2017 Wisconsin Statutes & Annotations
Chapter 701. Trusts.
701.0703 Cotrustees.
701.0703 Cotrustees.
(1) Cotrustees may act only by majority decision.
(2) If a vacancy occurs in a cotrusteeship, as provided under s. 701.0704, a majority of the remaining cotrustees may act for the trust.
(3) A cotrustee shall participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or the cotrustee is otherwise temporarily incapacitated or the cotrustee has properly delegated the performance of the function to another trustee.
(4) If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or the cotrustee is otherwise temporarily incapacitated, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.
(5) A trustee may delegate to a cotrustee a function unless the delegation is expressly prohibited by the terms of the trust. Unless a delegation is irrevocable, a trustee may revoke a delegation previously made.
(6) Except as provided in sub. (7), a trustee who does not join in an action of another trustee is not liable for the action.
(7) Each trustee shall exercise reasonable care to do all of the following:
(a) Prevent a cotrustee from committing a material breach of trust.
(b) Compel a cotrustee to redress a material breach of trust.
(8) A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified all cotrustees of the dissent at or before the time of the action is not liable for the action unless the action is a material breach of trust.
