2013 Wisconsin Statutes & Annotations
701. Trusts.
701.01 Definitions.
701.01 Definitions. As used in this chapter, unless the context indicates otherwise:
(1) Beneficiary. "Beneficiary" means a person who has a beneficial interest in a trust.
(2) Charitable and private trust. To the extent that trust income or principal presently or in the future must be used by the trustee exclusively for a charitable purpose as defined in s. 701.10 (1), the trust is a "charitable trust"; any other trust is a "private trust", provided it is for the benefit of a person sufficiently identifiable to enforce the trust.
(3) Court. "Court" means the court having jurisdiction.
(4) Property. "Property" means an interest in real or personal property.
(5) Settlor. "Settlor" means a person who directly or indirectly creates a living or testamentary trust or adds property to an existing trust.
(6) Testamentary and living trust. "Testamentary trust" means a trust subject to the continuing jurisdiction of the court assigned to exercise probate jurisdiction; "living trust" means any other trust, including a testamentary trust removed to this state from another state.
(7) Trust. "Trust" means an express living or testamentary, private or charitable trust in property which arises as a result of a manifestation of intention to create it.
(8) Trustee. "Trustee" means a person holding in trust title to or holding in trust a power over property. "Trustee" includes an original, added or successor trustee.
History: 1971 c. 66; 1977 c. 187 s. 135; 1977 c. 449; 1983 a. 189; 2013 a. 92.
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