Powers to direct; directing parties.
Control and protection of trust property.
Record keeping and identification of trust property.
Enforcement and defense of claims.
Collecting trust property; duties of successor trustees.
Duty to inform and report.
Discretionary powers; tax savings.
General powers of trustee.
Specific powers of trustee.
Distribution upon termination.
Marital deduction transfers.
INVESTMENT MANAGEMENT OF TRUSTS
Application of the Wisconsin Prudent Investor Act.
Directed trust property.
Nonapplication of prudent investor rule to life insurance contracts owned by trusts.
LIABILITY OF TRUSTEES AND RIGHTS
OF PERSONS DEALING WITH TRUSTEE
Remedies for breach of trust.
Damages for breach of trust; liability of successor trustee.
Damages in absence of breach.
Attorney fees and costs.
Limitation of action against trustee.
Reliance on trust instrument.
Event affecting administration or distribution.
Exculpation of trustee.
Beneficiary's consent, release, or ratification.
Limitation on personal liability of trustee.
Interest as general partner.
Protection of person dealing with trustee.
Certification of trust.
UNIFORM PRINCIPAL AND INCOME ACT
Short title and scope.
Fiduciary duties; general principles.
Trustee's power to adjust.
Notice to beneficiaries of proposed action.
Conversion to unitrust.
Power to treat capital gains as part of a distribution.
Judicial review of discretionary power.
Determination and distribution of net income.
Distribution to residuary and remainder beneficiaries.
When right to income begins and ends.
Apportionment of receipts and disbursements when decedent dies or income interest begins.
Apportionment when income interest ends.
Character of receipts.
Distribution from trust or estate.
Business and other activities conducted by trustee.
Obligation to pay money.
Insurance policies and similar contracts.
Insubstantial allocations not required.
Deferred compensation, annuities, and similar payments.
Minerals, water, and other natural resources.
Property not productive of income.
Derivatives and options.
Disbursements from income.
Disbursements from principal.
Transfers from income to principal for depreciation.
Transfers from income to reimburse principal.
Adjustments between principal and income because of taxes.
Income payments and accumulations.
Electronic records and signatures.
Uniformity of application and construction.
Applicability of general transfers at death provisions.
GENERAL PROVISIONS AND DEFINITIONS
This chapter may be cited as the Wisconsin Trust Code.
History: 2013 a. 92
Estate Planning Metamorphosis: Wisconsin's New Trust Code. Schultz & Weinsch. Wis. Law. June 2014.
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:
A custodial arrangement made pursuant to the Uniform Transfers to Minors Act under ss. 54.854
or the Uniform Custodial Trust Act under ss. 54.950
A common trust or a collective investment fund.