Legislation that would simplify the process of transferring agricultural equipment on to someone else when its owner becomes deceased is another step closer to becoming law. The State Senate passed SB 893 on Wednesday, which allows farm implements to be transferred through a process called 'Transfer on Death,' or TOD, through written designation of a beneficiary and witnesses.
Sen. Joan Ballweg of Markesan authored the measure. She says under current law, beneficiaries must receive assets like farm machinery after the probate process is complete, which is an often lengthy formal legal process.
"Any disruption in the agricultural cycle can leave farmers in a tight position with lost production and revenues," said Ballweg, who chair's the Senate Agriculture Committee. "This legislation will make it easier for small farmers who often transfer farm implements between family members."
The bill is supported by various Wisconsin farm groups. It now heads to the Assembly for consideration before heading to the governor for approval.
Categories: Wisconsin, Government & Policy