853.15 Equitable election if will attempts to dispose of property belonging to beneficiary.
190 words·~1 min read·
/wi/chapter-853/853-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
853.15 Equitable election if will attempts to dispose of property belonging to beneficiary.
(1)Necessity for election.
(a)Unless the will provides otherwise, this subsection applies if a will gives a devise to one beneficiary and also clearly purports to give to another beneficiary property that does not pass under the will but belongs to the first beneficiary by right of ownership, survivorship, beneficiary designation or otherwise.
(b)If the conditions in par.
(a)are fulfilled, the first beneficiary must elect either to take under the will and transfer his or her property in accordance with the will or to retain his or her property and not take under the will. If the first beneficiary elects not to take under the will, unless the will provides otherwise his or her devise under the will shall be assigned to the other beneficiary.
(c)This section does not require an election if the property belongs to the first beneficiary because of transfer or beneficiary designation made by the decedent after the execution of the will.
(2)Procedure for election. If an election is required under sub.
(1), the following provisions apply: