127,36Section 36. 701.0110 (1) (a), (b) and (c) of the statutes are repealed. 127,37Section 37. 701.0110 (2) of the statutes is amended to read: 701.0110 (2) A An animal protector or a person appointed to enforce a trust created for the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: 701.0303 (4) A trustee may represent and bind the beneficiaries of the trust, except as to matters relating to the administration or distribution of the trust.
127,52Section 52. 701.0303 (5) of the statutes is amended to read: 701.0303 (5) A personal representative of a decedent’s estate may represent and bind a person interested in the estate, except as to matters relating to the administration or distribution of the estate.
127,53Section 53. 701.0303 (6) (intro.) of the statutes is amended to read: 701.0303 (6) (intro.) A parent may represent and bind the parent’s minor or unborn child, such child’s minor and unborn issue, and the minor and unborn issue of a then deceased child. If a disagreement arises between parents seeking to represent the same minor child or unborn child individual, representation is determined as follows:
127,54Section 54. 701.0303 (6) (a) of the statutes is amended to read: 701.0303 (6) (a) If only one parent is a beneficiary of the trust that is the subject of the representation, that parent may represent and bind the minor child or unborn child, such child’s minor and unborn issue, and the minor and unborn issue of a then deceased child.
127,55Section 55. 701.0303 (6) (b) of the statutes is amended to read: 701.0303 (6) (b) If both parents are beneficiaries of the trust that is the subject of the representation, the parent who is related to the settlor, other than by reason of being married to the other parent, may represent and bind the minor child or unborn child, such child’s minor and unborn issue, and the minor and unborn issue of a then deceased child.
127,56Section 56. 701.0303 (6) (c) of the statutes is amended to read: 701.0303 (6) (c) Subject to s. 701.0301 (4), if neither parent is a beneficiary of the trust that is the subject of the representation, the parent who is the settlor of the trust that is the subject of the representation may represent and bind the minor child or unborn child, such child’s minor and unborn issue, and the minor and unborn issue of a then deceased child.
127,57Section 57. 701.0303 (6) (d) of the statutes is amended to read: 701.0303 (6) (d) If neither parent is a beneficiary or settlor of the trust that is the subject of the representation, the parent who is related to the settlor, other than by reason of being married to the other parent, may represent and bind the minor child or unborn child, such child’s minor and unborn issue, and the minor and unborn issue of a then deceased child.
127,58Section 58. 701.0303 (6) (e) of the statutes is created to read: 701.0303 (6) (e) If an individual that is the subject of the representation is eligible to be represented by more than one ancestor under this subsection, the individual’s nearest ancestor may represent and bind such individual.
127,59Section 59. 701.0304 of the statutes is renumbered 701.0304 (1). 127,60Section 60. 701.0304 (2) of the statutes is created to read: 701.0304 (2) (a) In this subsection:
1. “Contingent successor remainder beneficiary” means a beneficiary who would succeed to the interest of a presumptive remainder beneficiary if the presumptive remainder beneficiary and all of the current beneficiaries failed to take such interest.
2. “More remote contingent successor remainder beneficiary” means any contingent successor remainder beneficiary whose interest arises only upon the failure of the interest of another contingent successor remainder beneficiary.
(b) A presumptive remainder beneficiary or a person authorized to represent the presumptive remainder beneficiary under sub. (1) may represent and bind a contingent successor remainder beneficiary or a more remote contingent successor remainder beneficiary for the same purposes, in the same circumstances, and to the same extent as an ascertainable beneficiary may represent and bind a minor or person who is incapacitated, unborn, or not reasonably ascertainable.
(c) If a presumptive remainder beneficiary does not represent a more remote contingent successor remainder beneficiary, a contingent successor remainder beneficiary may represent and bind a more remote contingent successor remainder beneficiary for the same purposes, in the same circumstances, and to the same extent as an ascertainable beneficiary may represent and bind a minor or person who is incapacitated, unborn, or not reasonably ascertainable.
(d) A contingent successor remainder beneficiary or a more remote contingent successor remainder beneficiary may be represented under pars. (b) and (c) whether or not the contingent successor remainder beneficiary or more remote contingent successor remainder beneficiary lacks capacity.
(e) Under pars. (b) and (c), the difference between a beneficiary’s interest as a presumptive remainder beneficiary or contingent successor remainder beneficiary does not constitute a conflict of interest as to any more remote contingent successor remainder beneficiary.
127,61Section 61. 701.0305 (1) of the statutes is renumbered 701.0305. 127,62Section 62. 701.0305 (2) of the statutes is renumbered 701.0307 (1). 127,63Section 63. 701.0305 (3) of the statutes is renumbered 701.0307 (2). 127,64Section 64. 701.0306 of the statutes is created to read: 701.0306 Designated representative. (1) If specifically nominated in the trust instrument, one or more persons may be designated to represent and bind a beneficiary and receive any notice, information, accounting, or report. The trust instrument may also authorize any one or more persons to designate one or more persons to represent and bind a beneficiary and receive any notice, information, accounting, or report.
(2) Except as otherwise provided in this chapter, a person designated in sub. (1) may not represent and bind a beneficiary while that person is serving as trustee.
(3) Except as otherwise provided in this chapter, a person designated in sub. (1) may not represent and bind another beneficiary if the person designated also is a beneficiary, unless one of the following applies:
(a) That person was named by the settlor.
(b) That person is one of the following:
1. The beneficiary’s spouse.
2. A grandparent or descendant of a grandparent of the beneficiary.
3. A grandparent or descendant of a grandparent of the beneficiary’s spouse.
127,65Section 65. 701.0307 (title) of the statutes is created to read: 701.0307 (title) Role of a representative or guardian ad litem.
127,66Section 66. 701.0308 of the statutes is created to read: 701.0308 Liability of representative. No representative or guardian ad litem is liable to the beneficiary whose interests are represented, or to anyone claiming through that beneficiary, for any actions or omissions to act made in good faith.
127,67Section 67. 701.0401 (5m) of the statutes is created to read: 701.0401 (5m) A declaration of an intent to create a trust with the intention that the trust will later be funded by assets of the person who created the trust or by another person with legal authority to fund the trust. The person making the declaration is considered to have created the trust, regardless of whether the person funds the trust with the person’s own assets.
127,68Section 68. 701.0402 (1) (e) of the statutes is amended to read: 701.0402 (1) (e) The same person is not the sole trustee and sole beneficiary, and there are no remainder beneficiaries other than the person’s estate.
127,69Section 69. 701.0405 (1) of the statutes is repealed. 127,70Section 70. 701.0408 of the statutes is amended to read: 701.0408 Trust for care of animal. (1) A An animal trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The animal trust terminates upon the death of the animal or, if the animal trust was created to provide for the care of more than one animal alive during the settlor’s lifetime, upon the death of the last surviving animal.
(2) A An animal trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court an animal protector. A person having an interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed under this subsection an animal protector.
(3) Property of a an animal trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the animal trust property exceeds the amount required for the intended use. Property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor’s successors in interest.
127,71Section 71. 701.0410 (2) of the statutes is amended to read:
