861.018 Definitions. In this subchapter: (1) “Augmented deferred marital property estate” means the property under s. 861.02 (2). (2) “Deferred individual property” means any property that satisfies all of the following: (a) Is not classified by ch. 766. (b) Was brought to the marriage or acquired while the spouses were married. (c) Would have been […]
861.02 Deferred marital property elective share amount. (1) Amount. The surviving spouse has the right to elect an amount equal to no more than 50 percent of the augmented deferred marital property estate as determined under sub. (2). (2) Augmented deferred marital property estate. (a) If the presumption of marital property under s. 766.31 (2) […]
861.03 Augmented deferred marital property estate: decedent’s probate property and nonprobate or other property transfers. Subject to s. 861.05, the augmented deferred marital property estate includes all of the following: (1) Deferred marital property in decedent’s probate estate. The value of deferred marital property in the decedent’s probate estate. (2) Deferred marital property passing nonprobate […]
861.04 Augmented deferred marital property estate: surviving spouse’s property and transfers to others. (1) Subject to s. 861.05, the augmented deferred marital property estate includes the value of any deferred marital property that would have been included under s. 861.03 had the surviving spouse been the decedent. (2m) When the surviving spouse is treated as […]
861.05 Augmented deferred marital property estate: calculation of property interests. (1) Exclusions. The following are not included in the augmented deferred marital property estate: (a) Transfers of deferred marital property to the extent that the decedent received full or partial consideration for the transfer in money or money’s worth. (b) Transfers under the U.S. social […]
861.06 Satisfaction of deferred marital property elective share amount. (1) Definition. In this section, “property transferred to the surviving spouse” includes outright transfers that have been disclaimed by the surviving spouse. The term does not include transfers in trust that have been disclaimed by the surviving spouse, unless the surviving spouse had a general power […]
861.07 Personal liability of recipients. (1) Definition. In this section, “proceeds” includes: (a) The consideration, in money or property, received in exchange for the property that is the subject of the transfer. (b) Property acquired with the consideration received in exchange for the property that is the subject of the transfer. (2) Persons liable. The […]
861.08 Proceeding for election; time limit. (1) Generally. Except as the time may be extended under sub. (3), in order to make the election, the surviving spouse shall, within 6 months after the date of the decedent’s death, do all of the following: (a) File a petition for the election with whichever of the following […]
861.09 Right of election by or on behalf of surviving spouse. The surviving spouse must be living in order for an election to be filed. If the surviving spouse does not personally file the election, it may be filed on the surviving spouse’s behalf by the spouse’s conservator, guardian or guardian ad litem, or by […]
861.10 Waiver of right to elect; failure to elect. (1) Right to elect may be waived. The right to elect a deferred marital property elective share amount may be waived by the surviving spouse in whole or in part. The waiver may take place before or after marriage. The waiver must be contained in a […]
861.11 Protection of payers and other 3rd parties. (1) Definition. In this section, “governing instrument” includes a filed verified statement under s. 865.201, a certificate under s. 867.046 (1m) or a recorded application under s. 867.046 (5). (2) Payer not liable until notice received. (a) Upon a beneficiary’s request for payment, a payer or other […]
