AB645-ASA1, s. 3
14Section
3. 146.34 (1) (j) of the statutes is amended to read:
AB645-ASA1,3,1815
146.34
(1) (j) "Relative" means a parent, grandparent, stepparent, brother,
16sister, first cousin, nephew or niece; or uncle or aunt within the 3rd degree of kinship
17as computed under s. 852.03 (2)
, 1995 stats. This relationship may be by
18consanguinity or direct affinity.
AB645-ASA1,3,2220
157.061
(7) "Family member" means a spouse or an individual related by blood,
21marriage or adoption within the 3rd degree of kinship as computed under s. 852.03
22(2)
, 1995 stats.
AB645-ASA1, s. 5
23Section
5. 178.21 (3) (e) of the statutes is amended to read:
AB645-ASA1,4,3
1178.21
(3) (e) A partner's right in specific partnership property is not subject
2to elective rights under s. 861.02 (1)
or 861.03 of a surviving spouse or to allowances
3to a surviving spouse, heirs, or next of kin.
AB645-ASA1,4,85
242.01
(11) "Relative" means an individual related by consanguinity within the
63rd degree of kinship as computed under s. 852.03 (2)
, 1995 stats., a spouse or an
7individual related to a spouse within the 3rd degree as so computed, and includes an
8individual in an adoptive relationship within the 3rd degree.
AB645-ASA1, s. 7
9Section
7. 252.15 (1) (eg) of the statutes is amended to read:
AB645-ASA1,4,1310
252.15
(1) (eg) "Relative" means a spouse, parent, grandparent, stepparent,
11brother, sister, first cousin, nephew or niece; or uncle or aunt within the 3rd degree
12of kinship as computed under s. 852.03 (2)
, 1995 stats. This relationship may be by
13consanguinity or direct affinity.
AB645-ASA1, s. 8
14Section
8. 615.03 (1) (c) of the statutes is amended to read:
AB645-ASA1,4,1715
615.03
(1) (c) A natural person who issues such an annuity to a relative by blood
16or marriage within the
third 3rd degree of kinship as computed according to s. 852.03
17(2)
, 1995 stats.
AB645-ASA1,4,21
20632.695 Applicability of general transfers at death provisions. Chapter
21854 applies to transfers at death under life insurance policies and annuities.
AB645-ASA1, s. 11
22Section
11. 700.11 of the statutes is repealed and recreated to read:
AB645-ASA1,5,4
23700.11 Interests in "heirs" and the like. (1) If a statute or governing
24instrument, as defined in s. 854.01, specifies that property is to be distributed to, or
25a future interest is to be created in, a designated individual's "heirs", "heirs at law",
1"next of kin", "relatives" or "family" or a term that has a similar meaning, or if a class
2gift in favor of "descendants", "issue" or "heirs of the body" does not specify the
3manner in which the property is to be distributed among the class members, the
4property is distributed according to s. 854.22.
AB645-ASA1,5,6
5(2) The common law doctrine of worthier title is abolished under s. 854.22 (3).
6Situations in which the doctrine may have applied are governed by s. 854.22 (1).
AB645-ASA1, s. 12
7Section
12. 700.12 of the statutes is repealed and recreated to read:
AB645-ASA1,5,10
8700.12 After-born persons included in class gift. With respect to
9membership in a class under a class gift, the status of a person who was born after
10the membership in the class was determined is governed by s. 854.21 (5).
AB645-ASA1,5,1812
700.17
(2) (a) Each of 2 or more joint tenants has an equal interest in the whole
13property for the duration of the tenancy, irrespective of unequal contributions at its
14creation. On the death of one of 2 joint tenants, the survivor becomes the sole owner;
15on the death of one of 3 or more joint tenants, the survivors are joint tenants of the
16entire interest
, except that if. If a survivor disclaims under s.
701.27 (2) (b) 1. 854.13
17(2) (b), the joint tenancy is severed as of the date of death with respect to the
18disclaimed interest.
AB645-ASA1,5,2020
700.17
(2) (am) Survivorship under par. (a) is governed by s. 854.03 (2).
AB645-ASA1, s. 15
21Section
15. 700.17 (2) (b) 1. of the statutes is renumbered 700.17 (2) (b) and
22amended to read:
AB645-ASA1,6,223
700.17
(2) (b) If a joint tenant unlawfully and intentionally kills another joint
24tenant of the same property, the
disposition of the deceased joint tenant's interest in
25the joint tenancy is
severed so that the interest of the decedent passes as the
1decedent's property and the killer has no right of survivorship as to that property 2governed by s. 854.14.
AB645-ASA1,6,6
5700.26 Applicability of general transfers at death provisions. Chapter
6854 applies to a transfer at death under an instrument of transfer.
AB645-ASA1,6,13
8701.115 Future interests in revocable trusts. (1) Unless a contrary
9intention is found, if a person has a future interest in property under a revocable
10trust and, under the terms of the trust, the person has the right to possession and
11enjoyment of the property at the grantor's death, the right to possession and
12enjoyment is contingent on the person's surviving the grantor. Extrinsic evidence
13may be used to show contrary intent.
AB645-ASA1,6,14
14(2) Survivorship under sub. (1) is governed by s. 854.03.
AB645-ASA1,6,16
15(3) The rights of the issue of a predeceasing beneficiary under sub. (1) are
16governed by s. 854.06.
AB645-ASA1, s. 19
17Section
19. 701.20 (5) (b) 1. of the statutes is amended to read:
AB645-ASA1,7,218
701.20
(5) (b) 1. To legatees and devisees of specific property other than money,
19the income from the property bequeathed or devised to them less the following
20recurrent and other ordinary expenses attributable to the specific property: property
21taxes (excluding taxes prorated to the date of death), interest (excluding interest
22accrued to the date of death), income taxes (excluding taxes on income in respect of
23a decedent, capital gains and any other income taxes chargeable against principal)
24which accrue during the period of administration, ordinary repairs, and other
25expenses of management and operation of the property.
For the purpose of this
1subdivision, property elected by a surviving spouse under s. 861.02 (1) is a bequest
2or devise to the surviving spouse.
AB645-ASA1,7,5
4701.25 Applicability of general transfers at death provisions. Chapter
5854 applies to transfers at death under trust instruments.
AB645-ASA1,7,8
7701.26 Disclaimers of nonprobate transfers at death. A person may
8disclaim, under s. 854.13, any of the following:
AB645-ASA1,7,9
9(1) An interest in a joint tenancy, upon the death of another joint tenant.
AB645-ASA1,7,11
10(2) An interest in survivorship marital property, upon the death of the other
11spouse.
AB645-ASA1,7,13
12(3) An interest that is created by a nontestamentary instrument and
13transferred at death, upon the death that causes the transfer.
AB645-ASA1, s. 22
14Section
22. 701.27 (title) of the statutes is renumbered 854.13 (title) and
15amended to read:
AB645-ASA1,7,17
16854.13 (title)
Disclaimer of transfers under nontestamentary
17instruments.
AB645-ASA1, s. 23
18Section
23. 701.27 (1) (intro.) of the statutes is renumbered 854.13 (1) (intro.).
AB645-ASA1, s. 24
19Section
24. 701.27 (1) (a) of the statutes is renumbered 854.13 (1) (a) and
20amended to read:
AB645-ASA1,7,2321
854.13
(1) (a) "Beneficiary under a
nontestamentary governing instrument"
22includes any person who receives or might receive property
or an interest in property 23under the terms or legal effect of a
nontestamentary
governing instrument.
AB645-ASA1, s. 26
1Section
26. 701.27 (1) (c) of the statutes is renumbered 854.13 (1) (c) and
2amended to read:
AB645-ASA1,8,33
854.13
(1) (c) "Power" has the meaning
designated given in s. 702.01 (4).
AB645-ASA1, s. 28
5Section
28. 701.27 (2) (title) of the statutes is renumbered 854.13 (2) (title).
AB645-ASA1, s. 29
6Section
29. 701.27 (2) (a) of the statutes is renumbered 854.13 (2) (a) and
7amended to read:
AB645-ASA1,8,168
854.13
(2) (a)
In general. A person who is
a an heir, recipient of property or 9beneficiary under a
nontestamentary governing instrument,
person succeeding to a
10disclaimed interest created by a nontestamentary instrument, donee of a power
11created by
nontestamentary a governing instrument, appointee under a power
12exercised by
nontestamentary a governing instrument
or, taker in default under a
13power created by
nontestamentary a governing instrument
, or person succeeding to
14disclaimed property may disclaim any property
or interest in property, including
15contingent or future interests or the right to receive discretionary distributions, by
16delivering a written instrument of disclaimer under this section.
AB645-ASA1, s. 30
17Section
30. 701.27 (2) (b) (title) of the statutes is renumbered 854.13 (2) (b)
18(title).
AB645-ASA1, s. 31
19Section
31. 701.27 (2) (b) 1. of the statutes is renumbered 854.13 (2) (b) and
20amended to read:
AB645-ASA1,9,221
854.13
(2) (b) Upon the death of a joint tenant
that occurs on or after June 7,
221996, a surviving joint tenant may disclaim any property
or interest in property that
23would otherwise accrue to him or her by right of survivorship and that is the subject
24of the joint tenancy
. A surviving joint tenant may disclaim the entire interest if he
1or she fulfills the requirements under section 2518 of the internal revenue code by
2delivering a written instrument of disclaimer under this section.
AB645-ASA1, s. 33
4Section
33. 701.27 (2) (bm) of the statutes is renumbered 854.13 (2) (c).
AB645-ASA1, s. 34
5Section
34. 701.27 (2) (c) of the statutes is renumbered 854.13 (2) (d) and
6amended to read:
AB645-ASA1,9,117
854.13
(2) (d)
Partial disclaimer. Property may be disclaimed in whole or in
8part, except that a partial disclaimer of property passing by
nontestamentary a
9governing instrument or by the exercise of a power may not be made if partial
10disclaimer is expressly prohibited by the
governing instrument or by the instrument
11exercising the power.
AB645-ASA1, s. 35
12Section
35. 701.27 (2) (d) of the statutes is renumbered 854.13 (2) (e).
AB645-ASA1, s. 36
13Section
36. 701.27 (2) (e) of the statutes is renumbered 854.13 (2) (h) and
14amended to read:
AB645-ASA1,9,2015
854.13
(2) (h)
After death. A person's right to disclaim survives the person's
16death and may be exercised by the person's personal representative or special
17administrator upon receiving approval from the court having jurisdiction of the
18person's estate after hearing upon notice to all
interested persons
interested in the
19disclaimed property, if the personal representative or special administrator has not
20taken any action which would bar the right to disclaim under sub.
(7) (11).
AB645-ASA1, s. 37
21Section
37. 701.27 (3) (title) of the statutes is renumbered 854.13 (3) (title).
AB645-ASA1, s. 38
22Section
38. 701.27 (3) (a) (intro.) of the statutes is renumbered 854.13 (3)
23(intro.) and amended to read:
AB645-ASA1,9,2424
854.13
(3) (intro.) The instrument of disclaimer shall
do all of the following:
AB645-ASA1, s. 39
1Section
39. 701.27 (3) (a) 1. of the statutes is renumbered 854.13 (3) (a) and
2amended to read:
AB645-ASA1,10,33
854.13
(3) (a) Describe the property
or interest disclaimed
;.
AB645-ASA1, s. 40
4Section
40. 701.27 (3) (a) 2. of the statutes is renumbered 854.13 (3) (b) and
5amended to read:
AB645-ASA1,10,66
854.13
(3) (b) Declare the disclaimer and the extent of the disclaimer
;.
AB645-ASA1, s. 41
7Section
41. 701.27 (3) (a) 3. of the statutes is renumbered 854.13 (3) (c) and
8amended to read:
AB645-ASA1,10,99
854.13
(3) (c) Be signed by the disclaimant
; and.
AB645-ASA1, s. 42
10Section
42. 701.27 (3) (a) 4. of the statutes is renumbered 854.13 (3) (d).
AB645-ASA1, s. 44
12Section
44. 701.27 (4) (title) of the statutes is renumbered 854.13 (4) (title).
AB645-ASA1, s. 45
13Section
45. 701.27 (4) (a) of the statutes is renumbered 854.13 (4) (a) and
14amended to read:
AB645-ASA1,10,2415
854.13
(4) (a) (title)
Disclaiming a present Present interest. An instrument
16disclaiming a present interest shall be executed and delivered not later than 9
17months after the effective date of the
nontestamentary
transfer under the governing 18instrument
, except that, for. For cause shown, the period may be extended by a court
19of competent jurisdiction, either within or after the 9-month period, for such
20additional time as the court
deems considers just.
The effective date of a revocable
21instrument or contract is the date on which the person having the power to revoke
22no longer has the power to revoke it or to transfer to himself, herself or another
23person the equitable ownership of the property or interest which is the subject of the
24disclaimer.
AB645-ASA1, s. 46
1Section
46. 701.27 (4) (b) of the statutes is renumbered 854.13 (4) (b) and
2amended to read:
AB645-ASA1,11,93
854.13
(4) (b) (title)
Disclaiming a future Future interest. An instrument
4disclaiming a future interest shall be executed and delivered not later than 9 months
5after the event that determines that the taker of the property
or interest is finally
6ascertained and his or her interest indefeasibly fixed
, except that, for. For cause
7shown, the period may be extended by a court of competent jurisdiction, either within
8or after the 9-month period, for such additional time as the court
deems considers 9just.
AB645-ASA1, s. 47
10Section
47. 701.27 (4) (c) of the statutes is renumbered 854.13 (4) (c).
AB645-ASA1, s. 48
11Section
48. 701.27 (4) (d) of the statutes is renumbered 854.13 (4) (d).
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.