No. In Wisconsin, a will generally cannot override a properly executed beneficiary designation on life insurance policies, retirement plan assets, payable-on-death (POD) bank accounts, transfer-on-death (TOD) brokerage accounts, or TOD deeds. These assets transfer by beneficiary designation or contract as nonprobate transfers, meaning they pass outside the will and outside the probate estate. Wisconsin law follows this rule for nonprobate transfers, including under Wisconsin Statutes § 705.10.
For life insurance, proceeds are paid directly to the named beneficiary on the policy; a contrary provision in the will does not redirect those proceeds. Retirement accounts (such as IRAs and 401(k)s) likewise pass according to the plan documents and beneficiary forms, and for many employer plans federal law (ERISA) reinforces payment to the designated beneficiary. Similarly, POD bank accounts, TOD brokerage accounts, and TOD deeds transfer directly to the named beneficiary, and those designations control over any conflicting will provisions.
A will matters only in limited situations. If no beneficiary is named, or if the named beneficiary predeceases the account owner and no contingent beneficiary exists, or if the designation is invalid or successfully challenged, then the asset may fall into the probate estate and be distributed under the will (or under intestacy if there is no valid will). Otherwise, beneficiary designations govern.
The key rule in Wisconsin is that beneficiary designations on nonprobate assets take priority over a will. A practical example makes this clear: if an IRA beneficiary form names the spouse, but the will says, “I leave everything to my children,” the spouse receives the IRA despite the will’s language. In summary, a Wisconsin will does not override properly executed beneficiary designations for life insurance, retirement accounts, POD accounts, or TOD accounts or deeds, because these assets pass outside probate under Wisconsin Statutes § 705.10 and applicable federal or contract law.
If you would like to discuss this matter more thoroughly, please reach out to our Madison Wisconsin Estate Planning attorneys. We are here to help!