AB645: Bill Text

AB645, s. 48 Section 48. 701.27 (4) (d) of the statutes is renumbered 854.13 (4) (d).

AB645, s. 49 Section 49. 701.27 (4) (e) of the statutes is renumbered 854.13 (4) (e) and amended to read:

AB645,13,12 854.13 (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.

AB645, 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:

AB645,13,18 854.13 (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:

AB645,13,19 1. The transferor of the property or interest disclaimed, if living;.

AB645,13,21 2. The personal representative or special administrator of the deceased transferor of the property; or.

AB645, s. 51 Section 51. 701.27 (6) (title) of the statutes is repealed.

AB645, s. 52 Section 52. 701.27 (6) (a) of the statutes is renumbered 854.13 (6) and amended to read:

AB645,14,3 854.13 (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.

AB645, s. 53 Section 53. 701.27 (6) (b) (title) of the statutes is renumbered 854.13 (7) (title) and amended to read:

AB645,14,6 854.13 (7) (title) Devolution in general.

AB645, s. 54 Section 54. 701.27 (6) (b) of the statutes is renumbered 854.13 (7) (a) and amended to read:

AB645,14,18 854.13 (7) (a) Unless Subject to subs. (8), (9) and (10), 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.

AB645,15,2 (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.

AB645, s. 55 Section 55. 701.27 (6) (c) of the statutes is renumbered 854.13 (10) and amended to read:

AB645,15,12 854.13 (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.

AB645, s. 56 Section 56. 701.27 (6) (d) of the statutes is repealed.

AB645, 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:

AB645,15,18 854.13 (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:

AB645,15,20 1. Assignment The person's assignment, conveyance, encumbrance, pledge or transfer of the property or interest or a contract therefor;.

AB645,15,21 2. Written The person's written waiver of the right to disclaim; or.

AB645,15,23 3. Acceptance The person's acceptance of the property or interest or benefit of the property.

AB645, s. 58 Section 58. 701.27 (8) (title) of the statutes is renumbered 854.13 (12) (title).

AB645, s. 59 Section 59. 701.27 (8) of the statutes is renumbered 854.13 (12) (a) and amended to read:

AB645,16,5 854.13 (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.

AB645, s. 60 Section 60. 701.27 (9) of the statutes is repealed.

AB645, s. 61 Section 61. 702.03 (1) of the statutes is repealed and recreated to read:

AB645,16,12 702.03 (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.

AB645, s. 62 Section 62. 702.08 of the statutes is amended to read:

AB645,16,15 702.08 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.

AB645, s. 63 Section 63. 702.22 of the statutes is created to read:

AB645,16,19 702.22 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.

AB645, s. 64 Section 64. 705.09 of the statutes is created to read:

AB645,16,22 705.09 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under this subchapter.

AB645, s. 65 Section 65. Subchapter II (title) of chapter 705 [precedes 705.20] of the statutes is repealed and recreated to read:

AB645,16,25 Chapter 705

AB645,17,2 Subchapter II nonprobate transfers at death

AB645, s. 66 Section 66. 705.20 (3) of the statutes is created to read:

AB645,17,4 705.20 (3) Chapter 854 applies to transfers at death under this section.

AB645, s. 67 Section 67. Subchapter III (title) of chapter 705 [precedes 705.21] of the statutes is created to read:

AB645,17,7 Chapter 705

AB645,17,10 Subchapter III transfer on death security registration

AB645, s. 68 Section 68. 705.31 of the statutes is created to read:

AB645,17,13 705.31 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under this subchapter.

AB645, s. 69 Section 69. 706.105 of the statutes is created to read:

AB645,17,16 706.105 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under a conveyance.

AB645, s. 70 Section 70. 766.575 (3) (b) of the statutes is amended to read:

AB645,17,23 766.575 (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.

AB645, s. 71 Section 71. 766.58 (3) (f) of the statutes is amended to read:

AB645,18,11 766.58 (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.

AB645, s. 72 Section 72. 766.58 (3m) of the statutes is created to read:

AB645,18,14 766.58 (3m) Chapter 854 applies to transfers at death under a marital property agreement.

AB645, s. 73 Section 73. 766.587 (6) of the statutes is amended to read:

AB645,18,22 766.587 (6) Rights of surviving spouse. Notwithstanding the fact that an agreement under this section is in effect at, or has terminated before, the death of a spouse who is a party to the agreement, the surviving spouse may elect under ss. s. 861.02 (1) and 861.03. For the purpose of the election, in addition to the property described in s. 851.055, property acquired during marriage and after the determination date which would have been marital property but for the agreement is deferred marital property.

AB645, s. 74 Section 74. 766.589 (7) of the statutes is amended to read:

AB645,19,5 766.589 (7) Rights of surviving spouse. Notwithstanding the fact that an agreement under this section is in effect at, or has terminated before, the time of death of a spouse who is party to the agreement, the surviving spouse may elect under ss. s. 861.02 and 861.03. For the purpose of the election, in addition to the property described in s. 851.055, property acquired during marriage and after the determination date which would have been marital property but for the agreement is deferred marital property.

AB645, s. 75 Section 75. 766.61 (2) (c) 2. of the statutes is amended to read:

AB645,19,15 766.61 (2) (c) 2. If within 14 business days after receiving the notice of claim the issuer receives at its home office, as purporting to support the notice of claim, a decree, marital property agreement, written directive signed by the beneficiary and surviving spouse, consent under sub. (3) (e) or proof that a legal action has been filed, including a copy of an election filed pursuant to s. 861.03 861.08 (1), to secure an interest as evidenced in such a document, the issuer shall make payment or take action on the policy after the issuer receives from a court or from the claimant and the person directing action or payment written documentation indicating that the dispute has been resolved.

AB645, s. 76 Section 76. 767.266 (title) of the statutes is renumbered 767.266 (1) (title).

AB645, s. 77 Section 77. 767.266 (title) of the statutes is created to read:

AB645,19,18 767.266 (title) Effect on transfers at death.

AB645, s. 78 Section 78. 767.266 of the statutes is renumbered 767.266 (1) (intro.) and amended to read:

AB645,19,25 767.266 (1) (title) Revocation of nontestamentary disposition provision death provisions in marital property agreement. (intro.) Unless the judgment provides otherwise, a judgment of annulment, divorce or legal separation revokes a provision in a marital property agreement under s. 766.58 which provides that provides for any of the following:

AB645,20,3 (a) 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.

AB645, s. 79 Section 79. 767.266 (1) (b) of the statutes is created to read:

AB645,20,6 767.266 (1) (b) That one or both spouses will make a particular disposition in a will or other governing instrument, as defined in s. 854.01.

AB645, s. 80 Section 80. 767.266 (2) of the statutes is created to read:

AB645,20,12 767.266 (2) Revocation of revocable transfers at death. Unless sub. (1) applies, revocation of revocable transfers at death by a former spouse to the other former spouse, or to relatives of the other former spouse, under an instrument executed before the judgment of annulment, divorce or legal separation is governed by s. 854.15.

AB645, s. 81 Section 81. 815.56 of the statutes is amended to read:

AB645,20,20 815.56 Sheriff's deed; grantee if purchaser dead. In case the person who would be entitled to a deed of real estate sold on execution dies before the delivery of that deed the sheriff shall execute a deed to the person's executors or administrators. The real estate so conveyed shall be held in trust for the use of the heirs or devisees of the deceased person, subject to the surviving spouse's right to elect under ss. s. 861.02 (1) and 861.03, but may be sold for the payment of debts in the same manner as lands of which the person died seized.

AB645, s. 82 Section 82. 851.001 of the statutes is repealed.

AB645, s. 83 Section 83. Subchapter I (title) of chapter 851 [precedes 851.002] of the statutes is created to read:

AB645,20,24 Chapter 851

AB645,21,2 Subchapter I Definitions

AB645, s. 84 Section 84. 851.002 of the statutes is amended to read:

AB645,21,5 851.002 Definitions. The definitions in ss. 851.01 to 851.29 851.31 apply to chs. 851 to 882.

AB645, s. 85 Section 85. 851.035 of the statutes is created to read:

AB645,21,8 851.035 Conscious presence. "Conscious presence" means within the range of any of a person's senses.

AB645, s. 86 Section 86. 851.055 of the statutes is repealed and recreated to read:

AB645,21,13 851.055 Deferred marital property. "Deferred marital property" means any property that is not classified by ch. 766, that was acquired while the spouses were married and that would have been classified as marital property under ch. 766 if it had been acquired when ch. 766 applied.

AB645, s. 87 Section 87. 851.065 of the statutes is created to read:

AB645,21,17 851.065 Devise. "Devise", when used as a noun, means a testamentary disposition of any real or personal property by will. "Devise", when used as a verb, means to dispose of any real or personal property by will.

AB645, s. 88 Section 88. 851.13 of the statutes is amended to read:

AB645,21,22 851.13 Issue. "Issue" means children, grandchildren, great-grandchildren, and lineal descendants of more remote degrees, including those who occupy that relation by reason of adoption under s. 851.51 854.20 and nonmarital children and their lineal descendants to the extent provided by s. 852.05.

AB645, s. 89 Section 89. 851.27 of the statutes is amended to read:

AB645,22,2 851.27 Property. "Property" means any interest, legal or equitable, in real or personal property, without distinction as to kind, including money, rights of a beneficiary under a contractual arrangement, choses in action and anything else that may be the subject of ownership.

AB645, s. 90 Section 90. 851.30 of the statutes is created to read:

AB645,22,5 851.30 Surviving spouse. (1) Subject to sub. (2), "surviving spouse" means a person who was married to the decedent at the time of the decedent's death.