188, s. s. 24 Section 24. 701.27 (1) (a) of the statutes is renumbered 854.13 (1) (a) and amended to read:

854.13 (1) (a) "Beneficiary under a nontestamentary governing instrument" includes any person who receives or might receive property or an interest in property under the terms or legal effect of a nontestamentary governing instrument.

188, s. s. 25 Section 25. 701.27 (1) (b) of the statutes is repealed.

188, s. s. 26 Section 26. 701.27 (1) (c) of the statutes is renumbered 854.13 (1) (c) and amended to read:

854.13 (1) (c) "Power" has the meaning designated given in s. 702.01 (4).

188, s. s. 27 Section 27. 701.27 (1) (d) of the statutes is repealed.

188, s. s. 28 Section 28. 701.27 (2) (title) of the statutes is renumbered 854.13 (2) (title).

188, s. s. 29 Section 29. 701.27 (2) (a) of the statutes is renumbered 854.13 (2) (a) and amended to read:

854.13 (2) (a) In general. A person who is a an heir, recipient of property or beneficiary under a nontestamentary governing instrument, person succeeding to a disclaimed interest created by a nontestamentary instrument, donee of a power created by nontestamentary a governing instrument, appointee under a power exercised by nontestamentary a governing instrument or, taker in default under a power created by nontestamentary a governing instrument, or person succeeding to disclaimed property may disclaim any property or interest in property, including contingent or future interests or the right to receive discretionary distributions, by delivering a written instrument of disclaimer under this section.

188, s. s. 30 Section 30. 701.27 (2) (b) (title) of the statutes is renumbered 854.13 (2) (b) (title).

188, s. s. 31 Section 31. 701.27 (2) (b) 1. of the statutes is renumbered 854.13 (2) (b) and amended to read:

854.13 (2) (b) Upon the death of a joint tenant that occurs on or after June 7, 1996, a surviving joint tenant may disclaim any property or interest in property that would otherwise accrue to him or her by right of survivorship and that is the subject of the joint tenancy. A surviving joint tenant may disclaim the entire interest if he or she fulfills the requirements under section 2518 of the internal revenue code by delivering a written instrument of disclaimer under this section.

188, s. s. 32 Section 32. 701.27 (2) (b) 2. of the statutes is repealed.

188, s. s. 33 Section 33. 701.27 (2) (bm) of the statutes is renumbered 854.13 (2) (c).

188, s. s. 34 Section 34. 701.27 (2) (c) of the statutes is renumbered 854.13 (2) (d) and amended to read:

854.13 (2) (d) Partial disclaimer. Property may be disclaimed in whole or in part, except that a partial disclaimer of property passing by nontestamentary a governing instrument or by the exercise of a power may not be made if partial disclaimer is expressly prohibited by the governing instrument or by the instrument exercising the power.

188, s. s. 35 Section 35. 701.27 (2) (d) of the statutes is renumbered 854.13 (2) (e).

188, s. s. 36 Section 36. 701.27 (2) (e) of the statutes is renumbered 854.13 (2) (h) and amended to read:

854.13 (2) (h) After death. A person's right to disclaim survives the person's death and may be exercised by the person's personal representative or special administrator upon receiving approval from the court having jurisdiction of the person's estate after hearing upon notice to all interested persons interested in the disclaimed property, if the personal representative or special administrator has not taken any action which would bar the right to disclaim under sub. (7) (11).

188, s. s. 37 Section 37. 701.27 (3) (title) of the statutes is renumbered 854.13 (3) (title).

188, s. s. 38 Section 38. 701.27 (3) (a) (intro.) of the statutes is renumbered 854.13 (3) (intro.) and amended to read:

854.13 (3) (intro.) The instrument of disclaimer shall do all of the following:

188, s. s. 39 Section 39. 701.27 (3) (a) 1. of the statutes is renumbered 854.13 (3) (a) and amended to read:

854.13 (3) (a) Describe the property or interest disclaimed;.

188, s. s. 40 Section 40. 701.27 (3) (a) 2. of the statutes is renumbered 854.13 (3) (b) and amended to read:

854.13 (3) (b) Declare the disclaimer and the extent of the disclaimer;.

188, s. s. 41 Section 41. 701.27 (3) (a) 3. of the statutes is renumbered 854.13 (3) (c) and amended to read:

854.13 (3) (c) Be signed by the disclaimant; and.

188, s. s. 42 Section 42. 701.27 (3) (a) 4. of the statutes is renumbered 854.13 (3) (d).

188, s. s. 43 Section 43. 701.27 (3) (b) of the statutes is repealed.

188, s. s. 44 Section 44. 701.27 (4) (title) of the statutes is renumbered 854.13 (4) (title).

188, s. s. 45 Section 45. 701.27 (4) (a) of the statutes is renumbered 854.13 (4) (a) and amended to read:

854.13 (4) (a) (title) Disclaiming a present Present interest. An instrument disclaiming a present interest shall be executed and delivered not later than 9 months after the effective date of the nontestamentary transfer under the governing instrument, except that, for. For cause shown, the period may be extended by a court of competent jurisdiction, either within or after the 9-month period, for such additional time as the court deems considers just. The effective date of a revocable instrument or contract is the date on which the person having the power to revoke no longer has the power to revoke it or to transfer to himself, herself or another person the equitable ownership of the property or interest which is the subject of the disclaimer.

188, s. s. 46 Section 46. 701.27 (4) (b) of the statutes is renumbered 854.13 (4) (b) and amended to read:

854.13 (4) (b) (title) Disclaiming a future Future interest. An instrument disclaiming a future interest shall be executed and delivered not later than 9 months after the event that determines that the taker of the property or interest is finally ascertained and his or her interest indefeasibly fixed, except that, for. For cause shown, the period may be extended by a court of competent jurisdiction, either within or after the 9-month period, for such additional time as the court deems considers just.

188, s. s. 47 Section 47. 701.27 (4) (c) of the statutes is renumbered 854.13 (4) (c).

188, s. s. 48 Section 48. 701.27 (4) (d) of the statutes is renumbered 854.13 (4) (d).

188, s. s. 49 Section 49. 701.27 (4) (e) of the statutes is renumbered 854.13 (4) (e) and amended to read:

854.13 (4) (e) Interests arising by disclaimer. Notwithstanding pars. (a) and (b), a person whose interest in property arises by disclaimer or by default of exercise of a power created by nontestamentary a governing instrument may disclaim at any time not later than 9 months after the day on which the prior instrument of disclaimer is delivered, or the date of death of the donee of the power, as the case may be.

188, s. s. 50 Section 50. 701.27 (5) of the statutes is renumbered 854.13 (5), and 854.13 (5) (a) (intro.), 1. and 2., as renumbered, are amended to read:

854.13 (5) (a) Delivery. (intro.) In addition to any requirements imposed by the creating governing instrument, the instrument of disclaimer is effective only if, within the time specified under sub. (4), it is delivered to and received by any of the following:

1. The transferor of the property or interest disclaimed, if living;.

2. The personal representative or special administrator of the deceased transferor of the property; or.

188, s. s. 51 Section 51. 701.27 (6) (title) of the statutes is repealed.

188, s. s. 52 Section 52. 701.27 (6) (a) of the statutes is renumbered 854.13 (6) and amended to read:

854.13 (6) Property not vested. The property or interest disclaimed under this section shall be deemed considered not to have been vested in, created in or transferred to the disclaimant.

188, s. s. 53 Section 53. 701.27 (6) (b) (title) of the statutes is renumbered 854.13 (7) (title) and amended to read:

854.13 (7) (title) Devolution in general.

188, s. s. 54 Section 54. 701.27 (6) (b) of the statutes is renumbered 854.13 (7) (a) and amended to read:

854.13 (7) (a) Unless the transferor of the property or donee of the power has otherwise provided, the disclaimed property or interest disclaimed devolves as if the disclaimant had died before the decedent or before the effective date of the nontestamentary transfer under the governing instrument; or if. If the disclaimant is an appointee under a power exercised by nontestamentary a governing instrument, the disclaimed property devolves as if the disclaimant had died before the effective date of the exercise of the power; or if. If the disclaimant is a taker in default under a power created by nontestamentary a governing instrument, the disclaimed property devolves as if the disclaimant had predeceased the donee of the power. This paragraph is subject to subs. (8), (9) and (10).

(b) A disclaimer relates back for all purposes to the effective date of the nontestamentary decedent's death or the effective date of the transfer under the governing instrument; or if. If the disclaimant is an appointee under a power exercised by nontestamentary under a governing instrument, the disclaimer relates back to the effective date of the exercise of the power; or if. If the disclaimant is a taker in default under a power created by nontestamentary a governing instrument, the disclaimer relates back to the last possible date for exercise of the power. A disclaimer of the future right to receive mandatory distributions of income or profits relates to the period stated in the disclaimer.

188, s. s. 55 Section 55. 701.27 (6) (c) of the statutes is renumbered 854.13 (10) and amended to read:

854.13 (10) (title) Future Devolution of disclaimed future interest. Unless the instrument creating the future interest manifests a contrary intent either expressly or as construed from extrinsic evidence, a future interest limited to take effect in possession or enjoyment after the termination of the interest which is disclaimed takes effect as if the disclaimant had died before the effective date of the nontestamentary governing instrument or, if the disclaimant is an appointee under a power exercised by nontestamentary a governing instrument, as if the disclaimant had died before the effective date of the exercise of the power.

188, s. s. 56 Section 56. 701.27 (6) (d) of the statutes is repealed.

188, s. s. 57 Section 57. 701.27 (7) of the statutes is renumbered 854.13 (11), and 854.13 (11) (a) (intro.), 1., 2. and 3., as renumbered, are amended to read:

854.13 (11) (a) (title) Method Actions that bar disclaimer. (intro.) A person's right to disclaim property or an interest in property is barred by the person's any of the following:

1. Assignment The person's assignment, conveyance, encumbrance, pledge or transfer of the property or interest or a contract therefor;.

2. Written The person's written waiver of the right to disclaim; or.

3. Acceptance The person's acceptance of the property or interest or benefit of the property.

188, s. s. 58 Section 58. 701.27 (8) (title) of the statutes is renumbered 854.13 (12) (title).

188, s. s. 59 Section 59. 701.27 (8) of the statutes is renumbered 854.13 (12) (a) and amended to read:

854.13 (12) (a) This section does not abridge affect the right of a person to waive, release, disclaim or renounce property or an interest in property under any other statute, the common law, or as provided in the creating instrument.

188, s. s. 60 Section 60. 701.27 (9) of the statutes is repealed.

188, s. s. 61 Section 61. 702.03 (1) of the statutes is repealed and recreated to read:

702.03 (1) Unless a contrary intention is found, if a governing instrument, as defined in s. 854.01, creating a power of appointment expressly requires that the power be exercised by any type of reference to the power or its source, it is presumed that the donor's intention in requiring the reference was to prevent an inadvertent exercise of the power. Extrinsic evidence may be used to show contrary intent.

188, s. s. 62 Section 62. 702.08 of the statutes is amended to read:

702.08 Disclaimer of powers. The donee of any power may disclaim all or part of the power as provided under s. 701.27 or 853.40 854.13.

188, s. s. 63 Section 63. 702.22 of the statutes is created to read:

702.22 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under an instrument that creates or exercises a power of appointment.

188, s. s. 64 Section 64. 705.09 of the statutes is created to read:

705.09 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under this subchapter.

188, s. s. 65 Section 65. Subchapter II (title) of chapter 705 [precedes 705.20] of the statutes is repealed and recreated to read:

Chapter 705

Subchapter II
nonprobate transfers at death

188, s. s. 66 Section 66. 705.20 (3) of the statutes is created to read:

705.20 (3) Chapter 854 applies to transfers at death under this section.

188, s. s. 67 Section 67. Subchapter III (title) of chapter 705 [precedes 705.21] of the statutes is created to read:

Chapter 705

Subchapter III
transfer on death
security registration

188, s. s. 68 Section 68. 705.31 of the statutes is created to read:

705.31 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under this subchapter.

188, s. s. 69 Section 69. 706.105 of the statutes is created to read:

706.105 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under a conveyance.

188, s. s. 70 Section 70. 766.575 (3) (b) of the statutes is amended to read:

766.575 (3) (b) If within 14 business days after receiving the notice of claim the trustee receives, as purporting to support the claim, a decree, marital property agreement or proof that a legal action has been commenced, including a copy of an election filed pursuant to s. 861.03 861.08 (1), to establish the validity of the claim, the trustee shall suspend distribution of the portion of the property to which the claim relates pending resolution of the validity of the claim.

188, s. s. 71 Section 71. 766.58 (3) (f) of the statutes is amended to read:

766.58 (3) (f) Providing that upon the death of either spouse any of either or both spouses' property, including after-acquired property, passes without probate to a designated person, trust or other entity by nontestamentary disposition. Any such provision in a marital property agreement is revoked upon dissolution of the marriage as provided in s. 767.266 (1). If a marital property agreement provides for the nontestamentary disposition of property, without probate, at the death of the 2nd spouse, at any time after the death of the first spouse the surviving spouse may amend the marital property agreement with regard to property to be disposed of at his or her death unless the marital property agreement expressly provides otherwise and except to the extent property is held in a trust expressly established under the marital property agreement.

188, s. s. 72 Section 72. 766.58 (3m) of the statutes is created to read:

766.58 (3m) Chapter 854 applies to transfers at death under a marital property agreement.