701.1009   Beneficiary's consent, release, or ratification.
701.1010   Limitation on personal liability of trustee.
701.1011   Interest as general partner.
701.1012   Protection of person dealing with trustee.
701.1013   Certification of trust.
701.1101   Short title and scope.
701.1102   Definitions.
701.1103   Fiduciary duties; general principles.
701.1104   Trustee's power to adjust.
701.1105   Notice to beneficiaries of proposed action.
701.1106   Conversion to unitrust.
701.1107   Express unitrusts.
701.1108   Power to treat capital gains as part of a distribution.
701.1109   Judicial review of discretionary power.
701.1110   Determination and distribution of net income.
701.1111   Distribution to residuary and remainder beneficiaries.
701.1112   When right to income begins and ends.
701.1113   Apportionment of receipts and disbursements when decedent dies or income interest begins.
701.1114   Apportionment when income interest ends.
701.1115   Character of receipts.
701.1116   Distribution from trust or estate.
701.1117   Business and other activities conducted by trustee.
701.1118   Principal receipts.
701.1119   Rental property.
701.1120   Obligation to pay money.
701.1121   Insurance policies and similar contracts.
701.1122   Insubstantial allocations not required.
701.1123   Deferred compensation, annuities, and similar payments.
701.1124   Liquidating asset.
701.1125   Minerals, water, and other natural resources.
701.1126   Timber.
701.1127   Property not productive of income.
701.1128   Derivatives and options.
701.1129   Asset-backed securities.
701.1130   Disbursements from income.
701.1131   Disbursements from principal.
701.1132   Transfers from income to principal for depreciation.
701.1133   Transfers from income to reimburse principal.
701.1134   Income taxes.
701.1135   Adjustments between principal and income because of taxes.
701.1136   Income payments and accumulations.
701.1201   Private foundations.
701.1202   Electronic records and signatures.
701.1203   Uniformity of application and construction.
701.1204   Applicability of general transfers at death provisions.
701.1205   Applicability.
subch. I of ch. 701 SUBCHAPTER I
701.0101 701.0101 Short title. This chapter may be cited as the Wisconsin Trust Code.
701.0101 History History: 2013 a. 92.
701.0101 Annotation Estate Planning Metamorphosis: Wisconsin's New Trust Code. Schultz & Weinsch. Wis. Law. June 2014.
701.0102 701.0102 Scope. 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:
701.0102(1) (1)A constructive or resulting trust.
701.0102(2) (2)A guardianship.
701.0102(3) (3)A conservatorship.
701.0102(4) (4)A custodial arrangement made pursuant to the Uniform Transfers to Minors Act under ss. 54.854 to 54.898 or the Uniform Custodial Trust Act under ss. 54.950 to 54.988.
701.0102(5) (5)A common trust or a collective investment fund.
701.0102(6) (6)A trust created by a depository agreement with a financial institution.
701.0102(7) (7)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.
701.0102(8) (8)A voting trust.
701.0102(9) (9)A fund maintained pursuant to court order in conjunction with a bankruptcy proceeding, business liquidation, or class action lawsuit.
701.0102(10) (10)A trust that is part of an employee benefit arrangement or an individual retirement account.
701.0102(11) (11)A trust established under a qualified tuition savings program or education savings account.
701.0102(12) (12)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.
701.0102(13) (13)Any other arrangement under which a person is a nominee or escrowee for another.
701.0102 History History: 2013 a. 92.
701.0103 701.0103 Definitions. In this chapter:
701.0103(1) (1)“Action," with respect to an act of a trustee, directing party, or trust protector, includes a failure to act.
701.0103(2) (2)“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.
701.0103(3) (3)“Beneficiary" means a person that satisfies any of the following:
701.0103(3)(a) (a) Has a present or future beneficial interest in a trust, vested or contingent.
701.0103(3)(b) (b) In a capacity other than that of trustee, trust protector, or a directing party, holds a power of appointment over trust property.
701.0103(4) (4)“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.
701.0103(5) (5)“Conservator" means a person appointed by a court pursuant to s. 54.76.
701.0103(6) (6)“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.
701.0103(7) (7)“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.
701.0103(8) (8)“Environmental law" means a federal, state, or local law, rule, regulation, or ordinance relating to protection or remediation of the environment.
701.0103(9) (9)“General power of appointment" has the meaning given in s. 702.02 (5).
701.0103(10) (10)“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.
701.0103(11) (11)“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.
701.0103(12) (12)“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.
701.0103(13) (13)“Individual with a disability" means an individual who meets one of the following tests:
701.0103(13)(a) (a) 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.
701.0103(13)(b) (b) 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.
2017-18 Wisconsin Statutes updated through 2019 Wis. Act 69 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on January 3, 2020. Published and certified under s. 35.18. Changes effective after January 3, 2020, are designated by NOTES. (Published 1-3-20)