AB645,42,18
16(3) Transfers to living trusts. The validity and implementation of a will
17provision that purports to transfer or appoint property to a living trust are governed
18by s. 701.08.
AB645, s. 153
19Section
153. 853.325 of the statutes is created to read:
AB645,43,2
20853.325 Effect of reference to acts or events. A will may dispose of
21property by reference to acts or events that have significance apart from their effect
22on the disposition of property under the will and that do not occur solely for the
23purpose of determining the disposition of property under the will. Reference to the
24execution or revocation of another individual's will fulfills the requirements under
1this section. This section applies whether the acts or events occur before or after
2execution of the will or before or after the testator's death.
AB645, s. 154
3Section
154. 853.33 of the statutes is repealed and recreated to read:
AB645,43,5
4853.33 Gift of securities. Section 854.11 governs gifts of securities under a
5will.
AB645, s. 155
6Section
155. 853.35 of the statutes is repealed and recreated to read:
AB645,43,9
7853.35 Nonademption of specific gifts in certain instances. The rights
8of a beneficiary with respect to a specific gift that is destroyed, damaged, sold or
9condemned before the testator's death are governed by s. 854.08.
AB645, s. 156
10Section
156. 853.40 of the statutes is repealed and recreated to read:
AB645,43,12
11853.40 Disclaimer. A person to whom property would otherwise pass under
12a will may disclaim all or part of the property as provided in s. 854.13.
AB645, s. 157
13Section
157. 853.41 of the statutes is created to read:
AB645,43,16
14853.41 Applicability of general transfers at death provisions. Chapter
15854 applies to transfers under wills, including transfers under a Wisconsin basic will
16or basic will with trust.
AB645, s. 158
17Section
158. Subchapter II (title) of chapter 853 [precedes 853.50] of the
18statutes is created to read:
AB645,43,1919
Chapter 853
AB645,43,2120
Subchapter II
21
Wisconsin basic wills
AB645, s. 159
22Section
159. 853.50 (1) of the statutes is amended to read:
AB645,43,2523
853.50
(1) "By right of representation" means
that the issue of a deceased
24person inherit the share of an estate that their immediate ancestor would have
25inherited, if living according to the method specified in s. 854.04 (1).
AB645, s. 160
1Section
160. 853.50 (3) of the statutes is amended to read:
AB645,44,52
853.50
(3) "Issue" means children, grandchildren, great-grandchildren, and
3lineal descendants of more remote degrees, including those who occupy that relation
4by reason of adoption under s.
851.51 854.20 and
nonmarital children
who are not
5legitimate and their lineal descendants to the extent provided by s. 852.05.
AB645, s. 161
6Section
161. 853.51 (2) of the statutes is repealed and recreated to read:
AB645,44,77
853.51
(2) The witnesses shall comply with s. 853.03 (2).
AB645, s. 162
8Section
162. 853.55 (Article 3) 3.3. of the statutes is repealed and recreated
9to read:
AB645,44,1010
853.55
(Article 3) 3.3. BOND.
AB645,44,1411
My signature in this box means I request that a bond, as set by law, be required
12for each individual personal representative or guardian named in this will. IF I DO
13NOT SIGN IN THIS BOX, I REQUEST THAT A BOND NOT BE REQUIRED FOR
14ANY OF THOSE PERSONS.
AB645,44,1616
I sign my name to this Wisconsin Basic Will on ....... (date), at ........ (city), ........ (state).
AB645,44,1717
Signature of Testator
AB645,44,1918
STATEMENT OF WITNESSES (You must use two witnesses, who should be
19adults.)
AB645,44,2320
I declare that the testator signed the will in front of me, acknowledged to me
21that this document was his or her will
or acknowledged to me that the signature
22above is his or her signature. The testator appears to me to be of sound mind and
23not under undue influence.
AB645,44,2424
Signature Residence Address:
AB645,45,1
1Here: Date Signed:
AB645,45,52
I declare that the testator signed the will in front of me, acknowledged to me
3that this document was his or her will
or acknowledged to me that the signature
4above is his or her signature. The testator appears to me to be of sound mind and
5not under undue influence.
AB645,45,66
Signature Residence Address:
AB645,45,88
Here: Date Signed:
AB645, s. 163
9Section
163. 853.55 (NOTICE) 6. of the statutes is amended to read:
AB645,45,1510
853.55
(NOTICE) 6. THE WITNESSES TO THIS WILL SHOULD NOT BE
11PEOPLE WHO MAY RECEIVE PROPERTY UNDER THIS WILL. YOU SHOULD
12READ AND CAREFULLY FOLLOW THE WITNESSING PROCEDURE
13DESCRIBED AT THE END OF THIS WILL.
ALL OF THE WITNESSES MUST
14WATCH YOU SIGN THIS WILL. EACH WITNESS MUST SIGN HIS OR HER
15NAME WITH YOU AND THE OTHER WITNESS PRESENT.
AB645, s. 164
16Section
164. 853.56 (Article 3) 3.4. of the statutes is repealed and recreated
17to read:
AB645,45,1818
853.56
(Article 3) 3.4. BOND.
AB645,45,2219
My signature in this box means I request that a bond, as set by law, be required
20for each individual personal representative, trustee or guardian named in this will.
21IF I DO NOT SIGN IN THIS BOX, I REQUEST THAT A BOND NOT BE REQUIRED
22FOR ANY OF THOSE PERSONS.
AB645,45,2424
I sign my name to this Wisconsin Basic Will With Trust on ... (date), at..(city),.. (state).
AB645,45,2525
Signature of Testator
AB645,46,2
1STATEMENT OF WITNESSES (You must use two witnesses, who should be
2adults.)
AB645,46,63
I declare that the testator signed the will in front of me, acknowledged to me
4that this document was his or her will
or acknowledged to me that the signature
5above is his or her signature. The testator appears to me to be of sound mind and
6not under undue influence.
AB645,46,77
Signature Residence Address:
AB645,46,99
Here: Date Signed:
AB645,46,1310
I declare that the testator signed the will in front of me, acknowledged to me
11that this document was his or her will
or acknowledged to me that the signature
12above is his or her signature. The testator appears to me to be of sound mind and
13not under undue influence.
AB645,46,1414
Signature Residence Address:
AB645,46,1616
Here: Date Signed:
AB645, s. 165
17Section
165. 853.56 (NOTICE) 7. of the statutes is amended to read:
AB645,46,2318
853.56
(NOTICE) 7. THE WITNESSES TO THIS WILL SHOULD NOT BE
19PEOPLE WHO MAY RECEIVE PROPERTY UNDER THIS WILL. YOU SHOULD
20READ AND CAREFULLY FOLLOW THE WITNESSING PROCEDURE
21DESCRIBED AT THE END OF THIS WILL.
ALL OF THE WITNESSES MUST
22WATCH YOU SIGN THIS WILL. EACH WITNESS MUST SIGN HIS OR HER
23NAME WITH YOU AND THE OTHER WITNESS PRESENT.
AB645, s. 166
24Section
166. 853.59 (form) (a) of the statutes is amended to read:
AB645,47,5
1853.59
(form) (a) TO MY SPOUSE IF LIVING; IF NOT LIVING, THEN IN
2ONE TRUST TO PROVIDE FOR THE SUPPORT AND EDUCATION OF MY
3CHILDREN AND THE DESCENDANTS OF ANY DECEASED CHILD
BY RIGHT
4OF REPRESENTATION UNTIL I HAVE NO LIVING CHILD UNDER 21 YEARS
5OF AGE.
AB645, s. 167
6Section
167. 853.59 (form) (2) (a) of the statute is amended to read:
AB645,47,207
853.59
(form) (2) (a) As long as any child of mine under 21 years of age is living,
8the trustee shall distribute from time to time to or for the benefit of any one or more
9of my children and the descendants of any deceased child (the beneficiaries)
by right
10of representation of any age as much, or all, of the principal or net income of the trust
11or both, as the trustee deems necessary for their health, support, maintenance and
12education. Any undistributed income shall be accumulated and added to the
13principal. "Education" includes, but is not limited to, college, vocational and other
14studies after high school, and reasonably related living expenses. Consistent with
15the trustee's fiduciary duties, the trustee may distribute trust income or principal in
16equal or unequal shares and to any one or more of the beneficiaries to the exclusion
17of other beneficiaries. In deciding on distributions, the trustee may take into account
18the beneficiaries' other income, outside resources or sources of support, including the
19capacity for gainful employment of a beneficiary who has completed his or her
20education.
AB645, s. 168
21Section
168. Chapter 854 of the statutes is created to read:
AB645,47,2422
Chapter 854
23
transfers at death —
24
General rules
AB645,48,7
1854.01 Definition. In this chapter, "governing instrument" means a will; a
2deed; a trust instrument; an insurance or annuity policy; a contract; a pension,
3profit-sharing, retirement or similar benefit plan; a marital property agreement
4under s. 766.58 (3) (f); a beneficiary designation under s. 40.02 (8) (a); an instrument
5under ch. 705; an instrument that creates or exercises a power of appointment or any
6other dispositive, appointive or nominative instrument that transfers property at
7death.
AB645,48,9
8854.02 Scope. This chapter applies to all statutes and governing instruments
9that transfer property at death.
AB645,48,15
10854.03 Requirement of survival by 120 hours. (1) Requirement of
11survival. Except as provided in sub. (5), if property is transferred to an individual
12under a statute or under a provision in a governing instrument that requires the
13individual to survive an event and it is not established that the individual survived
14the event by at least 120 hours, the individual is considered to have predeceased the
15event.
AB645,48,20
16(2) Coowners with right of survivorship. (a) In this subsection, "coowners
17with right of survivorship" includes joint tenants, owners of survivorship marital
18property and other coowners of property or accounts that are held under
19circumstances that entitle one or more persons to all of the property or account upon
20the death of one or more of the others.
AB645,48,2521
(b) Except as provided in sub. (5), if property is transferred under a governing
22instrument that establishes 2 or more coowners with survivorship, and if it is not
23established that at least one of the coowners survived the others by at least 120
24hours, the property is transferred to the coowners in proportion to their ownership
25interests.
AB645,49,6
1(3) Marital property. Except as provided in subs. (4) and (5), if a husband and
2wife die leaving marital property and it is not established that one survived the other
3by at least 120 hours, 50% of the marital property shall be distributed as if it were
4the husband's individual property and the husband had survived, and 50% of the
5marital property shall be distributed as if it were the wife's individual property and
6the wife had survived.
AB645,49,14
7(4) Life insurance. Except as provided in sub. (5), if the insured and the
8beneficiary under a policy of life or accident insurance have both died and it is not
9established that one survived the other by at least 120 hours, the proceeds of the
10policy shall be distributed as if the insured had survived the beneficiary. If the policy
11is the marital property of the insured and of the insured's spouse and there is no
12alternative beneficiary except the estate or the personal representative of the estate,
13the proceeds shall be distributed as marital property in the manner provided in sub.
14(3).
AB645,49,16
15(5) Exceptions. This section does not apply if any of the following conditions
16applies:
AB645,49,1817
(a) The statute or governing instrument requires the individual to survive an
18event by a specified period.
AB645,49,2019
(b) The statute or governing instrument indicates that the individual is not
20required to survive an event by any specified period.
AB645,49,2221
(c) The statute or governing instrument deals with simultaneous deaths or
22deaths in a common disaster and the provision is relevant to the facts.
AB645,49,2523
(d) The imposition of a 120-hour requirement would cause a nonvested
24property interest or a power of appointment to fail to be valid, or to be invalidated,
25under s. 700.16 or under the rule against perpetuities of the applicable jurisdiction.
AB645,50,3
1(e) The application of this section to more than one statute or governing
2instrument would result in an unintended failure or unintended duplication of a
3transfer.
AB645,50,54
(f) The application of this section would result in the escheat of an intestate
5estate under s. 852.01 (3).
AB645,50,8
6(6) Evidentiary standard. Unless the statute or governing instrument
7provides otherwise, proof that an individual survived the period required under
8subs. (1) to (4) must be by clear and convincing evidence.
AB645,50,10
9(7) Extrinsic evidence. Extrinsic evidence may be used to construe a governing
10instrument affected by this section.
AB645,50,17
11854.04 Representation; per stirpes; modified per stirpes; per capita at
12each generation; per capita. (1) By representation or per stirpes. (a) Except
13as provided in subs. (5) and (6), if a statute or a governing instrument calls for
14property to be distributed to the issue or descendants of a designated person "by
15representation", "by right of representation" or "per stirpes", the property is divided
16into equal shares for the children of the designated person. Each surviving child and
17each deceased child who left surviving issue are allocated one share.
AB645,50,2018
(b) The share of each deceased child allocated a share under par. (a) is divided
19among that person's issue in the same manner as under par. (a), repeating until the
20property is fully allocated among surviving issue.
AB645,51,2
21(2) Modified per stirpes. (a) Except as provided in subs. (5) and (6), if a statute
22or a governing instrument calls for property to be distributed to the issue or
23descendants of a designated person by "modified per stirpes", the property is divided
24into equal shares at the generation nearest to the designated person that contains
1one or more surviving issue. Each survivor and each deceased person in that same
2generation who left surviving issue are allocated one share.
AB645,51,53
(b) The share of each deceased person allocated a share in par. (a) is divided
4among that person's issue in the same manner as under par. (a), repeating until the
5property is fully allocated.
AB645,51,12
6(3) Per capita at each generation. (a) Except as provided in subs. (5) and (6),
7if a statute or a governing instrument calls for property to be distributed to the issue
8or descendants of a designated person "per capita at each generation", the property
9is divided into equal shares at the generation nearest to the designated person that
10contains one or more surviving issue. Each survivor in that generation is allocated
11one share, and the shares of the deceased persons in that same generation who left
12surviving issue are combined for distribution under par. (b).
AB645,51,1613
(b) The combined share created under par. (a) is divided among the surviving
14issue of the persons whose shares were combined in the same manner as under par.
15(a), as though all of those issue were the issue of one person. The process is repeated
16until the property is fully allocated.
AB645,51,20
17(4) Per capita. Except as provided in sub. (6), if a statute or governing
18instrument calls for property to be distributed to a group or class "per capita", the
19property is divided into as many shares as there are surviving members of the group
20or class, and each member receives one share.
AB645,51,22
21(5) Certain individuals disregarded. For the purposes of this section, all of the
22following apply:
AB645,51,2423
(a) An individual who is deceased and who left no surviving issue is
24disregarded.
AB645,52,2
1(b) An individual who has a surviving ancestor who is an issue of the designated
2person is not entitled to a share.
AB645,52,6
3(6) Contrary intent. This section does not apply if the transfer is made under
4a governing instrument and there is a finding of contrary intent of the person who
5executed the governing instrument. Extrinsic evidence may be used to construe that
6intent.
AB645,52,8
7854.05 No exoneration of encumbered property. (1) Definitions. In this
8section:
AB645,52,99
(a) "Debt" includes accrued interest on the debt.