(A) As long as any child of mine under 21 years of age is living, the trustee shall distribute from time to time to or for the benefit of any one or more of my children and the descendants of any deceased child (the beneficiaries) of any age as much, or all, of the principal or net income of the trust or both, as the trustee deems necessary for their health, support, maintenance and education. Any undistributed income shall be accumulated and added to the principal. "Education" includes, but is not limited to, college, vocational and other studies after high school, and reasonably related living expenses. Consistent with the trustee's fiduciary duties, the trustee may distribute trust income or principal in equal or unequal shares and to any one or more of the beneficiaries to the exclusion of other beneficiaries. In deciding on distributions, the trustee may take into account the beneficiaries' other income, outside resources or sources of support, including the capacity for gainful employment of a beneficiary who has completed his or her education.
(B) The trust shall terminate when there is no living child of mine under 21 years of age. The trustee shall distribute any remaining principal and accumulated net income of the trust to my descendants by right of representation who are then living. If principal becomes distributable to a person under legal disability, the trustee may postpone the distribution until the disability is removed. In that case, the assets shall be administered as a separate trust under this Wisconsin basic will with trust and the net income and principal shall be applied for the benefit of the beneficiary at such times and in such amounts as the trustee considers appropriate. If the beneficiary dies before the removal of the disability, the remaining assets shall be distributed to his or her estate.
(3) If my spouse does not survive me and if no child of mine under 21 years of age survives me, then I give all my residuary estate to my descendants by right of representation who survive me. If my spouse and descendants do not survive me, the personal representative shall distribute my residuary estate to my 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 my death.
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.
