701.0105(2)(g)
(g) The power of the court under s.
701.0708 (2) to adjust a trustee's, directing party's, or trust protector's compensation specified in the terms of the trust.
701.0105(2)(j)
(j) Periods of limitation for commencing a judicial proceeding.
701.0105(2)(k)
(k) The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.
701.0105(2)(n)
(n) The legal capacity under s.
701.0818 (2) (c) in which a trust protector who is also serving as a trustee or a directing party must exercise any power granted to the trust protector.
701.0105 History
History: 2013 a. 92;
2013 a. 151 s.
28.
701.0106
701.0106
Common law of trusts; principles of equity. The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of this state.
701.0106 History
History: 2013 a. 92.
701.0107
701.0107
Governing law. The meaning and effect of the terms of a trust are determined by one of the following:
701.0107(1)
(1) The law of the jurisdiction designated in the trust instrument.
701.0107(2)
(2) In the absence of a controlling designation in the terms of a trust, the law of the jurisdiction having the most significant relationship to the matter at issue.
701.0107 History
History: 2013 a. 92.
701.0108
701.0108
Principal place of administration. 701.0108(1)(1)
The principal place of administration of a trust is determined by any of the following:
701.0108(1)(a)
(a) The designation in the trust instrument if any of the following applies:
701.0108(1)(a)1.
1. A trustee's usual place of business is located in the jurisdiction designated in the trust instrument.
701.0108(1)(a)2.
2. A trustee is a resident of the jurisdiction designated in the trust instrument.
701.0108(1)(a)3.
3. All or part of the administration of the trust occurs in the jurisdiction designated in the trust instrument.
701.0108(1)(a)4.
4. The trust instrument designates the jurisdiction where the settlor is domiciled at the time the trust instrument is executed.
701.0108(1)(b)
(b) If the principal place of administration is not validly designated in the trust instrument under par.
(a), the jurisdiction where the trustee's usual place of business is located or, if the trustee has no place of business, the jurisdiction where the trustee's residence is located.
701.0108(2)(a)(a) If a corporate trustee is designated as the trustee of a trust and the corporate trustee has offices in multiple states and performs administrative functions for the trust in multiple states, the corporate trustee may designate the corporate trustee's usual place of business by providing notice to the qualified beneficiaries, trust protectors, and directing parties. The notice is valid and controlling if the corporate trustee has a connection to the jurisdiction designated in the notice, including an office where trustee services are performed and the actual performance of some administrative functions for that particular trust in that particular jurisdiction. The subsequent transfer of some of the administrative functions of the corporate trustee to another state or states does not transfer the usual place of business as long as the corporate trustee continues to maintain an office and perform some administrative functions in the jurisdiction designated in the notice and the corporate trustee does not transfer the principal place of administration pursuant to sub.
(4).
701.0108(2)(b)
(b) If there are cotrustees, the trustee's usual place of business is determined by any of the following:
701.0108(2)(b)1.
1. If there is only one corporate trustee, the jurisdiction where the usual place of business of the corporate trustee is located.
701.0108(2)(b)2.
2. The jurisdiction where the usual place of business or the residence of any of the cotrustees is located as agreed to by all of the cotrustees with notice to the qualified beneficiaries, trust protectors, and directing parties.