QUESTION
What are the legal forms to transfer money to heirs?
Asked on Apr 19th, 2012 on Estate Planning - Wisconsin
More details to this question:
My deceased mother owned shares of an Indiana bank stock (total value well under the $50,000 limit to avoid probate). She inadvertantly omitted this from her estate plan so am contacting the bank to transfer the stock. I am named the personal representative in her will. Can I do this transaction on my own and if so, what does Wisconsin require me to submit to the bank? (The bank says I have to satisfy the Wisconsin requirements so they are not able to advise me.) Thank you!
2 ANSWERS
If the total value of all assets that were titled solely in the name of your mother that did not pass to beneficiaries by virtue of beneficiary designations or transfer on death designations is less than $50,000, then Wisconsin law provides that the assets can be transferred by virtue of a "Transfer by Affidavit". This Affidavit can be executed by any heir of the decedent, trustee of a revocable trust created by the decedent, or person who was guardian of the decedent at the time of her death. The form can be obtained from the Wisconsin Court System website at www.wicourts.gov. However, to ensure all legal requirements are met, it is would be wise to consult with a Wisconsin probate attorney.
Answered on Apr 24th, 2012 at 4:42 PM
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Complete the transfer affidavit, under $50,000 and present it to the bank.
Answered on Apr 23rd, 2012 at 12:42 PM