701.0808   Powers to direct; directing parties.
701.0809   Control and protection of trust property.
701.0810   Record keeping and identification of trust property.
701.0811   Enforcement and defense of claims.
701.0812   Collecting trust property; duties of successor trustees.
701.0813   Duty to inform and report.
701.0814   Discretionary powers; tax savings.
701.0815   General powers of trustee.
701.0816   Specific powers of trustee.
701.0817   Distribution upon termination.
701.0818   Trust protectors.
701.0819   Marital deduction transfers.
SUBCHAPTER IX
INVESTMENT MANAGEMENT OF TRUSTS
701.0901   Application of the Wisconsin Prudent Investor Act.
701.0902   Directed trust property.
701.0903   Nonapplication of prudent investor rule to life insurance contracts owned by trusts.
SUBCHAPTER X
LIABILITY OF TRUSTEES AND RIGHTS
OF PERSONS DEALING WITH TRUSTEE
701.1001   Remedies for breach of trust.
701.1002   Damages for breach of trust; liability of successor trustee.
701.1003   Damages in absence of breach.
701.1004   Attorney fees and costs.
701.1005   Limitation of action against trustee.
701.1006   Reliance on trust instrument.
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.
701.1102   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.
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.
701.1205   Applicability.
subch. I of ch. 701 SUBCHAPTER I
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(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.
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2017-18 Wisconsin Statutes updated through 2019 Wis. Act 186 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on December 1, 2020. Published and certified under s. 35.18. Changes effective after December 1, 2020, are designated by NOTES. (Published 12-1-20)