Wisconsin Statutes 854.06 – Predeceased transferee
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Terms Used In Wisconsin Statutes 854.06
- 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
- Decedent: A deceased person.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) Definitions. In this section:
(a) “Provision in a governing instrument” includes all of the following:
1. A gift to an individual whether or not the individual is alive at the time of the execution of the instrument.
2. A share in a class gift only if a member of the class dies after the execution of the instrument.
3. An appointment by the decedent under any power of appointment, unless the issue who would take under this section could not have been appointees under the terms of the power.
(c) “Stepchild” means a child of the decedent’s surviving, deceased or former spouse, and not of the decedent.
(2) Scope of coverage. This section applies to revocable provisions in a governing instrument executed by the decedent that provide for an outright transfer upon the death of the decedent to any of the following persons:
(a) A grandparent of the decedent, or issue of a grandparent, subject to s. 854.21.
(b) A stepchild of the decedent, subject to s. 854.15.
(3) Substitute gift to issue of covered transferee. Subject to sub. (4), if a transferee under a provision described in sub. (2) does not survive the decedent but has issue who do survive, the issue of the transferee take the transfer per stirpes, as provided in s. 854.04 (1).
(4) Contrary intent.
(a) Subsection (3) does not apply if any of the following applies:
1. The governing instrument provides that a transfer to a predeceased beneficiary lapses.
2. The governing instrument designates one or more persons, classes, or groups of people as contingent transferees, in which case those transferees take in preference to those under sub. (3). But if none of the contingent transferees survives, sub. (3) applies to the first group in the sequence of contingent transferees that has one or more transferees specified in sub. (2) who left surviving issue.
(bm) If the person who executed the governing instrument had an intent contrary to any provision in this section, then that provision is not applicable to the transfer. Extrinsic evidence may be used to construe the intent.