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2020 Wisconsin Statutes & Annotations
Chapter 701. Trusts.
SUBCHAPTER I
GENERAL PROVISIONS AND DEFINITIONS
JUDICIAL PROCEEDINGS
REPRESENTATION
CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST
CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS
REVOCABLE TRUSTS
OFFICE OF TRUSTEE
DUTIES AND POWERS OF TRUSTEES, DIRECTING PARTIES, AND TRUST PROTECTORS
INVESTMENT MANAGEMENT OF TRUSTS
LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE
UNIFORM PRINCIPAL AND INCOME ACT
MISCELLANEOUS PROVISIONS
GENERAL PROVISIONS AND DEFINITIONS
- 701.0101 Short title.
- 701.0102 Scope.
- 701.0103 Definitions.
- 701.0104 Knowledge.
- 701.0105 Default and mandatory rules.
- 701.0106 Common law of trusts; principles of equity.
- 701.0107 Governing law.
- 701.0108 Principal place of administration.
- 701.0109 Methods and waiver of notice.
- 701.0110 Others treated as qualified beneficiaries.
- 701.0111 Nonjudicial settlement agreements.
JUDICIAL PROCEEDINGS
- 701.0201 Role of court in administration of trust.
- 701.0202 Personal jurisdiction.
- 701.0203 Subject matter jurisdiction.
- 701.0204 Venue.
- 701.0205 Notice.
- 701.0206 Attorney for person in military service.
REPRESENTATION
- 701.0301 Representation: basic effect.
- 701.0302 Representation by holder of general power of appointment.
- 701.0303 Representation by fiduciaries, parents, or a person appointed by a trustee.
- 701.0304 Representation by person having substantially identical interest.
- 701.0305 Appointment of representative by a court.
CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST
- 701.0401 Methods of creating a trust.
- 701.0402 Requirements for creation.
- 701.0403 Trusts created in other jurisdictions.
- 701.0404 Trust purposes.
- 701.0405 Charitable purposes; enforcement.
- 701.0406 Creation of trust induced by fraud, duress, or undue influence.
- 701.0407 Evidence of oral trust.
- 701.0408 Trust for care of animal.
- 701.0409 Noncharitable trust without ascertainable beneficiary.
- 701.0410 Modification or termination of trust; proceedings for approval or disapproval.
- 701.0411 Modification or termination of noncharitable irrevocable trust by consent.
- 701.0412 Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
- 701.0413 Cy pres.
- 701.0414 Modification or termination of uneconomic trust.
- 701.0415 Reformation to correct mistakes.
- 701.0416 Modification to achieve settlor's tax objectives.
- 701.0417 Combination and division of trusts.
- 701.0418 Trustee's power to appoint assets to new trust.
- 701.0419 Transfers to trusts.
CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS
- 701.0501 Rights of beneficiary's creditor or assignee.
- 701.0502 Spendthrift provision.
- 701.0503 Exceptions to spendthrift provision.
- 701.0504 Discretionary trusts; effect of standard.
- 701.0505 Creditor's claim against settlor.
- 701.0506 Overdue distribution.
- 701.0507 Personal obligations of trustee.
- 701.0508 Debts of decedents.
REVOCABLE TRUSTS
- 701.0601 Capacity of settlor of revocable trust.
- 701.0602 Revocation or amendment of revocable trust.
- 701.0603 Settlor's powers; powers of withdrawal.
- 701.0604 Limitation on action contesting validity of revocable trust; distribution of trust property.
OFFICE OF TRUSTEE
- 701.0701 Accepting or declining trusteeship.
- 701.0702 Trustee's bond.
- 701.0703 Cotrustees.
- 701.0704 Vacancy in trusteeship; appointment of successor.
- 701.0705 Resignation of trustee.
- 701.0706 Removal of trustee.
- 701.0707 Delivery of property by former trustee.
- 701.0708 Compensation of trustee.
- 701.0709 Reimbursement of expenses.
- 701.0710 Title of trust property.
DUTIES AND POWERS OF TRUSTEES, DIRECTING PARTIES, AND TRUST PROTECTORS
- 701.0801 Duty to administer trust.
- 701.0802 Duty of loyalty.
- 701.0803 Impartiality.
- 701.0804 Prudent administration.
- 701.0805 Costs of administration.
- 701.0806 Trustee's skills.
- 701.0807 Delegation by trustee.
- 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.
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.
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.
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.
MISCELLANEOUS PROVISIONS
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