SB907,,617617Upon the death of either spouse the surviving spouse may, except as otherwise provided in a subsequent marital property agreement, and regardless of whether this agreement has terminated, elect against the property of the decedent spouse as provided in section 766.589 (7) of the Wisconsin Statutes. SB907,,618618One spouse may terminate this agreement at any time by giving signed notice of termination to the other spouse. Notice of termination by a spouse is given upon personal delivery or when sent by certified mail to the other spouse’s last-known address. The agreement terminates 30 days after such notice is given. SB907,,619619The parties (have) (have not) (strike one) completed Schedule “A”, “Financial Disclosure”, attached to this agreement. If Schedule “A” has not been completed, the duration of this agreement is 3 years after both parties have signed the agreement. If Schedule “A” has been completed, the duration of this agreement is not limited to 3 years after it is signed. SB907,,620620IF THE DURATION OF THIS AGREEMENT IS NOT TO BE LIMITED TO 3 YEARS, MAKE SURE THAT SCHEDULE “A”, “FINANCIAL DISCLOSURE”, IS COMPLETED AND THAT YOU HAVE REVIEWED THE SCHEDULE BEFORE SIGNING THE AGREEMENT. IF YOU AND YOUR SPOUSE HAVE PREVIOUSLY ENTERED INTO A STATUTORY TERMINABLE INDIVIDUAL PROPERTY CLASSIFICATION AGREEMENT WITH EACH OTHER WHICH WAS EFFECTIVE DURING YOUR PRESENT MARRIAGE AND YOU AND YOUR SPOUSE DID NOT COMPLETE SCHEDULE “A”, YOU MAY NOT EXECUTE THIS AGREEMENT IF YOU DO NOT COMPLETE SCHEDULE “A”. SB907,,621621Signature of One Spouse: .... SB907,,623623Print Name Here: .... SB907,,624624Residence Address: .... SB907,,625625(Make Sure Your Signature is Authenticated or Acknowledged Below.) SB907,,626626Authentication SB907,,627627Signature .... authenticated this .... day of ...., .... (year) SB907,,629629TITLE: MEMBER STATE BAR OF WISCONSIN SB907,,630630(If not, .... authorized by s. 706.06, Wis. Stats.) SB907,,631631Acknowledgment SB907,,632632STATE OF WISCONSIN ) SB907,,634634.... County ) SB907,,635635Personally came before me this .... day of ...., .... (year) the above named .... to me known to be the person who executed the foregoing instrument and acknowledge the same. SB907,,637637Notary Public ...., .... County, Wisconsin. SB907,,638638My Commission is permanent. SB907,,639639(If not, state expiration date: ...., .... (year)) SB907,,640640(Signatures may be authenticated or SB907,,641641acknowledged. Both are not necessary.) SB907,,642642*Names of persons signing in any capacity should be SB907,,643643typed or printed below their signatures. SB907,,644644Signature of Other Spouse: .... SB907,,646646Print Name Here: .... SB907,,647647Residence Address: .... SB907,,648648(Make Sure Your Signature is Authenticated or Acknowledged Below.) SB907,,649649Authentication SB907,,650650Signature .... authenticated this .... day of ...., .... (year) SB907,,652652TITLE: MEMBER STATE BAR OF WISCONSIN SB907,,653653(If not, .... authorized by s. 706.06, Wis. Stats.) SB907,,654654Acknowledgment SB907,,655655STATE OF WISCONSIN ) SB907,,657657.... County ) SB907,,658658Personally came before me this .... day of ...., .... (year) the above named .... to me known to be the person who executed the foregoing instrument and acknowledge the same. SB907,,660660Notary Public ...., .... County, Wisconsin. SB907,,661661My Commission is permanent. SB907,,662662(If not, state expiration date: ...., .... (year)) SB907,,663663(Signatures may be authenticated or SB907,,664664acknowledged. Both are not necessary.) SB907,,665665*Names of persons signing in any capacity should SB907,,666666be typed or printed below their signatures. SB907,,667667Termination of SB907,,668668statutory terminable individual SB907,,669669property classification agreement SB907,,670670I UNDERSTAND THAT: SB907,,6716711. THIS TERMINATION TAKES EFFECT 30 DAYS AFTER MY SPOUSE IS NOTIFIED OF THE TERMINATION, AS PROVIDED UNDER SECTION 766.589 (4) OF THE WISCONSIN STATUTES. SB907,,6726722. THIS TERMINATION IS PROSPECTIVE; IT DOES NOT AFFECT THE CLASSIFICATION OF PROPERTY ACQUIRED BEFORE THE TERMINATION BECOMES EFFECTIVE. PROPERTY ACQUIRED AFTER THE TERMINATION BECOMES EFFECTIVE IS CLASSIFIED AS PROVIDED UNDER THE MARITAL PROPERTY LAW. SB907,,6736733. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE CREDIT IS EXTENDED. SB907,,674674The undersigned terminates the statutory terminable individual property classification agreement entered into by me and my spouse on .... (date last spouse signed the agreement) under section 766.589 of the Wisconsin Statutes. SB907,,675675Signature: .... SB907,,677677Print Name Here: .... SB907,,678678Residence Address: .... SB907,,679679Schedule “a” SB907,,680680Financial Disclosure SB907,,681681The following general categories of assets and liabilities are not all inclusive and if other assets or liabilities exist they should be listed. Assets should be listed according to which spouse has title (including assets owned by a spouse or the spouses with one or more third parties) and at their approximate market value. SB907,,682682Husband Wife Spouse (Name) Spouse (Name) Both Names SB907,,684684A. Real estate (gross value) SB907,,685685B. Stocks, bonds and mutual funds SB907,,686686C. Accounts at and certificates and other instruments issued by financial institutions SB907,,687687D. Mortgages, land contracts, promissory notes and cash SB907,,688688E. Partnership interests SB907,,689689EL. Limited liability company interests SB907,,690690F. Trust interests SB907,,691691G. Livestock, farm products, crops SB907,,692692H. Automobiles and other vehicles SB907,,693693I. Jewelry and personal effects SB907,,694694J. Household furnishings SB907,,695695K. Life insurance and annuities: SB907,,6966961. Face value SB907,,6976972. Cash surrender value SB907,,698698L. Retirement benefits (include value): SB907,,6996991. Pension plans SB907,,7007002. Profit sharing plans SB907,,7017013. HR-10 KEOGH plans SB907,,7037035. Deferred compensation plans SB907,,704704M. Other assets not listed elsewhere SB907,,705705II. Obligations (total outstanding balance):
/2023/related/proposals/sb907
true
proposaltext
/2023/related/proposals/sb907/229/_35
proposaltext/2023/REG/SB907,,646
proposaltext/2023/REG/SB907,,646
section
true
