what if you die without an estate plan in place? If this happens, Wisconsin estate judges will need to take over the administration of your estate during probate. Here’s how they administer the estate:
They make sure that there’s no objection to the will
Firstly, estate judges need to make sure that there’s no objection raised by interested parties. For instance, the beneficiaries of a will may state that there was coercion involved during the writing of the will. In such a situation, estate judges will need to investigate the claim.
They inform all the interested parties of the estate
Once estate judges have established that there’s no objection to a will, they inform all interested parties of estate proceedings. They do so through estate planning and probate advertisements in newspapers and other public venues.
They take inventory of estate assets
Estate judges need to make sure that all estate assets are properly valued and listed on the inventory. This will include bank accounts, real estate properties, stocks and other personal property of the deceased. They also take note of any liabilities or debts owed by a decedent. These figures will help to determine how much money from the estate is available for distribution to beneficiaries.
Distributing estate assets
Once estate judges have established how many estate assets are available, they distribute them. They do this by determining what is fair and equitable for each beneficiary based on the decedent’s will or state law if there was no will in place at the time of death.
The probate process can get complicated, which is why it’s usually left to estate judges to conduct. During estate administration, estate judges are in charge of making sure that all assets are properly accounted for and distributed accordingly.