Wisconsin Assembly Bill AB195

Wisconsin 2025-2026 Regular Session

• Introduced: 4/15/25
• Refer: 4/15/25

Caption

Revoking a transfer of real property on death, obtaining evidence of the termination of a decedent’s property interests, disbursing deposits after rescission of real property wholesaler contracts, and filing satisfactions of judgment.

Impact

The amendments proposed by AB195 have significant implications for existing state statutes related to estate planning and real property rights. By tightening the requirements for revoking a TOD beneficiary designation, the bill enhances legal clarity surrounding these designations and prevents unintentional losses of property interests. Furthermore, it streamlines the process for obtaining evidence regarding the termination of a decedent's property interests by allowing more flexible documentation submission, which is expected to lessen bureaucratic delays in estate closure processes.

Summary

Assembly Bill 195 introduces several modifications regarding the handling of real property transfers upon death, the process for obtaining evidence of property interests of decedents, the disbursement of deposits in real estate wholesale contracts upon rescission, and the filing of satisfaction for judgments. It particularly focuses on the revocation procedures of Transfer on Death (TOD) beneficiary designations, ensuring that these endorsements must be explicitly acknowledged and recorded to be deemed validly revoked. This change aims to clarify the responsibilities and rights of property owners and their heirs in such critical transactions, thus ensuring a smoother transition of property rights post-death.

Contention

However, the bill is not without its points of contention. Critics may argue that the stricter requirements for revoking beneficiary designations could make it more challenging for owners to adjust their estate plans, especially in family situations where relationships may evolve. Additionally, the implications for wholesalers involved in real property transactions may raise concerns regarding the increased burden of compliance and potential impacts on liquidity for those in the real estate market. Overall, while AB195 enhances clarity and efficiency, it simultaneously introduces complexities that stakeholders need to navigate carefully.