127,14Section 14. 701.0103 (4) of the statutes is amended to read: 701.0103 (4) “Charitable trust” means a trust, or portion of a trust, created for a charitable purpose described in s. 701.0405 (1). This subsection does not apply in s. 701.1201.
127,15Section 15. 701.0103 (5g) of the statutes is created to read: 701.0103 (5g) “Court” means the court that is identified in s. 701.0203 (1).
127,16Section 16. 701.0103 (5w) of the statutes is created to read: 701.0103 (5w) “Current beneficiary” means a beneficiary that on the date the beneficiary’s qualification is determined is a distributee or permissible distributee of trust income or principal or is the holder of a presently exercisable general power of appointment.
127,17Section 17. 701.0103 (9) of the statutes is amended to read: 701.0103 (9) “General power of appointment” has the meaning given in s. 702.02 (5) 702.102 (7).
127,18Section 18. 701.0103 (11p) of the statutes is created to read: 701.0103 (11p) “Identified charitable organization” means a charitable organization that is expressly designated to receive distributions under the terms of a charitable trust and that is not subject to a right of substitution by the settlor or by any other party prior to the charitable organization becoming a current beneficiary.
127,19Section 19. 701.0103 (15m) of the statutes is created to read: 701.0103 (15m) “Issue” has the meaning given in s. 851.13.
127,20Section 20. 701.0103 (17m) of the statutes is created to read: 701.0103 (17m) “Powerholder” has the meaning given in s. 702.102 (14).
127,21Section 21. 701.0103 (18) of the statutes is amended to read: 701.0103 (18) “Power of appointment” has the meaning given in s. 702.02 (6) 702.102 (15).
127,22Section 22. 701.0103 (19r) of the statutes is created to read: 701.0103 (19r) “Presently exercisable power of appointment” has the meaning given in s. 702.102 (16).
127,23Section 23. 701.0103 (19v) of the statutes is created to read: 701.0103 (19v) “Presumptive remainder beneficiary” means, without considering the existence or exercise of a power of appointment, other than a power of appointment that has been irrevocably exercised and notice of the exercise has been given to the trustee, a beneficiary that on the date the beneficiary’s qualification is determined, would be any of the following:
(a) A distributee or permissible distributee of trust income or principal if the interests of any current beneficiary terminated on that date without causing the trust to terminate.
(b) A distributee or permissible distributee of trust income or principal if the trust terminated on that date.
(c) If the terms of the trust do not provide for its termination, a distributee or permissible distributee of income or principal of the trust if all the current beneficiaries of the trust were deceased or no longer exist.
127,24Section 24. 701.0103 (21) (intro.) of the statutes is amended to read: 701.0103 (21) (intro.) “Qualified beneficiary” means a beneficiary who that, on the date on which the beneficiary’s qualification is determined, satisfies is any of the following:
127,25Section 25. 701.0103 (21) (a) and (b) of the statutes are repealed and recreated to read: 701.0103 (21) (a) A current beneficiary.
(b) A presumptive remainder beneficiary.
127,26Section 26. 701.0103 (21m) of the statutes is created to read: 701.0103 (21m) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
127,27Section 27. 701.0103 (23) of the statutes is amended to read: 701.0103 (23) “Settlor” Except as otherwise provided in ss. 701.0113 and 701.1325, “settlor” means a person, including a testator, who creates or contributes property to a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke the trust or withdraw that portion.
127,28Section 28. 701.0103 (23m) of the statutes is created to read: 701.0103 (23m) “Sign” means, with present intent to authenticate or adopt a record, to do any of the following:
(a) Execute or adopt a tangible symbol.
(b) Attach to or logically associate with the record an electronic symbol, sound, or process.
127,29Section 29. 701.0103 (24) of the statutes is renumbered 701.0103 (16m) and amended to read: 701.0103 (16m) “Special “Nongeneral power of appointment” has the meaning given in s. 702.02 (7) 702.102 (11).
127,30Section 30. 701.0103 (27) of the statutes is amended to read: 701.0103 (27) “Terms of a trust” means the manifestation of the settlor’s intent regarding a trust’s provisions as expressed in the trust instrument or, as may be established by other evidence that would be admissible in a judicial proceeding, or as may be established by court order or nonjudicial settlement agreement.
127,31Section 31. 701.0103 (30) of the statutes is amended to read: 701.0103 (30) “Trust instrument” means an instrument, including any amendments or modifications to the instrument under s. 701.0111 or subch. IV, that is executed a record signed by the settlor that contains terms of to create a trust or is created under a statute, judgment, or decree that orders property to be transferred to a trustee to be administered for the benefit of a beneficiary, or by any person to create a 2nd trust as provided under subch. XIII, that contains some or all of the terms of the trust, and includes any amendments or modifications.
127,32Section 32. 701.0109 (title) of the statutes is amended to read: 701.0109 (title) Methods and waiver of notice; waiver.
127,33Section 33. 701.0109 (3) of the statutes is amended to read: 701.0109 (3) Notice under this chapter or, the sending of a document, or the right to object granted under this chapter may be waived by the person to be notified or, sent the document, or who has the right to object.
127,34Section 34. 701.0109 (5) of the statutes is created to read: 701.0109 (5) If notice is given to a trustee and more than one person is serving as trustee, notice given to any trustee is considered to be given to all persons serving as trustee, except that if a corporate trustee or an attorney licensed to practice in this state is serving as a trustee, notice must be given to all such corporate trustees and attorney trustees.
127,35Section 35. 701.0110 (1) (intro.) of the statutes is renumbered 701.0110 (1) and amended to read: 701.0110 (1) A An identified charitable organization that is expressly designated to receive distributions under the terms of a charitable trust and that is not subject to a right of substitution by the settlor or by any other party prior to the charitable organization becoming a distributee or permissible distributee of trust income or principal has the rights of a qualified beneficiary under this chapter if the identified charitable organization, on the date on which the identified charitable organization’s qualification is being determined, satisfies one of the following: is a current beneficiary or a presumptive remainder beneficiary.
127,36Section 36. 701.0110 (1) (a), (b) and (c) of the statutes are repealed. 127,37Section 37. 701.0110 (2) of the statutes is amended to read: 701.0110 (2) A An animal protector or a person appointed to enforce a trust created for the care of an animal or another a noncharitable purpose without an ascertainable beneficiary as provided in either s. 701.0408 or 701.0409 has the rights of a qualified beneficiary under this chapter.
127,38Section 38. 701.0110 (3) of the statutes is amended to read: 701.0110 (3) The attorney general of this state has the rights of a qualified beneficiary under this chapter with respect to a charitable trust having its principal place of administration in this state only when the charitable interest to be represented would qualify under sub. (1) but there is no identified charitable organization has been expressly designated to receive distribution under the terms of a charitable trust that would qualify under sub. (1).
127,39Section 39. 701.0111 (4) of the statutes is amended to read: 701.0111 (4) A nonjudicial settlement agreement is valid only to the extent it includes terms and conditions that could be properly approved, ordered, directed, or otherwise determined by a court under this chapter or other applicable law.
127,40Section 40. 701.0111 (5) (d) of the statutes is amended to read: 701.0111 (5) (d) The resignation or appointment of a trustee or the removal of a trustee and replacement with a suitable successor trustee.
127,41Section 41. 701.0111 (5) (m) of the statutes is created to read: 701.0111 (5) (m) The modification or termination of a trust.
127,42Section 42. 701.0111 (6) of the statutes is amended to read: 701.0111 (6) Any interested person or other person affected may request a court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in subch. III was adequate, or to determine whether the agreement contains terms and conditions the court could have properly approved, ordered, directed, or otherwise determined.
127,43Section 43. 701.0111 (7) of the statutes is created to read: 701.0111 (7) Notice of any nonjudicial settlement agreement shall be given to the settlor, if living, the trustee, each trust protector, and each directing party at least 30 days before the proposed effective date of the nonjudicial settlement agreement. Notice is considered to be waived by any person who is a party to the agreement.
127,44Section 44. 701.0113 of the statutes is created to read: 701.0113 Insurable interest of trustee. (1) In this section:
(a) “Relative” means a spouse or individual related within the 1st, 2nd, or 3rd degree of kinship under s. 990.001 (16).
(b) “Settlor” means a person that executes a trust instrument and includes a person for whom a fiduciary or agent is acting.
(2) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued, all of the following apply:
(a) The insured is any of the following:
1. A settlor of the trust.
2. An individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest.
(b) The life insurance proceeds are primarily for the benefit of one or more trust beneficiaries who have any of the following:
1. An insurable interest in the life of the insured.
2. A substantial interest engendered by love or affection in the continuation of the life of the insured and, if not included under subd. 1., the beneficiary is a relative or stepchild of the insured.
127,45Section 45. 701.0201 (3) (km) of the statutes is created to read: 701.0201 (3) (km) Releasing a trustee, directing party, trust protector, or other person acting in a fiduciary capacity from liability for an action relating to the trust.
127,46Section 46. 701.0201 (4) of the statutes is created to read: 701.0201 (4) Except as otherwise provided in this chapter, and as applicable, the probate procedure described in ch. 879 applies to a proceeding brought by a trustee, trust protector, directing party, or beneficiary concerning the administration of a trust.
127,47Section 47. 701.0203 (1) of the statutes is amended to read: 701.0203 (1) The circuit court assigned to exercise probate jurisdiction has exclusive jurisdiction of proceedings in this state brought by a trustee, trust protector, directing party, or beneficiary concerning the administration of a trust. Except as otherwise provided in this chapter, and as applicable, the probate procedure described in ch. 879 applies to a proceeding brought by a trustee, trust protector, directing party, or beneficiary concerning the administration of a trust.
127,48Section 48. 701.0302 (title) of the statutes is amended to read: 701.0302 (title) Representation by holder of general power of appointment powerholder of certain powers of appointment.
127,49Section 49. 701.0302 of the statutes is renumbered 701.0302 (2) and amended to read: 701.0302 (2) To the extent there is no conflict of interest between a holder of a general power of appointment powerholder and a person the persons represented with respect to the particular question or dispute, the holder powerholder of a nongeneral power of appointment other than a broad limited power of appointment may represent and bind the person all persons or all members of a class of persons, including permissible appointees and takers in default, whose interests, as a permissible appointee, a taker in default, or otherwise, are subject to may be limited by the exercise or nonexercise of the power.
127,50Section 50. 701.0302 (1) of the statutes is created to read: 701.0302 (1) The powerholder of a general power of appointment exercisable in favor of the powerholder or the powerholder’s estate or the powerholder of a broad limited power of appointment may represent and bind all persons, including permissible appointees and takers in default, whose interests may be eliminated by the exercise or nonexercise of the power. For purposes of this subsection, a general power of appointment does not include powers of appointment exercisable only in favor of the creditors of the powerholder, the creditors of the powerholder’s estate, or both.
127,51Section 51. 701.0303 (4) of the statutes is amended to read:
