332,7
Section
7. 705.15 (4) of the statutes is amended to read:
705.15 (4) On the death of the sole owner or the last to die of multiple owners, ownership of the interest in the real property passes, subject to any lien or other encumbrance against the real property, to the designated TOD beneficiary or beneficiaries who survive all owners and to any predeceased beneficiary's issue who would take under s. 854.06 (3). If no TOD beneficiary or predeceased TOD beneficiary's issue who would take under s. 854.06 (3) survives the death of all owners, the interest in the real property passes to the estate of the deceased sole owner or the estate of the last to die of the multiple owners.
332,8
Section
8. 705.15 (7) of the statutes is created to read:
705.15 (7) The capacity required to designate a TOD beneficiary or to revoke a designation of a TOD beneficiary is the same as the capacity to make or revoke a will under s. 853.01.
332,9
Section
9. 705.15 (8) of the statutes is created to read:
705.15 (8) Unless previously adjudicated in a formal testacy proceeding or otherwise barred, the claim of any claimant to recover real property transferred to a TOD beneficiary under this section is barred unless, by no later than 120 days after the death of the sole owner or the last to die of multiple owners, a complaint is filed in an action in which the relief demanded may confirm or change interests in the real property transferred under this section and a lis pendens is filed or recorded in each county where any part of the real property is located.
332,10
Section
10. 708.15 (3) (d) (intro.) of the statutes is amended to read:
708.15 (3) (d) (intro.) A
Except as provided in par. (f) 2., a payoff statement must shall contain all of the following:
332,11
Section
11. 708.15 (3) (f) of the statutes is renumbered 708.15 (3) (f) 1. and amended to read:
708.15 (3) (f) 1. A If the security instrument secures an interest in residential real property, a secured creditor may not qualify a payoff amount or state that the payoff amount is subject to change before the payoff date.
332,12
Section
12. 708.15 (3) (f) 2. of the statutes is created to read:
708.15 (3) (f) 2. A secured creditor may qualify a payoff amount or state that the payoff amount is not practicably determinable or is subject to change before the payoff date if all of the following apply:
a. The security instrument secures an interest in real property that is not residential real property.
b. The payoff statement provides instructions for how the entitled person or an authorized agent of the entitled person may obtain an updated payoff amount at no charge during the secured creditor's normal business hours on the payoff date or the immediately preceding business day.
867.03 (1g) Generally. (intro.) Except as provided in sub. (1h) and subject to sub. subs. (1j) and (1p), when a decedent leaves property subject to administration in this state which that does not exceed $50,000 in gross value, any heir of the decedent, trustee of a revocable trust created by the decedent, a person named in the will to act as personal representative, or person who was guardian of the decedent at the time of the decedent's death may collect any money due the decedent, receive the property of the decedent, and have any evidence of interest, obligation to, or right of the decedent transferred to the affiant if the heir, trustee, person named in the will to act a as personal representative, or guardian provides to the person owing the money, having custody of the property, or acting as registrar or transfer agent of the evidences of interest, obligation to, or right, or, if the property is an interest in or lien on real property, provides to the register of deeds preliminary to the recording required under sub. (2m), proof of prior mailed notice under sub. (1m) if applicable and an affidavit in duplicate showing all of the following:
867.03 (1h) Exception for real property. A person named in the will as personal representative may not receive any real property of the decedent by providing an affidavit under sub. (1g) or have any evidence of interest, obligation to, or right of the decedent in any real property of the decedent transferred to the person named in the will as personal representative by providing an affidavit under sub. (1g). This subsection does not apply to a person named in the will to act as personal representative if the person is also an heir of the decedent, a trustee of a revocable trust created by the decedent, or a person who was guardian of the decedent at the time of the decedent's death.
867.03 (1j) (a) A Subject to par. (b), a person who receives an affidavit under sub. (1g) from a person named in the will to act as personal representative may not transfer any money due the decedent, the property of the decedent, or any evidence of interest, obligation to, or right of the decedent to the affiant until 30 days after the day on which the affidavit is received. This paragraph does not apply to an affidavit under sub. (1g) received from a person named in the will to act as personal representative if the person is also an heir of the decedent, a trustee of a revocable trust created by the decedent, or a person who was guardian of the decedent at the time of the decedent's death.
(b) If, during the 30-day period under par. (a), the person who received the affidavit under par. (a) receives an affidavit under sub. (1g) for the same decedent from another person, the person who received the affidavits may not transfer any money due the decedent, the property of the decedent, or any evidence of interest, obligation to, or right of the decedent under this section unless ordered to do so by a court.
(c) Subsection (2) does not apply to a transfer if the transferor did not comply with this subsection.
332,14
Section
14. 867.03 (1p) of the statutes is created to read:
867.03 (1p) Real property; notice. If the affidavit under sub. (1g) describes an interest in or lien on real property, at least 30 days before submitting the affidavit to an office of register of deeds under sub. (2m), the heir, trustee, or person who was a guardian of the decedent at the time of the decedent's death shall provide to the decedent's heirs a copy of the affidavit under sub. (1g) and notice that the heir, trustee, or person who was a guardian intends to record the affidavit under sub. (1g) in the office of the register of deeds in each county in this state in which the real property is located. The heir, trustee, or person who was a guardian of the decedent at the time of the decedent's death shall give the notice required under this paragraph by certified mail or by personal service.
332,15
Section
15. 867.03 (2m) (a) of the statutes is renumbered 867.03 (2m) (a) (intro.) and amended to read:
867.03 (2m) (a) (intro.) If an affidavit under sub. (1g) describes an interest in or lien on real property a certified copy or duplicate original of the affidavit shall be recorded, the heir, trustee, or person who was a guardian of the decedent at the time of the decedent's death shall submit for recording in the office of the register of deeds in each county in this state in which the real property is located. a certified copy or duplicate original of the affidavit under sub. (1g) with all of the following attached:
332,16
Section
16. 867.03 (2m) (a) 1. and 2. of the statutes are created to read:
867.03 (2m) (a) 1. Proof of providing notice under sub. (1p), as described in s. 879.07 (1) or (2), at least 30 days before submitting the affidavit under sub. (1g) to the office of the register of deeds.
2. Proof of prior mailed notice under sub. (1m), if applicable.
332,17
Section
17. 867.03 (2m) (c) of the statutes is created to read:
867.03 (2m) (c) If an interest in real property transferred under this section is acquired by a purchaser or lender in good faith, for value and without actual notice that the transfer was improper, the purchaser or lender takes title free of any claims of the decedent's estate and incurs no personal liability to the estate, whether or not the transfer was proper. Purchasers and lenders have no duty to inquire whether a transfer was proper.
