861.015 (2) For purposes of this section, property subject to a directive is valued by its clear market value on the date of the decedent's death. Satisfaction of the nonholding spouse's marital property interest in the property subject to the directive shall be based on that value, plus any income from the property subject to the directive after the death of the decedent and before satisfaction. For purposes of determining the income from the property subject to a directive, such property shall be treated as a legacy or devise of property other than money under s. 701.20 701.1115.
861.11 (5) (b) of the statutes is amended to read:
861.11 (5) (b) Notwithstanding sub. (2), in addition to the protections afforded a financial institution under ss. 701.19 (11) 701.1012 and 710.05 and chs. 112 and 705 a financial institution is not liable for having transferred an account included in the augmented deferred marital property estate under s. 861.03 to a beneficiary designated in a governing instrument, or for having taken any other action in reliance on the beneficiary's apparent entitlement under the terms of a governing instrument, regardless of whether the financial institution received written notice of an intent to file, or the filing of, a petition for the deferred marital property elective share amount.
865.08 (6) of the statutes is amended to read:
865.08 (6) If the will of the decedent provides for a testamentary trust, letters of trust shall be issued by the probate registrar to the trustee upon admission of the will to informal probate at the same time that letters are granted to the personal representative. The probate registrar shall determine if bond shall be required and, if so, the amount thereof, and for such purpose the probate registrar shall have the authority granted to the court by, and shall proceed pursuant to s. 701.16 (2) 701.0702. Thereafter, the trustee shall continue to be interested in the estate, and beneficiaries of the testamentary trust shall cease to be interested in the estate except under s. 851.21 (3). The trust shall be administered under supervision of the court under ch. 701.
867.03 (2g) (a) By accepting the decedent's property under this section the heir, trustee, or guardian assumes a duty to apply the property transferred for the payment of obligations according to priorities established under s. 859.25 and to distribute any balance to those persons designated in the appropriate governing instrument, as defined in s. 854.01, of the decedent or if there is no governing instrument, according to the rules of intestate succession under ch. 852, subject to par. (b). An heir or guardian may publish a notice to creditors in the same manner and with the same effect as a trustee under s. 701.065 701.0508. This paragraph does not prohibit any appropriate person from requesting administration of the decedent's estate under s. 856.07 or ch. 865.
879.03 (2) (c) of the statutes is amended to read:
879.03 (2) (c) The attorney general where a charitable trust, as defined in s. 701.01 (2) 701.0103 (4), is involved, and in all cases mentioned in s. 852.01 (3).
879.47 of the statutes is renumbered 879.47 (1) and amended to read:
879.47 (1) The attorney for any person desiring to file any paper in court is responsible for the preparation of the paper. Except as provided in s. 701.16 (4) (d) sub. (2), all papers shall be legibly written on substantial paper and shall state the title of the proceeding in which they are filed and the character of the paper. Either uniform forms or computer-generated forms, if the forms exactly recreate the original forms in wording, format and substance, shall be used. If papers are not so written or if uniform forms or computer-generated forms that exactly recreate the original forms in wording, format and substance are not used, the court may refuse to receive and file them. The court shall show on all papers the date of their filing.
881.01 (1) (title) of the statutes is repealed and recreated to read:
881.01 (1) (title) Definitions.
881.01 (1) (a) of the statutes is renumbered 881.01 (1) (a) (intro.) and amended to read:
881.01 (1) (a) (intro.) "Beneficiary," with respect to a guardianship of the estate," means any of the following:
3. With respect to guardianship of the estate, a ward for whom a guardian of the estate has been appointed and, with respect to a conservator, means.
4. With respect to a conservatorship, a person for whose estate a conservator has been appointed.
881.01 (1) (a) 1. and 2. of the statutes are created to read:
881.01 (1) (a) 1. With respect to a will, a beneficiary, as defined in s. 851.03.
2. With respect to a trust, a beneficiary, as defined in s. 701.0103 (3).
881.01 (1) (b) of the statutes is amended to read:
881.01 (1) (b) "Fiduciary" means a personal representative, trustee, conservator, or guardian of the estate, a directing party, as defined in s. 701.0103 (7), who has the power to direct the trustee's investment decisions, a trust protector, as defined in s. 701.0103 (31), who has a power exercisable in a fiduciary capacity over the investment of trust assets, and any other person to whom a court appoints a power over the investment of the assets of a decedent's estate, a trust, a conservatorship, or a guardianship of the estate.
881.01 (4) of the statutes is renumbered 881.01 (4) (a) and amended to read:
881.01 (4) (a) General rule. A fiduciary shall diversify investments unless the fiduciary reasonably determines that, because of special circumstances, the purposes of the estate, trust, conservatorship, or guardianship are better served without diversifying.
881.01 (4) (b) of the statutes is created to read:
881.01 (4) (b) Special rule for assets collected by a fiduciary. 1. For purposes of this paragraph, an "asset that is collected by the fiduciary" means an asset that the fiduciary did not exercise discretion over to acquire or purchase.
2. Notwithstanding par. (a), a fiduciary may retain an asset that is collected by the fiduciary until the fiduciary reasonably determines that it is advisable to dispose of the asset. While the asset is being retained, the fiduciary has a duty to exercise discretion at reasonable intervals to determine the advisability of continuing to retain or disposing of the asset that was collected.
3. At any time while an asset that is collected by the fiduciary is being retained, a beneficiary may file an application with a court that has jurisdiction over the fiduciary to compel the fiduciary to sell the asset and invest the sale proceeds in accordance with this section.
4. If a beneficiary files an application under subd. 3., the court shall conduct a hearing after giving notice to all interested persons, as determined by the court. After the hearing, the court shall enter an order directing the fiduciary to retain or sell the asset that is being retained based on what the court finds to be in accordance with the terms and purposes of the estate, trust, conservatorship, or guardianship of the estate and the interests of the beneficiaries.
881.05 of the statutes is repealed.
893.33 (4r) This section applies to liens of the department of health services on real property under ss. 46.27 (7g), 49.496, 49.682, 49.848, and 49.849.
Estate recovery changes. The treatment of sections 46.27 (7g) (a) 5. a. and b., (c) 2m. b. and 6m. b., and (g), 49.496 (1) (cm) 1. and 2., (3m) (aj) 2. and (dm) 2., and (6m), 49.682 (1) (e) 1. and 2., (2) (bm) 2. and (fm) 2., and (5), 49.849 (1) (d) 1. and 2., (2) (c), and (7), and 766.55 (2) (bm) of the statutes, the renumbering and amendment of section 49.849 (4) (c) 2. of the statutes, and the creation of section 49.849 (4) (c) 2. a., b., and c. of the statutes first apply to the recovery of public assistance as defined in section 49.849 (1) (e) of the statutes, provided to individuals who die on October 1, 2013.
Divestment and asset verification changes. The treatment of sections 49.45 (4m) (a) 3. b. and d. and 49.453 (2) (a) (intro.) and (b) (intro.) and (4c) (c) of the statutes first applies to determinations of initial eligibility for Medical Assistance for individuals who apply for Medical Assistance on July 2, 2013.
This act takes effect on the first day of the 7th month beginning after publication, except as follows:
(1) Estate recovery changes. The treatment of sections 20.435 (4) (im) and (in) and (7) (im), 46.27 (7g) (a) 5. a. and b., (c) 2m. b. and 6m. b., and (g), 46.286 (7), 49.496 (1) (cm) 1. and 2., (3m) (aj) 2. and (dm) 2., and (6m), 49.4962, 49.682 (1) (e) 1. and 2., (2) (bm) 2. and (fm) 2., and (5), 49.848, 49.849 (1) (d) 1. and 2., (2) (c), and (7), 59.43 (1) (w), 701.065 (5), 766.55 (2) (bm), and 893.33 (4r) of the statutes, the renumbering and amendment of section 49.849 (4) (c) 2. of the statutes, the creation of section 49.849 (4) (c) 2. a., b., and c. of the statutes, and Section 351 (1) of this act take effect on the day after publication.
(2) Divestment and asset verification changes. The treatment of sections 49.45 (4m) (a) 3. b. and d. and 49.453 (2) (a) (intro.) and (b) (intro.) and (4c) (c) of the statutes and Section 351 (2) of this act take effect on the day after publication.