Q: Does Wisconsin Act 90 Require Financial Institutions to Collect a Will?
A: No. As of December 1, 2017, a person named in the will to act as personal representative may also receive property of a decedent subject to certain requirements. Act 90 does not require a financial institution to verify that an affiant was in fact named in a will.
Wisconsin Section 867.03(2) releases from liability those who transfer property to an affiant who has properly executed a transfer by affidavit.
The only condition imposed by Act 90 is a 30-day waiting period that must be observed upon receiving a transfer by affidavit from a person named in the will to act as personal representative.
Q: Does Wisconsin Act 90 Require Financial Institutions to wait 30 Days before Transferring Property to all Affiants?
A: No. Wisconsin Act 90 only places the 30-day waiting period upon persons named in the will to act as personal representative. The waiting period does not apply to any heir of the decedent, trustee of a revocable trust created by the decedent, or person who was guardian of the decedent at the time of the decedent's death.
More specifically, Act 90 created 867.03(1j) requiring that a person who receives an affidavit from a person named in the will to act as personal representative may not transfer any money due the decedent until 30 days after receiving the affidavit. If, during the 30-day period, the person who received the affidavit receives an affidavit for the same decedent from another person, the person who received the affidavits may not transfer any money due the decedent unless ordered to do so by a court.
Note that the affiant will indicate upon the transfer by affidavit form whether they are a person named in the will to act as personal representative.