AB645-ASA1, s. 49
12Section
49. 701.27 (4) (e) of the statutes is renumbered 854.13 (4) (e) and
13amended to read:
AB645-ASA1,11,1914
854.13
(4) (e)
Interests arising by disclaimer. Notwithstanding pars. (a) and (b),
15a person whose interest in property arises by disclaimer or by default of exercise of
16a power created by
nontestamentary a governing instrument may disclaim at any
17time not later than 9 months after the day on which the prior instrument of
18disclaimer is delivered, or the date of death of the donee of the power
, as the case may
19be.
AB645-ASA1, s. 50
20Section
50. 701.27 (5) of the statutes is renumbered 854.13 (5), and 854.13 (5)
21(a) (intro.), 1. and 2., as renumbered, are amended to read:
AB645-ASA1,11,2522
854.13
(5) (a)
Delivery. (intro.) In addition to any requirements imposed by the
23creating governing instrument, the instrument of disclaimer is effective only if,
24within the time specified under sub. (4), it is delivered to and received by
any of the
25following:
AB645-ASA1,12,1
11. The transferor of the property
or interest disclaimed, if living
;.
AB645-ASA1,12,32
2. The personal representative or special administrator of the deceased
3transferor of the property
; or.
AB645-ASA1, s. 52
5Section
52. 701.27 (6) (a) of the statutes is renumbered 854.13 (6) and
6amended to read:
AB645-ASA1,12,97
854.13
(6) Property not vested. The property
or interest disclaimed under this
8section shall be
deemed considered not to have been vested in, created in or
9transferred to the disclaimant.
AB645-ASA1, s. 53
10Section
53. 701.27 (6) (b) (title) of the statutes is renumbered 854.13 (7) (title)
11and amended to read:
AB645-ASA1,12,1212
854.13
(7) (title)
Devolution in general.
AB645-ASA1, s. 54
13Section
54. 701.27 (6) (b) of the statutes is renumbered 854.13 (7) (a) and
14amended to read:
AB645-ASA1,12,2415
854.13
(7) (a) Unless the transferor of the property or donee of the power has
16otherwise provided, the
disclaimed property
or interest disclaimed devolves as if the
17disclaimant had died before
the decedent or before the effective date of the
18nontestamentary transfer under the governing instrument
; or if. If the disclaimant
19is an appointee under a power exercised by
nontestamentary a governing 20instrument,
the disclaimed property devolves as if the disclaimant had died before
21the effective date of the exercise of the power
; or if
. If the disclaimant is a taker in
22default under a power created by
nontestamentary
a governing instrument,
the
23disclaimed property devolves as if the disclaimant had predeceased the donee of the
24power.
This paragraph is subject to subs. (8), (9) and (10).
AB645-ASA1,13,9
1(b) A disclaimer relates back for all purposes to the
effective date of the
2nontestamentary decedent's death or the effective date of the transfer under the
3governing instrument
; or if. If the disclaimant is an appointee under a power
4exercised
by nontestamentary under a governing instrument,
the disclaimer relates
5back to the effective date of the exercise of the power
; or if. If the disclaimant is a
6taker in default under a power created by
nontestamentary a governing instrument,
7the disclaimer relates back to the last possible date for exercise of the power. A
8disclaimer of the future right to receive mandatory distributions of income or profits
9relates to the period stated in the disclaimer.
AB645-ASA1, s. 55
10Section
55. 701.27 (6) (c) of the statutes is renumbered 854.13 (10) and
11amended to read:
AB645-ASA1,13,1912
854.13
(10) (title)
Future
Devolution of disclaimed future interest. Unless
13the instrument creating the future interest manifests a contrary intent
either
14expressly or as construed from extrinsic evidence, a future interest limited to take
15effect in possession or enjoyment after the termination of the interest which is
16disclaimed takes effect as if the disclaimant had died before the effective date of the
17nontestamentary governing instrument or, if the disclaimant is an appointee under
18a power exercised by
nontestamentary a governing instrument, as if the disclaimant
19had died before the effective date of the exercise of the power.
AB645-ASA1, s. 57
21Section
57. 701.27 (7) of the statutes is renumbered 854.13 (11), and 854.13
22(11) (a) (intro.), 1., 2. and 3., as renumbered, are amended to read:
AB645-ASA1,13,2523
854.13
(11) (a) (title)
Method Actions that bar disclaimer. (intro.) A person's
24right to disclaim property
or an interest in property is barred by
the person's any of
25the following:
AB645-ASA1,14,2
11.
Assignment The person's assignment, conveyance, encumbrance, pledge or
2transfer of the property
or interest or a contract therefor
;.
AB645-ASA1,14,33
2.
Written The person's written waiver of the right to disclaim
; or.
AB645-ASA1,14,54
3.
Acceptance The person's acceptance of the property
or interest or benefit of
5the property.
AB645-ASA1, s. 58
6Section
58. 701.27 (8) (title) of the statutes is renumbered 854.13 (12) (title).
AB645-ASA1, s. 59
7Section
59. 701.27 (8) of the statutes is renumbered 854.13 (12) (a) and
8amended to read:
AB645-ASA1,14,119
854.13
(12) (a) This section does not
abridge affect the right of a person to
10waive, release, disclaim or renounce property
or an interest in property under any
11other statute, the common law, or as provided in the creating instrument.
AB645-ASA1, s. 61
13Section
61. 702.03 (1) of the statutes is repealed and recreated to read:
AB645-ASA1,14,1814
702.03
(1) Unless a contrary intention is found, if a governing instrument, as
15defined in s. 854.01, creating a power of appointment expressly requires that the
16power be exercised by any type of reference to the power or its source, it is presumed
17that the donor's intention in requiring the reference was to prevent an inadvertent
18exercise of the power. Extrinsic evidence may be used to show contrary intent.
AB645-ASA1,14,21
20702.08 Disclaimer of powers. The donee of any power may disclaim all or
21part of the power as provided under s.
701.27 or 853.40 854.13.
AB645-ASA1,14,25
23702.22 Applicability of general transfers at death provisions. Chapter
24854 applies to transfers at death under an instrument that creates or exercises a
25power of appointment.
AB645-ASA1,15,3
2705.09 Applicability of general transfers at death provisions. Chapter
3854 applies to transfers at death under this subchapter.
AB645-ASA1, s. 65
4Section
65. Subchapter II (title) of chapter 705 [precedes 705.20] of the
5statutes is repealed and recreated to read:
AB645-ASA1,15,87
Subchapter II
8
nonprobate transfers at death
AB645-ASA1,15,1010
705.20
(3) Chapter 854 applies to transfers at death under this section.
AB645-ASA1, s. 67
11Section
67. Subchapter III (title) of chapter 705 [precedes 705.21] of the
12statutes is created to read:
AB645-ASA1,15,1614
Subchapter III
15
transfer on death
16
security registration
AB645-ASA1,15,19
18705.31 Applicability of general transfers at death provisions. Chapter
19854 applies to transfers at death under this subchapter.
AB645-ASA1,15,22
21706.105 Applicability of general transfers at death provisions. Chapter
22854 applies to transfers at death under a conveyance.
AB645-ASA1,16,424
766.575
(3) (b) If within 14 business days after receiving the notice of claim the
25trustee receives, as purporting to support the claim, a decree, marital property
1agreement or proof that a legal action has been commenced, including a copy of an
2election filed pursuant to s.
861.03 861.08 (1), to establish the validity of the claim,
3the trustee shall suspend distribution of the portion of the property to which the
4claim relates pending resolution of the validity of the claim.
AB645-ASA1,16,166
766.58
(3) (f) Providing that upon the death of either spouse any of either or
7both spouses' property, including after-acquired property, passes without probate to
8a designated person, trust or other entity by nontestamentary disposition. Any such
9provision in a marital property agreement is revoked upon dissolution of the
10marriage as provided in s. 767.266
(1). If a marital property agreement provides for
11the nontestamentary disposition of property, without probate, at the death of the 2nd
12spouse, at any time after the death of the first spouse the surviving spouse may
13amend the marital property agreement with regard to property to be disposed of at
14his or her death unless the marital property agreement expressly provides otherwise
15and except to the extent property is held in a trust expressly established under the
16marital property agreement.
AB645-ASA1,16,1918
766.58
(3m) Chapter 854 applies to transfers at death under a marital property
19agreement.
AB645-ASA1,17,221
766.587
(6) Rights of surviving spouse. Notwithstanding the fact that an
22agreement under this section is in effect at, or has terminated before, the death of
23a spouse who is a party to the agreement, the surviving spouse may elect under
ss. 24s. 861.02
(1) and 861.03. For the purpose of the election, in addition to the property
25described in s. 851.055, property acquired during marriage and after the
1determination date which would have been marital property but for the agreement
2is deferred marital property.
AB645-ASA1,17,104
766.589
(7) Rights of surviving spouse. Notwithstanding the fact that an
5agreement under this section is in effect at, or has terminated before, the time of
6death of a spouse who is party to the agreement, the surviving spouse may elect
7under
ss. s. 861.02
and 861.03. For the purpose of the election, in addition to the
8property described in s. 851.055, property acquired during marriage and after the
9determination date which would have been marital property but for the agreement
10is deferred marital property.
AB645-ASA1, s. 75
11Section
75. 766.61 (2) (c) 2. of the statutes is amended to read:
AB645-ASA1,17,2012
766.61
(2) (c) 2. If within 14 business days after receiving the notice of claim
13the issuer receives at its home office, as purporting to support the notice of claim, a
14decree, marital property agreement, written directive signed by the beneficiary and
15surviving spouse, consent under sub. (3) (e) or proof that a legal action has been filed,
16including a copy of an election filed pursuant to s.
861.03 861.08 (1), to secure an
17interest as evidenced in such a document, the issuer shall make payment or take
18action on the policy after the issuer receives from a court or from the claimant and
19the person directing action or payment written documentation indicating that the
20dispute has been resolved.
AB645-ASA1, s. 76
21Section
76. 767.266 (title) of the statutes is renumbered 767.266 (1) (title).
AB645-ASA1,17,23
23767.266 (title)
Effect on transfers at death.
AB645-ASA1, s. 78
24Section
78. 767.266 of the statutes is renumbered 767.266 (1) (intro.) and
25amended to read:
AB645-ASA1,18,5
1767.266
(1) (title)
Revocation of nontestamentary disposition provision
2death provisions in marital property agreement. (intro.) Unless the judgment
3provides otherwise, a judgment of annulment, divorce or legal separation revokes a
4provision in a marital property agreement under s. 766.58
which provides that
5provides for any of the following:
AB645-ASA1,18,8
6(a) That, upon the death of either spouse, any of either or both spouses'
7property, including after-acquired property, passes without probate to a designated
8person, trust or other entity by nontestamentary disposition.
AB645-ASA1,18,1110
767.266
(1) (b) That one or both spouses will make a particular disposition in
11a will or other governing instrument, as defined in s. 854.01.
AB645-ASA1,18,1713
767.266
(2) Revocation of revocable transfers at death. Unless sub. (1)
14applies, revocation of revocable transfers at death by a former spouse to the other
15former spouse, or to relatives of the other former spouse, under an instrument
16executed before the judgment of annulment, divorce or legal separation is governed
17by s. 854.15.
AB645-ASA1,18,25
19815.56 Sheriff's deed; grantee if purchaser dead. In case the person who
20would be entitled to a deed of real estate sold on execution dies before the delivery
21of that deed the sheriff shall execute a deed to the person's executors or
22administrators. The real estate so conveyed shall be held in trust for the use of the
23heirs or devisees of the deceased person, subject to the surviving spouse's right to
24elect under
ss. s. 861.02 (1)
and 861.03, but may be sold for the payment of debts in
25the same manner as lands of which the person died seized.
AB645-ASA1, s. 83
2Section
83. Subchapter I (title) of chapter 851 [precedes 851.002] of the
3statutes is created to read:
AB645-ASA1,19,65
Subchapter I
6
Definitions
AB645-ASA1,19,9
8851.002 Definitions. The definitions in ss. 851.01 to
851.29 851.31 apply to
9chs. 851 to 882.
AB645-ASA1,19,12
11851.035 Conscious presence. "Conscious presence" means within the range
12of any of a person's senses.
AB645-ASA1, s. 86
13Section
86. 851.055 of the statutes is repealed and recreated to read:
AB645-ASA1,19,15
14851.055 Deferred marital property. "Deferred marital property" means any
15property that satisfies all of the following:
AB645-ASA1,19,16
16(1) Is not classified by ch. 766.
AB645-ASA1,19,17
17(2) Was acquired while the spouses were married.
AB645-ASA1,19,19
18(3) Would have been classified as marital property under ch. 766 if the property
19had been acquired when ch. 766 applied.
AB645-ASA1,19,23
21851.065 Devise. "Devise", when used as a noun, means a testamentary
22disposition of any real or personal property by will. "Devise", when used as a verb,
23means to dispose of any real or personal property by will.
AB645-ASA1,20,4
1851.13 Issue. "Issue" means children, grandchildren, great-grandchildren,
2and lineal descendants of more remote degrees, including those who occupy that
3relation by reason of adoption under s.
851.51 854.20 and nonmarital children and
4their lineal descendants to the extent provided by s. 852.05.
AB645-ASA1,20,9
6851.27 Property. "Property" means any interest, legal or equitable, in real or
7personal property, without distinction as to kind
, including money, rights of a
8beneficiary under a contractual arrangement, chooses in action and anything else
9that may be the subject of ownership.