853.59 Annotation
Trust B of the Wisconsin basic will may be a hazardous estate plan. Erlanger and Crowley, WBB January, 1986.
853.60
853.60
Mandatory clauses. The Wisconsin basic will and basic will with trust include the following mandatory clauses:
853.60(1)
(1) Intestate disposition. If the testator has not made an effective disposition of the residuary estate, the personal representative shall distribute it to the testator's heirs at law, their identities and respective shares to be determined according to the laws of the state of Wisconsin in effect on the date of the testator's death.
853.60(2)
(2) Powers of personal representative. 853.60(2)(a)(a) In addition to any powers conferred upon personal representatives by law, the personal representative may do any of the following:
853.60(2)(a)1.
1. Sell estate assets at public or private sale, for cash or on credit terms.
853.60(2)(a)2.
2. Lease estate assets without restriction as to duration.
853.60(2)(a)3.
3. Invest any surplus moneys of the estate in real or personal property, as the personal representative deems advisable.
853.60(2)(b)
(b) The personal representative may distribute estate assets otherwise distributable to a minor beneficiary to any of the following:
853.60(2)(b)2.
2. Any adult person with whom the minor resides and who has the care, custody or control of the minor.
853.60(2)(b)3.
3. A custodian, serving on behalf of the minor under the uniform gifts to minors act or uniform transfers to minors act of any state.
853.60(2)(c)
(c) On any distribution of assets from the estate, the personal representative may partition, allot and distribute the assets in kind, including undivided interests in an asset or in any part of it; partly in cash and partly in kind; or entirely in cash. If a distribution is being made to more than one beneficiary, the personal representative may distribute assets among them on a prorated or nonprorated basis, with the assets valued as of the date of distribution.
853.60(3)
(3) Powers of guardian. A guardian of the person or of the estate nominated in the Wisconsin basic will or basic will with trust, and subsequently appointed, shall have all of the powers conferred by law.
853.60 History
History: 1983 a. 376;
1987 a. 191.
853.61
853.61
Mandatory clauses; basic will with trust. The Wisconsin basic will with trust includes the following mandatory clauses:
853.61(1)
(1) Ineffective disposition. If, at the termination of any trust created in the Wisconsin basic will with trust, there is no effective disposition of the remaining trust assets, then the trustee shall distribute those assets to the testator's then living heirs at law, their identities and respective shares to be determined as though the testator had died on the date of the trust's termination and according to the laws of the state of Wisconsin then in effect.
853.61(2)(a)(a) In addition to any powers conferred upon trustees by law, the trustee shall have all the powers listed in
s. 701.16.
853.61(2)(b)
(b) In addition to the powers granted in
par. (a), the trustee may:
853.61(2)(b)1.
1. Hire and pay from the trust the fees of investment advisers, accountants, tax advisers, agents, attorneys and other assistants for the administration of the trust and for the management of any trust asset and for any litigation affecting the trust.
853.61(2)(b)2.
2. On any distribution of assets from the trust, the trustee may partition, allot and distribute the assets in kind, including undivided interests in an asset or in any part of it; partly in cash and partly in kind; or entirely in cash. If a distribution is being made to more than one beneficiary, the trustee shall have the discretion to distribute assets among them on a prorated or nonprorated basis, with the assets valued as of the date of distribution.
853.61(2)(b)3.
3. The trustee may, upon termination of the trust, distribute assets to a custodian for a minor beneficiary under the uniform gifts to minors act or uniform transfers to minors act of any state. The trustee is free of liability and is discharged from any further accountability for distributing assets in compliance with this section.
853.61(3)
(3) Trust administrative provisions. The following provisions shall apply to any trust created by a Wisconsin basic will with trust:
853.61(3)(a)
(a) The interests of trust beneficiaries shall not be transferable by voluntary or involuntary assignment or by operation of law and shall be free from the claims of creditors and from attachment, execution, bankruptcy or other legal process to the fullest extent permissible by law.
853.61(3)(b)
(b) The trustee shall be entitled to reasonable compensation for ordinary and extraordinary services, and for all services in connection with the complete or partial termination of any trust created by this will.
853.61(3)(c)
(c) All persons who have any interest in a trust under a Wisconsin basic will with trust are bound by all discretionary determinations the trustee makes in good faith under the authority granted in the Wisconsin basic will with trust.
853.61 History
History: 1983 a. 376;
1987 a. 191.
853.62
853.62
Date of execution of will. Except as specifically provided in
ss. 853.50 to
853.61, a Wisconsin basic will or basic will with trust includes only the texts of the property disposition clauses and the mandatory clauses as they exist on the day the will is executed.
853.62 History
History: 1983 a. 376.
