127,4Section 4. 700.16 (1) (c) of the statutes is amended to read: 700.16 (1) (c) If a future interest or trust is created by exercise of a power of appointment, the permissible period is computed from the time the power of appointment is exercised if the power of appointment is a general power of appointment, as defined in s. 702.02 (5) 702.102 (7), even if the general power of appointment is exercisable only by will. In the case of other powers of appointment the permissible period is computed from the time the power of appointment is created but facts at the time the power of appointment is exercised are considered in determining whether the power of alienation is suspended beyond a life or lives in being at the time of creation of the power of appointment plus 30 years.
127,5Section 5. 700.27 (1) (d) of the statutes is amended to read: 700.27 (1) (d) “Power of appointment” has the meaning given in s. 702.02 (6) 702.102 (15).
127,6Section 6. 701.0102 (12m) of the statutes is created to read: 701.0102 (12m) An account that is part of a qualified ABLE program under section 529A (b) of the Internal Revenue Code.
127,7Section 7. 701.0103 (1m) of the statutes is created to read: 701.0103 (1m) “Animal protector” means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the trust, a person appointed by the court for that purpose.
127,8Section 8. 701.0103 (1n) of the statutes is created to read: 701.0103 (1n) “Animal trust” means a trust or an interest in a trust created to provide for the care of one or more animals.
127,9Section 9. 701.0103 (3) (c) of the statutes is created to read: 701.0103 (3) (c) Is an identified charitable organization that will or may receive distributions under the terms of the trust.
127,10Section 10. 701.0103 (3m) of the statutes is created to read: 701.0103 (3m) “Broad limited power of appointment” has the meaning given in s. 702.102 (4).
127,11Section 11. 701.0103 (3r) of the statutes is created to read: 701.0103 (3r) “Charitable interest” means an interest in a trust that satisfies any of the following:
(a) It is held by an identified charitable organization and makes the organization a qualified beneficiary.
(b) It benefits only charitable organizations and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary.
(c) It is held solely for charitable purposes and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary.
127,12Section 12. 701.0103 (3u) of the statutes is created to read: 701.0103 (3u) “Charitable organization” means any of the following:
(a) A person, other than an individual, organized and operated exclusively for charitable purposes.
(b) A government or governmental subdivision, agency, or instrumentality, to the extent it holds funds exclusively for a charitable purpose.
127,13Section 13. 701.0103 (3x) of the statutes is created to read: 701.0103 (3x) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community.
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:
