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2022 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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