AB490,172,2017 702.17 (3) (b) If the donee fails to exercise a general power of appointment, in
18whole or in part, that the donee has at the time of the donee's death and neither the
19donee nor the donee's spouse is the donor of the power, a creditor of the donee may
20not reach an interest subject to the power, to the extent the power was not exercised.

AB490,172,2422 702.17 (6) General policy: special power of appointment. If the donee has a
23special power of appointment, property subject to the donee's special power of
24appointment is exempt from a claim of a creditor of the donee or the donee's estate.

AB490,173,3

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1702.21 Applicability of chapter. The provisions of this chapter are
2applicable to any power of appointment existing on May 16, 1965, as well as a power
3of appointment created after such date.

AB490,173,116 766.55 (2) (bm) An obligation incurred by a spouse that is recoverable under
7s. 46.27 (7g), 49.496, 49.682, or 49.849 may be satisfied from all property that was
8the property of that spouse immediately before that spouse's death and from all
9property that was marital property at any time within 5 years before that spouse
10applied for public assistance, as defined in s. 49.849 (1) (e), or while that spouse was
11eligible for public assistance, as defined in s. 49.849 (1) (e).

AB490,173,1413 766.575 (1) (e) "Trustee" has the meaning given under s. 701.01 (8) 701.0103
14(28).

AB490,173,2316 840.01 (1) Except as provided in sub. (2), "interest in real property" includes
17estates in, powers of appointment under ch. 702 over, present and future rights to,
18title to, and interests in real property, including, without limitation by enumeration,
19security interests and liens on land, easements, profits, rights of appointees under
20powers of appointment, rights under covenants running with the land, powers of
21termination, and homestead rights. The interest may be an interest that was
22formerly designated legal or equitable. The interest may be surface, subsurface,
23suprasurface, riparian, or littoral.

AB490,174,4

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1853.17 (2) This section does not prevent the court from requiring the contract
2beneficiary to elect under s. 853.15 in order to take property under the will; nor does
3it apply to naming a testamentary trustee as designated by a life insurance policy
4under s. 701.09.

AB490,174,86 853.32 (3) Transfers to living trusts. The validity and implementation of a
7will provision that purports to transfer or appoint property to a living trust are
8governed by s. 701.08 701.0419.

AB490,174,1810 853.34 (3) Assets transferred to trusts created by will. If a trustee of a trust
11created by a testator's will is designated as the beneficiary of a transfer under
12another governing instrument, as defined in s. 854.01 (2), at the death of the testator
13or at the death of a 3rd party, the transfer of any assets under that other governing
14instrument to the trustee does not cause the transferred assets to be included in the
15property administered as part of the testator's estate. The transferred assets are not
16subject to taxes, debts, or charges enforceable against the testator's estate to any
17greater extent than if the proceeds were payable to a beneficiary other than the
18testator's estate.

AB490,174,2120 853.61 (2) (a) In addition to any powers conferred upon trustees by law, the
21trustee shall have all the powers listed in s. 701.16 ss. 701.0815 and 701.0816.

AB490,174,2524 854.13 (1) (c) "Power of appointment" has the meaning given in s. 702.01 (4)
25702.02 (6).

AB490,175,7

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1(2) (a) 2. A person who is an heir, recipient of property, or beneficiary under a
2governing instrument, donee of a power of appointment created by a governing
3instrument, appointee under a power of appointment exercised by a governing
4instrument, taker in default under a power of appointment created by a governing
5instrument, or person succeeding to disclaimed property may disclaim any property,
6including contingent or future interests or the right to receive discretionary
7distributions, by delivering a written instrument of disclaimer under this section.

AB490,175,128 (d) Partial disclaimer. Property may be disclaimed in whole or in part, except
9that a partial disclaimer of property passing by a governing instrument or by the
10exercise of a power of appointment may not be made if partial disclaimer is expressly
11prohibited by the governing instrument or by the instrument exercising the power
12of appointment.

AB490,175,17 13(4) (e) Interests arising by disclaimer. Notwithstanding pars. (a) and (b), a
14person whose interest in property arises by disclaimer or by default of exercise of a
15power of appointment created by a governing instrument may disclaim at any time
16not later than 9 months after the day on which the prior instrument of disclaimer is
17delivered, or the date of death of the donee of the power of appointment.

AB490,175,20 18(5) (b) Delivery to trustee. If the trustee of any trust to which the interest or
19power of appointment relates does not receive the instrument of disclaimer under
20par. (a), a copy shall also be delivered to the trustee.

AB490,176,7 21(7) (a) In general. Subject to pars. (bm) and (c) and subs. (8), (9), and (10), unless
22the governing instrument provides otherwise, either expressly or as construed from
23extrinsic evidence, the disclaimed property devolves as if the disclaimant had died
24before the decedent. If the disclaimed interest is a remainder contingent on
25surviving to the time of distribution, the disclaimed interest passes as if the

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1disclaimant had died immediately before the time for distribution. If the disclaimant
2is an appointee under a power of appointment exercised by a governing instrument,
3the disclaimed property devolves as if the disclaimant had died before the effective
4date of the exercise of the power of appointment. If the disclaimant is a taker in
5default under a power of appointment created by a governing instrument, the
6disclaimed property devolves as if the disclaimant had predeceased the donee of the
7power of appointment.

AB490,176,17 8(10) (a) Subsequent interest not held by disclaimant. Unless the governing
9instrument provides otherwise, either expressly or as construed from extrinsic
10evidence, upon the disclaimer of a preceding interest, a subsequent interest not held
11by the disclaimant and limited to take effect in possession or enjoyment after the
12termination of the interest that is disclaimed accelerates to take effect as if the
13disclaimant had died immediately before the time when the disclaimed interest
14would have taken effect in possession or enjoyment or, if the disclaimant is an
15appointee under a power of appointment and that power of appointment has been
16exercised by a power of appointment, as if the disclaimant had died before the
17effective date of the exercise of the power of appointment.

AB490,177,219 854.23 (5) (b) Notwithstanding sub. (2), in addition to the protections afforded
20a financial institution under ss. 701.19 (11) 701.1012 and 710.05 and chs. 112 and
21705 a financial institution is not liable for having transferred an account to a
22beneficiary designated in a governing instrument who, under this chapter, is not
23entitled to the account, or for having taken any other action in reliance on the
24beneficiary's apparent entitlement under the terms of a governing instrument,

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1regardless of whether the financial institution received written notice of a claimed
2lack of entitlement under this chapter.

AB490,177,54 859.18 (5) (a) The availability of a trust described under s. 701.07 (3) 701.0505
5(1) is subject to s. 701.07 (3) 701.0505 (1).

AB490,177,87 859.18 (5) (b) The availability of a spendthrift trust described under s. 701.06
8subch. V of ch. 701 is subject to s. 701.06 subch. V of ch. 701.

AB490,177,1710 861.015 (2) For purposes of this section, property subject to a directive is valued
11by its clear market value on the date of the decedent's death. Satisfaction of the
12nonholding spouse's marital property interest in the property subject to the directive
13shall be based on that value, plus any income from the property subject to the
14directive after the death of the decedent and before satisfaction. For purposes of
15determining the income from the property subject to a directive, such property shall
16be treated as a legacy or devise of property other than money under s. 701.20
17701.1115.

AB490,178,219 861.11 (5) (b) Notwithstanding sub. (2), in addition to the protections afforded
20a financial institution under ss. 701.19 (11) 701.1012 and 710.05 and chs. 112 and
21705 a financial institution is not liable for having transferred an account included
22in the augmented deferred marital property estate under s. 861.03 to a beneficiary
23designated in a governing instrument, or for having taken any other action in
24reliance on the beneficiary's apparent entitlement under the terms of a governing
25instrument, regardless of whether the financial institution received written notice

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1of an intent to file, or the filing of, a petition for the deferred marital property elective
2share amount.

AB490,178,134 865.08 (6) If the will of the decedent provides for a testamentary trust, letters
5of trust shall be issued by the probate registrar to the trustee upon admission of the
6will to informal probate at the same time that letters are granted to the personal
7representative. The probate registrar shall determine if bond shall be required and,
8if so, the amount thereof, and for such purpose the probate registrar shall have the
9authority granted to the court by, and shall proceed pursuant to s. 701.16 (2)
10701.0702. Thereafter, the trustee shall continue to be interested in the estate, and
11beneficiaries of the testamentary trust shall cease to be interested in the estate
12except under s. 851.21 (3). The trust shall be administered under supervision of the
13court under ch. 701.

AB490,178,2516 867.03 (2g) (a) By accepting the decedent's property under this section the heir,
17trustee, or guardian assumes a duty to apply the property transferred for the
18payment of obligations according to priorities established under s. 859.25 and to
19distribute any balance to those persons designated in the appropriate governing
20instrument, as defined in s. 854.01, of the decedent or if there is no governing
21instrument, according to the rules of intestate succession under ch. 852, subject to
22par. (b). An heir or guardian may publish a notice to creditors in the same manner
23and with the same effect as a trustee under s. 701.065 701.0508. This paragraph does
24not prohibit any appropriate person from requesting administration of the
25decedent's estate under s. 856.07 or ch. 865.

AB490,179,32 879.03 (2) (c) The attorney general where a charitable trust, as defined in s.
3701.01 (2) 701.0103 (4), is involved, and in all cases mentioned in s. 852.01 (3).

AB490,179,146 879.47 (1) The attorney for any person desiring to file any paper in court is
7responsible for the preparation of the paper. Except as provided in s. 701.16 (4) (d)
8sub. (2), all papers shall be legibly written on substantial paper and shall state the
9title of the proceeding in which they are filed and the character of the paper. Either
10uniform forms or computer-generated forms, if the forms exactly recreate the
11original forms in wording, format and substance, shall be used. If papers are not so
12written or if uniform forms or computer-generated forms that exactly recreate the
13original forms in wording, format and substance are not used, the court may refuse
14to receive and file them. The court shall show on all papers the date of their filing.

AB490,179,1616 881.01 (1) (title) Definitions.

AB490,179,2019 881.01 (1) (a) (intro.) "Beneficiary," with respect to a guardianship of the
20estate," means any of the following:

AB490,179,22 213. With respect to guardianship of the estate, a ward for whom a guardian of
22the estate has been appointed and, with respect to a conservator, means.

AB490,179,24 234. With respect to a conservatorship, a person for whose estate a conservator
24has been appointed.

AB490,180,1

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1881.01 (1) (a) 1. With respect to a will, a beneficiary, as defined in s. 851.03.

AB490,180,22 2. With respect to a trust, a beneficiary, as defined in s. 701.0103 (3).

AB490,180,104 881.01 (1) (b) "Fiduciary" means a personal representative, trustee,
5conservator, or guardian of the estate, a directing party, as defined in s. 701.0103 (7),
6who has the power to direct the trustee's investment decisions, a trust protector, as
7defined in s. 701.0103 (31), who has a power exercisable in a fiduciary capacity over
8the investment of trust assets, and any other person to whom a court appoints a
9power over the investment of the assets of a decedent's estate, a trust, a
10conservatorship, or a guardianship of the estate.

AB490,180,1613 881.01 (4) (a) General rule. A fiduciary shall diversify investments unless the
14fiduciary reasonably determines that, because of special circumstances, the
15purposes of the estate, trust, conservatorship, or guardianship are better served
16without diversifying.

AB490,180,2018 881.01 (4) (b) Special rule for assets collected by a fiduciary. 1. For purposes
19of this paragraph, an "asset that is collected by the fiduciary" means an asset that
20the fiduciary did not exercise discretion over to acquire or purchase.

AB490,180,2521 2. Notwithstanding par. (a), a fiduciary may retain an asset that is collected by
22the fiduciary until the fiduciary reasonably determines that it is advisable to dispose
23of the asset. While the asset is being retained, the fiduciary has a duty to exercise
24discretion at reasonable intervals to determine the advisability of continuing to
25retain or disposing of the asset that was collected.

AB490,181,4

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13. At any time while an asset that is collected by the fiduciary is being retained,
2a beneficiary may file an application with a court that has jurisdiction over the
3fiduciary to compel the fiduciary to sell the asset and invest the sale proceeds in
4accordance with this section.

AB490,181,105 4. If a beneficiary files an application under subd. 3., the court shall conduct
6a hearing after giving notice to all interested persons, as determined by the court.
7After the hearing, the court shall enter an order directing the fiduciary to retain or
8sell the asset that is being retained based on what the court finds to be in accordance
9with the terms and purposes of the estate, trust, conservatorship, or guardianship
10of the estate and the interests of the beneficiaries.

AB490,181,1514 893.33 (4r) This section applies to liens of the department of health services
15on real property under ss. 46.27 (7g), 49.496, 49.682, 49.848, and 49.849.