Probate is the process that transfers a decedent's property to persons entitled to receive it, pays creditor's claims, and determines and pays any state or federal taxes. If a person dies intestate, the court will appoint a personal representative (called an executor in many states). If a person dies with a will, the will names a personal representative who is responsible for overseeing the probate of an estate. A personal representative may be a family member, friend, business associate, financial institution, or trust company. The personal representative's main duties are to:
- Identify and collect the decedent's assets.
- Manage the assets during the probate process.
- Determine the surviving spouse's rights under the state marital property law.
- Pay debts, claims, taxes, and probate administrative expenses.
- Distribute the remaining assets to those named in the will.
Probate can take two years, even longer, for a large or contested estate. The probate process may, however, last only a few short months for small and uncomplicated estate. The time needed for probate depends on factors such as the size of the estate, type of assets owned, form of ownership, tax issues, etc. Wisconsin law requires that an estate be closed within 18 months, unless a court grants an extension.
