Full question:
We established a quick claim deed between a Mother and 3 sons on real estate property in 1999. When she dies does the quick claim deed bypass probate in State of Wisconsin?
- Category: Wills and Estates
- Subcategory: Probate
- Date:
- State: Wisconsin
Answer:
In Wisconsin, whether a quick claim deed bypasses probate depends on how the property is titled. If the deed specifies that the property is held as joint tenants with right of survivorship, it will bypass probate. This means that when one joint tenant dies, the property automatically transfers to the surviving joint tenant without going through probate. This arrangement is often preferred because it simplifies the transfer of property upon death.
However, if the quick claim deed does not specify joint tenancy, and instead indicates tenants in common, the property will not bypass probate. In this case, each tenant owns a distinct share, and upon death, their share will pass according to their will or state intestacy laws if there is no will.
It's important to note that while avoiding probate is beneficial, it does not exempt the property from being included in the deceased's taxable estate, and it may still be subject to state and federal taxes. Therefore, it is advisable to consult with estate planning professionals to understand the implications of property ownership and the best methods for transferring assets.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.