How to Plan for Wisconsin Real Estate in Your Estate Plan

Planning for Wisconsin real estate in your estate plan is a crucial step to ensure that your assets are managed according to your wishes after your passing. As property ownership can be complex in the state, understanding the unique elements of Wisconsin real estate laws is essential. Here’s how to effectively include your real estate in your estate plan.

1. Understand Wisconsin Real Estate Laws

Before you can create an estate plan that accommodates your real estate holdings, familiarize yourself with Wisconsin's real estate laws. In Wisconsin, properties are considered part of the probate estate unless placed in a trust or transferred to a beneficiary deed. Knowing the rules surrounding real estate, such as property taxes and transfer fees, is crucial for effective planning.

2. Identify Your Real Estate Assets

Make a comprehensive list of all real estate properties you own, including primary residences, rental properties, vacation homes, and land. This list should also detail the property’s location, current market value, and any outstanding mortgages or liens. Having this information handy will help your estate executor manage your assets more effectively.

3. Consider a Trust

One effective way to manage real estate in your estate plan is through a revocable living trust. By placing your property in a trust, you can avoid probate, making it easier and faster for your heirs to take control of your assets. Additionally, a trust allows for more privacy, as it doesn’t become public record like a will does.

4. Use a Transfer on Death Deed

Wisconsin allows the use of a Transfer on Death (TOD) deed, which is a straightforward way to designate beneficiaries for your real estate. When you create a TOD deed, ownership of the property automatically transfers to the named heirs upon your death, bypassing the probate process. Ensure that the deed is properly filed with the county register of deeds for it to be effective.

5. Specify How Property Should be Managed

Consider including instructions in your estate plan regarding how your real estate should be managed after your passing. You may want to outline specific guidelines on rental property management, maintenance, selling procedures, and any beneficiaries' responsibilities. Clear instructions can prevent potential misunderstandings and conflicts among heirs.

6. Consult an Experienced Estate Planning Attorney

Engaging with a Wisconsin estate planning attorney can provide invaluable assistance in navigating the complexities of real estate in your plan. An attorney can help ensure that your documents are correctly drafted, your intentions are clearly articulated, and that you comply with state and federal laws.

7. Update Your Plan Regularly

Real estate values and ownership can change over time, so it’s important to regularly review and update your estate plan. Notify your attorney of any new property purchases, sales, or changes in beneficiary designations. Keeping your estate plan current ensures that your wishes are carried out effectively.

Conclusion

Planning for Wisconsin real estate in your estate plan doesn't have to be overwhelming. By understanding the laws, utilizing trusts and transfer deeds, providing clear management guidelines, and seeking professional assistance, you can create a solid estate plan that protects your real estate investments and secures your family's future.