Terms Used In Wisconsin Statutes 705.18

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
  • in writing: includes any representation of words, letters, symbols or figures. See Wisconsin Statutes 990.01
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
  • Personal property: includes money, goods, chattels, things in action, evidences of debt and energy. See Wisconsin Statutes 990.01
  • Personal property: All property that is not real property.
  • Probate: Proving a will
  • Property: includes real and personal property. See Wisconsin Statutes 990.01
  • real property: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Testify: Answer questions in court.
   (1)    In this section:
      (a)    “Conscious presence” means within the range of any of an individual’s senses.
      (am)    “Disinterested witness” means an individual who is not designated as a TOD beneficiary on a document that he or she is acting as a witness to under this section.
      (b)   
         1.    “Farm implement” means a tractor or machine, including any associated accessories, attachments, fuel, and repair parts, used exclusively and directly in farming.
         2.    “Farm implement” does not include personal property that is attached to, fastened to, connected to, or built into real property or that becomes an addition to, component of, or capital improvement to real property, and does not include buildings or improvements to real property, regardless of any contribution that the personal property makes to the production process of any machine and regardless of the extent to which that personal property functions as a machine.
         3.    For purposes of subd. 2., the following items retain their character as a “farm implement,” regardless of the extent to which they are fastened to, connected to, or built into real property:
            a.    Auxiliary power generators.
            b.    Bale loaders.
            c.    Barn elevators.
            d.    Conveyors.
            e.    Feed elevators and augers.
            f.    Grain dryers and grinders.
            g.    Milk coolers.
            h.    Milking machines, including piping, pipeline washers, and compressors.
            i.    Silo unloaders.
            j.    Powered feeders, but not including platforms or troughs constructed from ordinary building materials.
      (c)    “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, government subdivision, agency or instrumentality, public corporation, or any other legal or commercial entity.
      (d)    “TOD beneficiary” means a person designated as a beneficiary in a document that complies with sub. (3) (a).
   (2)   Any interest in a farm implement may be transferred without probate to a designated TOD beneficiary as provided in this section on the death of the sole owner or the last to die of multiple owners.
   (3)   
      (a)    A TOD beneficiary may be designated on a document that includes all of the following:
         1.    The name of the owner or owners of the interest in a farm implement that will be transferred.
         2.    The name of the designated TOD beneficiary.
         3.    A statement indicating that the transfer is effective only upon the death of the owner or owners.
         4.    If the interest that will be transferred is an interest in property owned by a spouse as marital property, the signatures of both spouses who have an interest in the marital property.
      (b)    The designation of a TOD beneficiary may be made by use of the words “transfer on death” or “pay on death,” or the abbreviation “TOD” or “POD,” after the name of the owner or owners of the property and before the name of the TOD beneficiary or beneficiaries. The owner or owners may designate one or more persons as a primary TOD beneficiary and may designate one or more persons as a contingent TOD beneficiary if a primary TOD beneficiary does not survive the sole owner or the last to die of multiple owners. The designation may be included on the original document that passes the property interest to the owner or owners or may be made at a later time by the sole owner or all then surviving owners by executing another document that designates a TOD beneficiary.
      (c)    A document designating a TOD beneficiary under this section is not effective unless it is in writing and executed with all of the following formalities:
         1.    It must be signed by all owners. If an owner is unable to sign, another person may sign for the owner with the owner’s consent and in the owner’s conscious presence.
         2.    It must be signed by at least 2 witnesses, at least one of whom is a disinterested witness, who signed within a reasonable time after any of the following:
            a.    The signing of the document designating a TOD beneficiary as provided in subd. 1., in the conscious presence of the witness.
            b.    The owner’s implicit or explicit acknowledgment of the owner’s signature on the document designating a TOD beneficiary, in the conscious presence of the witness.
            c.    The owner’s implicit or explicit acknowledgment of the document designating a TOD beneficiary, in the conscious presence of the witness.
         3.    The 2 witnesses required under subd. 2. may observe the signing or acknowledgment under subd. 2. a. to c. at different times.
         4.    If there are multiple owners, each signature of an owner must be witnessed by at least 2 witnesses. For purposes of this paragraph, a witness may be a witness for multiple owners.
         5.    Any person who, at the time of execution of the document designating a TOD beneficiary, would be competent to testify as a witness in court to the facts relating to execution may act as a witness to the document designating a TOD beneficiary. Subsequent incompetency of a witness is not a ground for denying or voiding the TOD beneficiary designation if the execution of the document designating a TOD beneficiary is otherwise satisfactorily proved.
   (4)   The designation of a TOD beneficiary on a document does not affect ownership of the property until the death of the sole owner or the last to die of multiple owners regardless of whether the document provides otherwise. The designation may be canceled or changed at any time by the sole owner or all then surviving owners, without the consent of the TOD beneficiary, by executing another document that designates a different TOD beneficiary or no beneficiary. The execution of a document that designates a TOD beneficiary or no beneficiary revokes any designation made in a previously executed document relating to the same property interest.
   (5)   On the death of the sole owner or the last to die of multiple owners, ownership of the interest in the farm implement passes, subject to any lien or encumbrance against the farm implement, 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 farm implement passes to the estate of the deceased sole owner or the estate of the last to die of the multiple owners.
   (6)   A TOD beneficiary’s interest in the property on the death of the sole owner or the last to die of multiple owners may be confirmed as provided in s. 863.27, 865.201, or 867.046.
   (7)   Chapter 854 applies to transfers on death under this section.
   (8)   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.
   (9)   Unless previously adjudicated in a formal testacy proceeding or otherwise barred, the claim of any claimant to recover a farm implement 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 farm implement transferred under this section.

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