705.15 Nonprobate transfer of real property on death.

1,111 words·~5 min read·/wi/chapter-705/705-15-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1b)In this section:

(a)“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.

(b)“Sole owner” means the owner of an interest in real property described in sub.

(a)to

(c).

(c)“TOD beneficiary” means a person designated as a beneficiary in a document that complies with sub.

(a).

(1m)Any of the following interests in real property 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 the multiple owners:

(a)An interest in real property that is owned by one individual and is not concurrently owned by any other person.

(b)A fractional interest in real property that is owned by an individual as a tenant in common.

(c)An interest in real property that is owned by a spouse as marital property. This paragraph does not include an interest in real property owned as survivorship marital property.

(d)An interest in real property owned by spouses as survivorship marital property.

(e)An interest in real property owned by 2 or more individuals as joint tenants.

(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 real property that will be transferred.

2. The name of the designated TOD beneficiary.

3. 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 real 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 and recording another document that designates a TOD beneficiary.

(c)A TOD beneficiary designation is not effective unless the document on which the designation is made, and any fees required to record the document, are submitted for recording to the register of deeds office of the county in which the real property is located before the death of the sole owner or the last to die of multiple owners.

(a)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. Subject to par.

(b), an instrument is effective to revoke a previously recorded document designating a TOD beneficiary, or any part of the previously recorded document, only if the instrument meets all of the following requirements:

1. The instrument is one of the following:

a. A document that complies with sub.

(a)and revokes the previously recorded document, or any part of the previously recorded document, expressly or by inconsistency.

b. An instrument of revocation that expressly revokes the previously recorded document, or any part of the previously recorded document.

c. An inter vivos deed that expressly revokes the previously recorded document, or any part of the previously recorded document.

2. The instrument is acknowledged by the owner after the owner acknowledged the previously recorded document, and the instrument is submitted for recording to the office of the register of deeds in the county in which the real property is located before the death of the sole owner or the last to die of multiple owners.

(b)If a document designating a TOD beneficiary is made by more than one owner, all of the following apply:

1. Revocation by an owner does not affect the document designating a TOD beneficiary as to the interest of another owner.

2. A document designating a TOD beneficiary of real property owned by 2 or more individuals as joint tenants or by spouses as survivorship marital property is revoked only if it is revoked by all of the living joint tenants or spouses.

(c)This subsection does not limit the effect of an inter vivos transfer of the property.

(4)On the death of the sole owner or the last to die of multiple owners, ownership of the interest in the real property passes, subject to any lien or encumbrance against the real property, 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 real property passes to the estate of the deceased sole owner or the estate of the last to die of the multiple owners.

(5)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 .

(6)Chapter 854 applies to transfers on death under this section.

(7)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 .

(8)Unless previously adjudicated in a formal testacy proceeding or otherwise barred, the claim of any claimant to recover real property 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 real property transferred under this section and a lis pendens is filed or recorded in each county where any part of the real property is located.