705.06 (2) Payment made under this subchapter discharges the financial institution from all claims for amounts so withdrawn. If the institution has reason to believe that a dispute exists as to the rights of the parties to an account or their successors it may, but shall not be required to, refuse to pay funds in the account to any persons pending instructions from a court, or it may pay the proceeds to a court. An institution may but need not recognize the authority of an agent, other than one with continuing authority under s. 705.05 (3), until it knows of the fact of death or adjudication of incompetence of all parties appointing such agent and has reasonable opportunity to act.
(3) The protection provided by this section shall have no bearing on the rights of parties or their successors in disputes concerning the beneficial ownership of funds in or withdrawn from an account.
216,35
Section
35. 705.20 (4) of the statutes is created to read:
705.20 (4) A transfer under this section does not require confirmation in any procedure under s. 867.01, 867.02, or 867.03 or ch. 856 or 865. A transfer under this section may be confirmed under s. 867.046 (1m) or (2).
216,36
Section
36. 705.27 of the statutes is amended to read:
705.27 Ownership on death of owner.
On Subject to the rights of the registering entity under s. 705.28 (2m), on the death of a sole owner or the last to die of multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners and to any predeceased beneficiary's issue who would take under s. 854.06 (3). On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survive the death of all owners successors to the ownership interest. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners
successors to the ownership interest hold their interests as tenants in common. If no beneficiary or predeceased beneficiary's issue who would take under s. 854.06 (3) survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of multiple owners.
216,37
Section
37. 705.28 (2m) of the statutes is created to read:
705.28 (2m) If more than one beneficiary is named and at least one beneficiary is predeceased, a security registered in beneficiary form may be reregistered in the name of the surviving beneficiary with a proof of death of the other beneficiary, without regard to claims by the issue of a predeceased beneficiary under s. 705.27 unless the registering entity receives written notice of a claim under sub. (3) (b). If none of the beneficiaries survive, a security registered in beneficiary form may be reregistered in the name of the estate of the deceased sole owner or the estate of the owner who was last to die of multiple owners, without regard to claims by the issue of a predeceased beneficiary under s. 705.27 unless the registering entity receives written notice of a claim under sub. (3) (b).
216,38
Section
38. 705.28 (3) of the statutes is renumbered 705.28 (3) (a) and amended to read:
705.28 (3) (a) A Subject to par. (b), a registering entity is discharged from all claims to a security by the estate, creditors, heirs or devisees of the deceased owner if it registers a transfer of a security in accordance with s. 705.27 and does so in good faith reliance on the registration, on ss. 705.21 to 705.30, and on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives, or other information available to the registering entity.
(b) The protections of ss. 705.21 to 705.30 provided in this subchapter do not extend to a reregistration or payment made after a registering entity has received written notice from a claimant to an interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under ss. 705.21 to 705.30 this subchapter. If the registering entity has reason to believe that a dispute exists as to the rights of the parties to a security registered in beneficiary form or their successors, the registering entity may refuse to reregister the security pending instructions from a court.
216,39
Section
39. 766.31 (1) (title) of the statutes is created to read:
766.31 (1) (title) General.
216,40
Section
40. 766.31 (2) (title) of the statutes is created to read:
766.31 (2) (title) Presumption.
216,41
Section
41. 766.31 (3) of the statutes is renumbered 766.31 (3) (intro.) and amended to read:
766.31 (3) Spouse's interest in marital property. (intro.) Each spouse has a present undivided one-half interest in each item of marital property, but the
subject to all of the following:
(a) Terminable interest in deferred employment benefit plan. As provided in s. 766.62 (5), the marital property interest of the nonemployee spouse in a deferred employment benefit plan or in assets in an individual retirement account that are traceable to the rollover of a deferred employment benefit plan terminates at the death of the nonemployee spouse if he or she predeceases the employee spouse.
216,42
Section
42. 766.31 (3) (b) of the statutes is created to read:
766.31 (3) (b) Division based on aggregate value at death. 1. Spouses may provide in a marital property agreement that at the death of a spouse some or all of their marital property will be divided based on aggregate value rather than divided item by item. However, at the death of a spouse, a marital property agreement is not necessary for a division of marital property that is not item by item.
2. The surviving spouse and the successor in interest to the decedent's share of marital property may enter into an agreement providing that some or all of the marital property in which each has an interest will be divided based on aggregate value rather than divided item by item.
216,43
Section
43. 766.31 (4) (title) of the statutes is created to read:
766.31 (4) (title) Classification of income.
216,44
Section
44. 766.31 (5) (title) of the statutes is created to read:
766.31 (5) (title) Transfer to a trust.
216,45
Section
45. 766.31 (6) (title) of the statutes is created to read:
766.31 (6) (title) Property owned at determination date.
216,46
Section
46. 766.31 (6) of the statutes is renumbered 766.31 (6) (a) and amended to read:
766.31 (6) (a) Date of marriage same as determination date. Property owned at a If the date of marriage which occurs after 12:01 a.m. on January 1, 1986,
is the same as the determination date, the property owned at the determination date is individual property of the owning spouse if, at the marriage, both spouses are domiciled in this state.
216,47
Section
47. 766.31 (6) (b) of the statutes is created to read:
766.31 (6) (b) Date of marriage prior to determination date. If the date of marriage precedes the determination date, the property owned at the determination date is not classified by this chapter but is subject to all of the following:
1. Subsections (8) and (9) govern property owned at the time of marriage.
2. Subsections (8) and (9) govern property acquired while the spouses were married but before the determination date if the property would have been individual property had it been acquired after the determination date.
3. Subsections (8) and (9) and s. 861.02 govern property acquired while the spouses were married but before the determination date if the property would have been marital property had it been acquired after the determination date.
216,48
Section
48. 766.31 (7) (title) of the statutes is created to read:
766.31 (7) (title) Individual property after determination date.
216,49
Section
49. 766.31 (7p) (title) of the statutes is created to read:
766.31 (7p) (title) Unilateral statement.
216,50
Section
50. 766.31 (8) (title) of the statutes is created to read:
766.31 (8) (title) Rights in property acquired before determination date.
216,51
Section
51. 766.31 (9) (title) of the statutes is created to read:
766.31 (9) (title) Treatment of property acquired before the determination date.
216,52
Section
52. 766.31 (10) (title) of the statutes is created to read:
766.31 (10) (title) Reclassification.
216,53
Section
53. 766.61 (7) of the statutes is amended to read:
766.61 (7) If Except as provided in s. 854.14 (3m) (b) 2., if a noninsured spouse predeceases an insured spouse, the decedent spouse's marital property interest of the decedent spouse in a policy which that designates the surviving spouse as the owner and insured is limited to a dollar amount equal to one-half of the marital property interest in the interpolated terminal reserve and in the unused portion of the term premium of the policy on the decedent spouse's date of death of the deceased spouse. All other rights of the decedent spouse in the ownership interest or proceeds of the policy, other than the marital property interest described in this subsection, terminate at the decedent spouse's death.
216,54
Section
54. 766.62 (2) of the statutes is amended to read:
766.62 (2) A deferred employment benefit attributable to employment of a spouse occurring while the spouse is married and partly before and partly after the determination date is mixed property. The marital property component of that mixed property is the amount which results from multiplying the entire benefit by a fraction, the numerator of which is the period of employment giving rise to the benefit that occurred after the determination date and during marriage and the denominator of which is the total period of employment giving rise to the benefit.
216,55
Section
55. 766.62 (4) of the statutes is renumbered 766.62 (4) (a).
216,56
Section
56. 766.62 (4) (b) of the statutes is created to read:
766.62 (4) (b) If a deferred employment benefit plan administrator has reason to believe that a dispute exists as to the rights of parties, or their successors, to a deferred employment benefit, the deferred employment benefit plan administrator may do any of the following:
1. Deposit the benefit funds with a court having jurisdiction of the proceedings. The court shall hold the funds and, upon determination of the owner, shall order disbursement in accordance with the determination. Property deposited with the court discharges the deferred employment benefit plan administrator from all claims for the benefit funds.
2. Refuse to transfer any funds from the plan to any person until the administrator receives from a court written documentation that the dispute has been resolved.
3. Make a payment under par. (a).
216,57
Section
57. 766.62 (4) (c) of the statutes is created to read:
766.62 (4) (c) The protection afforded a deferred employment benefit plan administrator under this subsection does not affect the rights of parties or their successors in disputes concerning the beneficial ownership of deferred employment benefits.
216,58
Section
58. 766.62 (5) (intro.) of the statutes is amended to read:
766.62 (5) (intro.) If Except as provided in s. 854.14 (3m) (c), if the nonemployee spouse predeceases the employee spouse, the marital property interest of the nonemployee spouse in all of the following terminates at the death of the nonemployee spouse:
216,59
Section
59. 767.266 (1) (b) of the statutes is amended to read:
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 (2).
216,60
Section
60. 851.055 (1m) of the statutes is created to read:
851.055 (1m) Is not classified as individual property or marital property under a valid marital property agreement, unless the marital property agreement provides otherwise.
216,61
Section
61. 851.21 (1) (b) of the statutes is amended to read:
851.21 (1) (b) A Except as provided in s. 853.32 (2) (e), a beneficiary named in any document offered for probate as the will of the decedent and includes a person named or acting as a trustee of any trust, inter vivos or testamentary, named as a beneficiary.
216,62
Section
62. 851.31 of the statutes is amended to read:
851.31 Will. "Will" Unless the context or subject matter indicates otherwise, "will" includes a codicil and any document incorporated by reference in a testamentary document under s. 853.32 (1) or (2). "Will" does not include a copy, unless the copy has been proven as a will under s. 856.17, but "will" does include a properly executed duplicate original.
216,63
Section
63. 851.50 of the statutes is amended to read:
851.50 Status of adopted persons. The status of adopted persons for purposes of inheritance and transfers under wills or other governing instruments, as defined in s. 854.01 (2), is governed by ss. 854.20 and 854.21.
216,64
Section
64. 852.01 (1) (a) 2. of the statutes is renumbered 852.01 (1) (a) 2. (intro.) and amended to read:
852.01 (1) (a) 2. (intro.) If there are surviving issue one or more of whom are not issue of the surviving spouse, one-half of decedent's property other than the following property:
a. The decedent's interest in marital property.
216,65
Section
65. 852.01 (1) (a) 2. b. of the statutes is created to read:
852.01 (1) (a) 2. b. The decedent's interest in property held equally and exclusively with the surviving spouse as tenants in common.
216,66
Section
66. 852.01 (1) (b) of the statutes is amended to read:
852.01 (1) (b) To the issue, per stirpes, the share of the estate not passing to the spouse under par. (a), or the entire estate if there is no surviving spouse. If there are issue other than children, those of more remote degrees take per stirpes.
216,67
Section
67. 852.05 (title) of the statutes is amended to read:
852.05 (title) Status of nonmarital child born to unmarried parents for purposes of intestate succession.
216,68
Section
68. 852.05 (1) (intro.) of the statutes is amended to read:
852.05 (1) (intro.) A nonmarital child born to unmarried parents, or the child's issue is entitled to take, is treated in the same manner as a marital child
by, or the issue of a child, born to married parents with respect to intestate succession from and through his or her
the child's mother, and from and through his or her
the child's father if any of the following applies:
216,69
Section
69. 852.05 (2) of the statutes is amended to read:
852.05 (2) Property of a nonmarital child born to unmarried parents passes in accordance with s. 852.01 except that the father or the father's kindred can inherit only if the father has been adjudicated to be the father in a paternity proceeding under ch. 767 or by final order or judgment of a court of competent jurisdiction in another state or has been determined to be the father under s. 767.62 (1) or a substantially similar law of another state.
216,70
Section
70. 852.05 (3) of the statutes is amended to read:
852.05 (3) (a) This section does not apply to a child who becomes a marital child by the subsequent marriage of the child's parents under s. 767.60.
(b) The status of a nonmarital child born to unmarried parents who is legally adopted is governed by s. 854.20.
216,71
Section
71. 852.12 of the statutes is amended to read:
852.12 Debts to decedent. If an heir owes a debt to the decedent, s. 854.12 governs the treatment of that debt shall be charged against the intestate share of the debtor, regardless of whether the debt has been discharged in bankruptcy. If the debtor fails to survive the decedent, the debt shall not be taken into account in computing the intestate shares of the debtor's issue.
216,72
Section
72. 853.03 (2) of the statutes is renumbered 853.03 (2) (am) and amended to read:
853.03 (2) (am) It must be signed by 2 or more witnesses, each of whom at least 2 witnesses who signed within a reasonable time after witnessing any of the following:
1. The signing of the will as provided under sub. (1), in the conscious presence of the witness.
