Bill > SB893

This bill makes several changes to Wisconsin law regarding the nonprobate transfer of farming implements at death. Key provisions: 1. Creates a new section (705.18) that allows the interest in a "farm implement" (defined broadly to include various farm equipment and machinery) to be transferred without probate to a designated "transfer on death" (TOD) beneficiary upon the owner's death. 2. Outlines the requirements for designating a TOD beneficiary, including that the designation must be in writing, signed by all owners, and witnessed by at least two people (one of whom must be disinterested). 3. Specifies that the TOD designation does not affect ownership until the owner's death, and can be canceled or changed at any time by the owner(s) without the beneficiary's consent. 4. Provides that upon the owner's death, the farm implement passes to the designated TOD beneficiary(ies), or if none, to the owner's estate. 5. Integrates the TOD transfer of farm implements into existing laws governing nonprobate transfers and estate administration. The overall purpose of the bill is to create a simplified process for transferring farm equipment outside of probate upon the owner's death.

Budget and Finance, Business and Industry

https://docs.legis.wisconsin.gov/2021/proposals/reg/sen/bill/sb893