Beneficiary's consent, release, or ratification.
Limitation on personal liability of trustee.
Interest as general partner.
Protection of person dealing with trustee.
Certification of trust.
UNIFORM PRINCIPAL AND INCOME ACT
Short title and scope.
Fiduciary duties; general principles.
Trustee's power to adjust.
Notice to beneficiaries of proposed action.
Conversion to unitrust.
Power to treat capital gains as part of a distribution.
Judicial review of discretionary power.
Determination and distribution of net income.
Distribution to residuary and remainder beneficiaries.
When right to income begins and ends.
Apportionment of receipts and disbursements when decedent dies or income interest begins.
Apportionment when income interest ends.
Character of receipts.
Distribution from trust or estate.
Business and other activities conducted by trustee.
Obligation to pay money.
Insurance policies and similar contracts.
Insubstantial allocations not required.
Deferred compensation, annuities, and similar payments.
Minerals, water, and other natural resources.
Property not productive of income.
Derivatives and options.
Disbursements from income.
Disbursements from principal.
Transfers from income to principal for depreciation.
Transfers from income to reimburse principal.
Adjustments between principal and income because of taxes.
Income payments and accumulations.
Electronic records and signatures.
Uniformity of application and construction.
Applicability of general transfers at death provisions.
GENERAL PROVISIONS AND DEFINITIONS
This chapter may be cited as the Wisconsin Trust Code.
History: 2013 a. 92
Estate Planning Metamorphosis: Wisconsin's New Trust Code. Schultz & Weinsch. Wis. Law. June 2014.
This chapter applies to express, charitable or noncharitable, and testamentary or living trusts, and any trust created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. This chapter does not apply to any of the following:
A custodial arrangement made pursuant to the Uniform Transfers to Minors Act under ss. 54.854
or the Uniform Custodial Trust Act under ss. 54.950
A common trust or a collective investment fund.
A trust created by a depository agreement with a financial institution.
A trust made in connection with a business transaction, including a trust created under a bond indenture or collateral trust agreement or in connection with a structured finance transaction, a common law trust under s. 226.14
, or a business trust.
A fund maintained pursuant to court order in conjunction with a bankruptcy proceeding, business liquidation, or class action lawsuit.
A trust that is part of an employee benefit arrangement or an individual retirement account.
A trust established under a qualified tuition savings program or education savings account.
A trust account maintained on behalf of a client or customer by a licensed service professional, including a trust account maintained by an attorney or by a real estate broker.
Any other arrangement under which a person is a nominee or escrowee for another.
History: 2013 a. 92
In this chapter:
“Action," with respect to an act of a trustee, directing party, or trust protector, includes a failure to act.
“Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance within the meaning of section 2041
(b) (1) (A) or 2514
(c) (1) of the Internal Revenue Code.
“Beneficiary" means a person that satisfies any of the following:
Has a present or future beneficial interest in a trust, vested or contingent.
In a capacity other than that of trustee, trust protector, or a directing party, holds a power of appointment over trust property.
“Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in s. 701.0405 (1)
. This subsection does not apply in s. 701.1201
“Conservator" means a person appointed by a court pursuant to s. 54.76
“Directed trust property" means all or any portion of the property of a trust that is invested or managed by a directing party or is invested or managed at the direction of a directing party and for which the trustee has no investment or management responsibility.
“Directing party" means a person who, in a trust instrument or court order, is granted a power to direct a trustee's investment or distribution decisions or a power to make investment or distribution decisions regarding trust property and the power is granted to the person in a capacity other than as a trustee or a trust protector. For purposes of this subsection, a power of appointment is not a power to direct a trustee's investment or distribution decisions or a power to make investment or distribution decisions regarding trust property.
“Environmental law" means a federal, state, or local law, rule, regulation, or ordinance relating to protection or remediation of the environment.
“Guardian of the estate" means a person appointed by a court under s. 54.10
as a guardian of the estate of a minor or adult individual.
“Guardian of the person" means a person appointed by a court under s. 54.10
as a guardian of the person of a minor or adult individual.
“Incapacitated" means unable to receive and evaluate information effectively or to communicate decisions to such an extent that the individual lacks the capacity to manage his or her decisions.
“Individual with a disability" means an individual who meets one of the following tests:
The individual receives social security, supplemental security income, or medical assistance benefits on the basis of being an individual who is disabled, as defined by the applicable program.
The individual has a mental or physical impairment of a type and severity that would cause the individual to be considered an individual who is disabled for purposes of participating in the social security, supplemental security income, or medical assistance program, if the individual applied to be eligible for one of those programs based on disability, and if the individual's education, work record, and engagement in substantial gainful activity were disregarded. The fact that the individual is age 65 or older does not bar the individual from being considered an individual with a disability.