853.60 Mandatory clauses. The Wisconsin basic will and basic will with trust include the following mandatory clauses:
(1) Intestate disposition. If the testator has not made an effective disposition of the residuary estate, the personal representative shall distribute it to the testator's heirs at law, their identities and respective shares to be determined according to the laws of the state of Wisconsin in effect on the date of the testator's death.
(2) Powers of personal representative.
(a) In addition to any powers conferred upon personal representatives by law, the personal representative may do any of the following:
1. Sell estate assets at public or private sale, for cash or on credit terms.
2. Lease estate assets without restriction as to duration.
3. Invest any surplus moneys of the estate in real or personal property, as the personal representative deems advisable.
(b) The personal representative may distribute estate assets otherwise distributable to a minor beneficiary to any of the following:
1. The guardian of the minor's person or estate.
2. Any adult person with whom the minor resides and who has the care, custody or control of the minor.
3. A custodian, serving on behalf of the minor under the uniform gifts to minors act or uniform transfers to minors act of any state.
(c) On any distribution of assets from the estate, the personal representative may partition, allot and distribute the assets in kind, including undivided interests in an asset or in any part of it; partly in cash and partly in kind; or entirely in cash. If a distribution is being made to more than one beneficiary, the personal representative may distribute assets among them on a prorated or nonprorated basis, with the assets valued as of the date of distribution.
(3) Powers of guardian. A guardian of the person or of the estate nominated in the Wisconsin basic will or basic will with trust, and subsequently appointed, shall have all of the powers conferred by law.
History: 1983 a. 376; 1987 a. 191.