701.1007 Event affecting administration or distribution.
701.1008 Exculpation of trustee.
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.
SUBCHAPTER XI
UNIFORM PRINCIPAL AND INCOME ACT
701.1101 Short title and scope.
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.
701.1127 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.
701.1135 Adjustments between principal and income because of taxes.
701.1136 Income payments and accumulations.
SUBCHAPTER XII
MISCELLANEOUS PROVISIONS
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.
GENERAL PROVISIONS AND DEFINITIONS
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(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(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(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: