This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
SB893,3,76 j. Powered feeders, but not including platforms or troughs constructed from
7ordinary building materials.
SB893,3,118 (c) “Person” means an individual, corporation, business trust, estate, trust,
9partnership, limited liability company, association, joint venture, government,
10government subdivision, agency or instrumentality, public corporation, or any other
11legal or commercial entity.
SB893,3,1312 (d) “TOD beneficiary” means a person designated as a beneficiary in a
13document that complies with sub. (3) (a).
SB893,3,16 14(2) Any interest in a farm implement may be transferred without probate to
15a designated TOD beneficiary as provided in this section on the death of the sole
16owner or the last to die of multiple owners.
SB893,3,18 17(3) (a) A TOD beneficiary may be designated on a document that includes all
18of the following:
SB893,3,2019 1. The name of the owner or owners of the interest in a farm implement that
20will be transferred.
SB893,3,2121 2. The name of the designated TOD beneficiary.
SB893,3,2222 3. That the transfer is effective only upon the death of the owner or owners.
SB893,3,2523 4. If the interest that will be transferred is an interest in property owned by a
24spouse as marital property, the signatures of both spouses who have an interest in
25the marital property.
SB893,4,10
1(b) The designation of a TOD beneficiary may be made by use of the words
2“transfer on death” or “pay on death,” or the abbreviation “TOD” or “POD,” after the
3name of the owner or owners of the property and before the name of the TOD
4beneficiary or beneficiaries. The owner or owners may designate one or more persons
5as a primary TOD beneficiary and may designate one or more persons as a contingent
6TOD beneficiary if a primary TOD beneficiary does not survive the sole owner or the
7last to die of multiple owners. The designation may be included on the original
8document that passes the property interest to the owner or owners or may be made
9at a later time by the sole owner or all then surviving owners by executing another
10document that designates a TOD beneficiary.
SB893,4,1211 (c) A document designating a TOD beneficiary under this section is not effective
12unless it is in writing and executed with all of the following formalities:
SB893,4,1513 1. It must be signed by all owners. If an owner is unable to sign, another person
14may sign for the owner with the owner's consent and in the owner's conscious
15presence.
SB893,4,1716 2. It must be signed by at least 2 witnesses who signed within a reasonable time
17after any of the following:
SB893,4,1918 a. The signing of the document designating a TOD beneficiary as provided in
19subd. 1., in the conscious presence of the witness.
SB893,4,2220 b. The owner's implicit or explicit acknowledgment of the owner's signature on
21the document designating a TOD beneficiary, in the conscious presence of the
22witness.
SB893,4,2423 c. The owner's implicit or explicit acknowledgment of the document
24designating a TOD beneficiary, in the conscious presence of the witness.
SB893,5,2
13. The 2 witnesses required under subd. 2. may observe the signing or
2acknowledgment under subd. 2. a. to c. at different times.
SB893,5,53 4. If there are multiple owners, each signature of an owner must be witnessed
4by at least 2 witnesses. For purposes of this paragraph, a witness may be a witness
5for multiple owners.
SB893,5,116 5. Any person who, at the time of execution of the document designating a TOD
7beneficiary, would be competent to testify as a witness in court to the facts relating
8to execution may act as a witness to the document designating a TOD beneficiary.
9Subsequent incompetency of a witness is not a ground for denying or voiding the TOD
10beneficiary designation if the execution of the document designating a TOD
11beneficiary is otherwise satisfactorily proved.
SB893,5,20 12(4) The designation of a TOD beneficiary on a document does not affect
13ownership of the property until the death of the sole owner or the last to die of
14multiple owners regardless of whether the document provides otherwise. The
15designation may be canceled or changed at any time by the sole owner or all then
16surviving owners, without the consent of the TOD beneficiary, by executing and
17recording another document that designates a different TOD beneficiary or no
18beneficiary. The execution of a document that designates a TOD beneficiary or no
19beneficiary revokes any designation made in a previously executed document
20relating to the same property interest.
SB893,6,3 21(5) On the death of the sole owner or the last to die of multiple owners,
22ownership of the interest in the farm implement passes, subject to any lien or
23encumbrance against the farm implement, to the designated TOD beneficiary or
24beneficiaries who survive all owners and to any predeceased beneficiary's issue who
25would take under s. 854.06 (3). If no TOD beneficiary or predeceased TOD

1beneficiary's issue who would take under s. 854.06 (3) survives the death of all
2owners, the interest in the farm implement passes to the estate of the deceased sole
3owner or the estate of the last to die of the multiple owners.
SB893,6,6 4(6) A TOD beneficiary's interest in the property on the death of the sole owner
5or the last to die of multiple owners may be confirmed as provided in s. 863.27,
6865.201, or 867.046.
SB893,6,7 7(7) Chapter 854 applies to transfers on death under this section.
SB893,6,10 8(8) The capacity required to designate a TOD beneficiary or to revoke a
9designation of a TOD beneficiary is the same as the capacity to make or revoke a will
10under s. 853.01.
SB893,6,16 11(9) Unless previously adjudicated in a formal testacy proceeding or otherwise
12barred, the claim of any claimant to recover a farm implement transferred to a TOD
13beneficiary under this section is barred unless, by no later than 120 days after the
14death of the sole owner or the last to die of multiple owners, a complaint is filed in
15an action in which the relief demanded may confirm or change interests in the farm
16implement transferred under this section.
SB893,2 17Section 2. 863.27 of the statutes is amended to read:
SB893,7,17 18863.27 Contents of final judgment. In the final judgment the court shall
19approve the final account, designate the persons to whom assignment and
20distribution are being made, and assign to each of them the property or proportions
21or parts of the estate or the amounts to which each is entitled. The findings of fact
22which support the judgment shall include a determination of the heirs of the
23decedent; facts showing that all jurisdictional requirements have been met; the date
24of death of the decedent and the decedent's testacy or intestacy; facts relating to the
25payment of state death tax, state income tax, and claims and charges against the

1estate. If immediately before death the decedent had an estate for life or an interest
2as a joint tenant in any property in regard to which a certificate of termination has
3not been issued under s. 867.04 or an interest in marital property for which a
4certificate has not been issued under s. 865.201 or 867.046, the findings of fact which
5support the judgment shall set forth the termination of the life estate, the right of
6survivorship of any joint tenant, or the decedent's interest in marital property and,
7upon the petition of the decedent's spouse, the confirmation of the one-half interest
8held by the surviving spouse in marital property immediately before the death of the
9decedent spouse. In addition, the findings of fact shall, upon petition of a designated
10person, trust, or other entity under s. 766.58 (3) (f) or of a TOD beneficiary under s.
11705.15 or 705.18, set forth the confirmation of an interest in property passing by
12nontestamentary disposition under s. 705.15, 705.18, or 766.58 (3) (f). Every tract
13of real property in which an interest is assigned or terminated shall be specifically
14described. If a fund is withheld from distribution for the payment of contingent
15claims, for meeting possible tax liability, or for any other reasonable purpose, the
16judgment shall provide for the distribution of the fund if all or a part of it is not
17needed.
SB893,3 18Section 3. 865.201 (1) of the statutes is amended to read:
SB893,7,2519 865.201 (1) As an alternative to s. 867.046 the personal representative may file
20with the probate registrar a verified statement describing property in which the
21decedent had an interest in marital property or in which any designated person,
22trust, or other entity has an interest passing by nontestamentary disposition under
23s. 705.15, 705.18, or 766.58 (3) (f), including the recording data, if any, of the
24document creating the interest and any right of survivorship. Valuations need not
25be set forth in the statement.
SB893,4
1Section 4. 867.046 (1) (c) of the statutes is amended to read:
SB893,8,42 867.046 (1) (c) “TOD beneficiary" means a person designated on a deed as a
3transfer on death beneficiary under s. 705.15 or a person designated on a document
4as a transfer on death beneficiary under s. 705.18
.
SB893,5 5Section 5. 867.046 (1m) of the statutes is amended to read:
SB893,8,236 867.046 (1m) Upon death; generally. If a domiciliary of this state dies who
7immediately prior to death had an interest in property in this state, including an
8interest in survivorship marital property or an interest in property passing under s.
9705.10 (1) or 705.18 (2), or if a person not domiciled in this state dies having an
10interest in property in this state, including an interest in survivorship marital
11property or an interest in property passing under s. 705.10 (1) or 705.18 (2), upon
12petition of the decedent's spouse, a beneficiary of a marital property agreement, a
13TOD beneficiary, or a beneficiary of a transfer under s. 705.10 (1) or 705.18 (2) to the
14court of the county of domicile of the decedent or, if the decedent was not domiciled
15in this state, of any county where the property is situated, the court shall issue a
16certificate under the seal of the court. The certificate shall set forth the fact of the
17death of the decedent, the termination or transfer of the decedent's interest in the
18property, the interest of the petitioner in the property and any other facts essential
19to a determination of the rights of persons interested. The certificate is prima facie
20evidence of the facts recited, and if the certificate relates to an interest in real
21property or to a debt secured by an interest in real property, the petitioner shall
22record a certified copy or duplicate original of the certificate in the office of the
23register of deeds in each county in this state in which the real property is located.
SB893,6 24Section 6. 867.046 (2) (intro.) of the statutes is amended to read:
SB893,9,17
1867.046 (2) Upon death; interest in property. (intro.) As an alternative to sub.
2(1m), upon the death of any person having an interest in any real property, a vendor's
3interest in a land contract, an interest in a savings or checking account, an interest
4in a security, a mortgagee's interest in a mortgage, or an interest in property passing
5under s. 705.10 (1) or 705.18 (2), including an interest in survivorship marital
6property, the decedent's spouse, a beneficiary of a marital property agreement, a
7TOD beneficiary, or a beneficiary of a transfer under s. 705.10 (1) or 705.18 (2) may
8obtain evidence of the termination of that interest of the decedent and confirmation
9of the applicant's interest in the property by providing to the register of deeds of the
10county in which the property is located, on an application supplied by the register of
11deeds for that purpose, the name, residence, and post-office address of the decedent,
12the name, residence, and post-office address of the applicant, and the date of the
13decedent's death. A person providing an application to the register of deeds under
14this subsection or, if the person is not an individual, a representative of the person
15shall sign the application and verify, under oath, the correctness of the information
16provided in the application. The applicant shall also provide to the register of deeds
17the following information:
SB893,7 18Section 7. 867.046 (2) (L) of the statutes is created to read:
SB893,9,2019 867.046 (2) (L) In the case of a transfer under s. 705.18 (2), except as described
20in par. (j), a copy of the document described in s. 705.18 (2).
SB893,9,2121 (End)
Loading...
Loading...