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AB803,33 11Section 33 . 701.0109 (3) of the statutes is amended to read:
AB803,14,1412 701.0109 (3) Notice under this chapter or, the sending of a document, or the
13right to object granted
under this chapter may be waived by the person to be notified
14or, sent the document, or who has the right to object.
AB803,34 15Section 34 . 701.0109 (5) of the statutes is created to read:
AB803,14,2016 701.0109 (5) If notice is given to a trustee and more than one person is serving
17as trustee, notice given to any trustee is considered to be given to all persons serving
18as trustee, except that if a corporate trustee or an attorney licensed to practice in this
19state is serving as a trustee, notice must be given to all such corporate trustees and
20attorney trustees.
AB803,35 21Section 35 . 701.0110 (1) (intro.) of the statutes is renumbered 701.0110 (1) and
22amended to read:
AB803,15,523 701.0110 (1) A An identified charitable organization that is expressly
24designated to receive distributions under the terms of a charitable trust and that is
25not subject to a right of substitution by the settlor or by any other party prior to the

1charitable organization becoming a distributee or permissible distributee of trust
2income or principal
has the rights of a qualified beneficiary under this chapter if the
3identified charitable organization, on the date on which the identified charitable
4organization's qualification is being determined, satisfies one of the following: is a
5current beneficiary or a presumptive remainder beneficiary.
AB803,36 6Section 36 . 701.0110 (1) (a), (b) and (c) of the statutes are repealed.
AB803,37 7Section 37 . 701.0110 (2) of the statutes is amended to read:
AB803,15,118 701.0110 (2) A An animal protector or a person appointed to enforce a trust
9created for the care of an animal or another a noncharitable purpose without an
10ascertainable beneficiary
as provided in either s. 701.0408 or 701.0409 has the rights
11of a qualified beneficiary under this chapter.
AB803,38 12Section 38 . 701.0110 (3) of the statutes is amended to read:
AB803,15,1813 701.0110 (3) The attorney general of this state has the rights of a qualified
14beneficiary under this chapter with respect to a charitable trust having its principal
15place of administration in this state only when the charitable interest to be
16represented would qualify under sub. (1) but
there is no identified charitable
17organization has been expressly designated to receive distribution under the terms
18of a charitable trust
that would qualify under sub. (1).
AB803,39 19Section 39 . 701.0111 (4) of the statutes is amended to read:
AB803,15,2220 701.0111 (4) A nonjudicial settlement agreement is valid only to the extent it
21includes terms and conditions that could be properly approved, ordered, directed, or
22otherwise determined
by a court under this chapter or other applicable law.
AB803,40 23Section 40 . 701.0111 (5) (d) of the statutes is amended to read:
AB803,15,2524 701.0111 (5) (d) The resignation or appointment of a trustee or the removal of
25a trustee and replacement with a suitable successor trustee
.
AB803,41
1Section 41. 701.0111 (5) (m) of the statutes is created to read:
AB803,16,22 701.0111 (5) (m) The modification or termination of a trust.
AB803,42 3Section 42 . 701.0111 (6) of the statutes is amended to read:
AB803,16,84 701.0111 (6) Any interested person or other person affected may request a court
5to approve a nonjudicial settlement agreement, to determine whether the
6representation as provided in subch. III was adequate, or to determine whether the
7agreement contains terms and conditions the court could have properly approved,
8ordered, directed, or otherwise determined
.
AB803,43 9Section 43 . 701.0111 (7) of the statutes is created to read:
AB803,16,1310 701.0111 (7) Notice of any nonjudicial settlement agreement shall be given to
11the settlor, if living, the trustee, each trust protector, and each directing party at least
1230 days before the proposed effective date of the nonjudicial settlement agreement.
13Notice is considered to be waived by any person who is a party to the agreement.
AB803,44 14Section 44. 701.0113 of the statutes is created to read:
AB803,16,15 15701.0113 Insurable interest of trustee. (1) In this section:
AB803,16,1716 (a) “Relative” means a spouse or individual related within the 1st, 2nd, or 3rd
17degree of kinship under s. 990.001 (16).
AB803,16,1918 (b) “Settlor” means a person that executes a trust instrument and includes a
19person for whom a fiduciary or agent is acting.
AB803,16,23 20(2) A trustee of a trust has an insurable interest in the life of an individual
21insured under a life insurance policy that is owned by the trustee of the trust acting
22in a fiduciary capacity or that designates the trust itself as the owner if, on the date
23the policy is issued, all of the following apply:
AB803,16,2424 (a) The insured is any of the following:
AB803,16,2525 1. A settlor of the trust.
AB803,17,2
12. An individual in whom a settlor of the trust has, or would have had if living
2at the time the policy was issued, an insurable interest.
AB803,17,43 (b) The life insurance proceeds are primarily for the benefit of one or more trust
4beneficiaries who have any of the following:
AB803,17,55 1. An insurable interest in the life of the insured.
AB803,17,86 2. A substantial interest engendered by love or affection in the continuation of
7the life of the insured and, if not included under subd. 1., the beneficiary is a relative
8or stepchild of the insured.
AB803,45 9Section 45 . 701.0201 (3) (km) of the statutes is created to read:
AB803,17,1110 701.0201 (3) (km) Releasing a trustee, directing party, trust protector, or other
11person acting in a fiduciary capacity from liability for an action relating to the trust.
AB803,46 12Section 46 . 701.0201 (4) of the statutes is created to read:
AB803,17,1613 701.0201 (4) Except as otherwise provided in this chapter, and as applicable,
14the probate procedure described in ch. 879 applies to a proceeding brought by a
15trustee, trust protector, directing party, or beneficiary concerning the administration
16of a trust.
AB803,47 17Section 47 . 701.0203 (1) of the statutes is amended to read:
AB803,17,2318 701.0203 (1) The circuit court assigned to exercise probate jurisdiction has
19exclusive jurisdiction of proceedings in this state brought by a trustee, trust
20protector, directing party, or beneficiary concerning the administration of a trust.
21Except as otherwise provided in this chapter, and as applicable, the probate
22procedure described in ch. 879 applies to a proceeding brought by a trustee, trust
23protector, directing party, or beneficiary concerning the administration of a trust.
AB803,48 24Section 48 . 701.0302 (title) of the statutes is amended to read:
AB803,18,2
1701.0302 (title) Representation by holder of general power of
2appointment
powerholder of certain powers of appointment.
AB803,49 3Section 49 . 701.0302 of the statutes is renumbered 701.0302 (2) and amended
4to read:
AB803,18,125 701.0302 (2) To the extent there is no conflict of interest between a holder of
6a general power of appointment
powerholder and a person the persons represented
7with respect to the particular question or dispute, the holder powerholder of a
8nongeneral power of appointment other than a broad limited power of appointment

9may represent and bind the person all persons or all members of a class of persons,
10including permissible appointees and takers in default,
whose interests, as a
11permissible appointee, a taker in default, or otherwise, are subject to
may be limited
12by the exercise or nonexercise of
the power.
AB803,50 13Section 50 . 701.0302 (1) of the statutes is created to read:
AB803,18,2114 701.0302 (1) The powerholder of a general power of appointment exercisable
15in favor of the powerholder or the powerholder's estate or the powerholder of a broad
16limited power of appointment may represent and bind all persons, including
17permissible appointees and takers in default, whose interests may be eliminated by
18the exercise or nonexercise of the power. For purposes of this subsection, a general
19power of appointment does not include powers of appointment exercisable only in
20favor of the creditors of the powerholder, the creditors of the powerholder's estate,
21or both.
AB803,51 22Section 51 . 701.0303 (4) of the statutes is amended to read:
AB803,18,2423 701.0303 (4) A trustee may represent and bind the beneficiaries of the trust,
24except as to matters relating to the administration or distribution of the trust
.
AB803,52 25Section 52 . 701.0303 (5) of the statutes is amended to read:
AB803,19,3
1701.0303 (5) A personal representative of a decedent's estate may represent
2and bind a person interested in the estate, except as to matters relating to the
3administration or distribution of the estate
.
AB803,53 4Section 53 . 701.0303 (6) (intro.) of the statutes is amended to read:
AB803,19,95 701.0303 (6) (intro.) A parent may represent and bind the parent's minor or
6unborn child, such child's minor and unborn issue, and the minor and unborn issue
7of a then deceased child
. If a disagreement arises between parents seeking to
8represent the same minor child or unborn child individual, representation is
9determined as follows:
AB803,54 10Section 54 . 701.0303 (6) (a) of the statutes is amended to read:
AB803,19,1411 701.0303 (6) (a) If only one parent is a beneficiary of the trust that is the subject
12of the representation, that parent may represent and bind the minor child or unborn
13child, such child's minor and unborn issue, and the minor and unborn issue of a then
14deceased child
.
AB803,55 15Section 55 . 701.0303 (6) (b) of the statutes is amended to read:
AB803,19,2016 701.0303 (6) (b) If both parents are beneficiaries of the trust that is the subject
17of the representation, the parent who is related to the settlor, other than by reason
18of being married to the other parent, may represent and bind the minor child or
19unborn child, such child's minor and unborn issue, and the minor and unborn issue
20of a then deceased child
.
AB803,56 21Section 56 . 701.0303 (6) (c) of the statutes is amended to read:
AB803,20,222 701.0303 (6) (c) Subject to s. 701.0301 (4), if neither parent is a beneficiary of
23the trust that is the subject of the representation, the parent who is the settlor of the
24trust that is the subject of the representation may represent and bind the minor child

1or unborn child, such child's minor and unborn issue, and the minor and unborn issue
2of a then deceased child
.
AB803,57 3Section 57 . 701.0303 (6) (d) of the statutes is amended to read:
AB803,20,84 701.0303 (6) (d) If neither parent is a beneficiary or settlor of the trust that is
5the subject of the representation, the parent who is related to the settlor, other than
6by reason of being married to the other parent, may represent and bind the minor
7child or unborn child, such child's minor and unborn issue, and the minor and unborn
8issue of a then deceased child
.
AB803,58 9Section 58 . 701.0303 (6) (e) of the statutes is created to read:
AB803,20,1210 701.0303 (6) (e) If an individual that is the subject of the representation is
11eligible to be represented by more than one ancestor under this subsection, the
12individual's nearest ancestor may represent and bind such individual.
AB803,59 13Section 59 . 701.0304 of the statutes is renumbered 701.0304 (1).
AB803,60 14Section 60 . 701.0304 (2) of the statutes is created to read:
AB803,20,1515 701.0304 (2) (a) In this subsection:
AB803,20,1916 1. “Contingent successor remainder beneficiary” means a beneficiary who
17would succeed to the interest of a presumptive remainder beneficiary if the
18presumptive remainder beneficiary and all of the current beneficiaries failed to take
19such interest.
AB803,20,2220 2. “More remote contingent successor remainder beneficiary” means any
21contingent successor remainder beneficiary whose interest arises only upon the
22failure of the interest of another contingent successor remainder beneficiary.
AB803,21,323 (b) A presumptive remainder beneficiary or a person authorized to represent
24the presumptive remainder beneficiary under sub. (1) may represent and bind a
25contingent successor remainder beneficiary or a more remote contingent successor

1remainder beneficiary for the same purposes, in the same circumstances, and to the
2same extent as an ascertainable beneficiary may represent and bind a minor or
3person who is incapacitated, unborn, or not reasonably ascertainable.
AB803,21,94 (c) If a presumptive remainder beneficiary does not represent a more remote
5contingent successor remainder beneficiary, a contingent successor remainder
6beneficiary may represent and bind a more remote contingent successor remainder
7beneficiary for the same purposes, in the same circumstances, and to the same extent
8as an ascertainable beneficiary may represent and bind a minor or person who is
9incapacitated, unborn, or not reasonably ascertainable.
AB803,21,1310 (d) A contingent successor remainder beneficiary or a more remote contingent
11successor remainder beneficiary may be represented under pars. (b) and (c) whether
12or not the contingent successor remainder beneficiary or more remote contingent
13successor remainder beneficiary lacks capacity.
AB803,21,1714 (e) Under pars. (b) and (c), the difference between a beneficiary's interest as a
15presumptive remainder beneficiary or contingent successor remainder beneficiary
16does not constitute a conflict of interest as to any more remote contingent successor
17remainder beneficiary.
AB803,61 18Section 61 . 701.0305 (1) of the statutes is renumbered 701.0305.
AB803,62 19Section 62 . 701.0305 (2) of the statutes is renumbered 701.0307 (1).
AB803,63 20Section 63 . 701.0305 (3) of the statutes is renumbered 701.0307 (2).
AB803,64 21Section 64 . 701.0306 of the statutes is created to read:
AB803,22,2 22701.0306 Designated representative. (1) If specifically nominated in the
23trust instrument, one or more persons may be designated to represent and bind a
24beneficiary and receive any notice, information, accounting, or report. The trust
25instrument may also authorize any one or more persons to designate one or more

1persons to represent and bind a beneficiary and receive any notice, information,
2accounting, or report.
AB803,22,4 3(2) Except as otherwise provided in this chapter, a person designated in sub.
4(1) may not represent and bind a beneficiary while that person is serving as trustee.
AB803,22,7 5(3) Except as otherwise provided in this chapter, a person designated in sub.
6(1) may not represent and bind another beneficiary if the person designated also is
7a beneficiary, unless one of the following applies:
AB803,22,88 (a) That person was named by the settlor.
AB803,22,99 (b) That person is one of the following:
AB803,22,1010 1. The beneficiary's spouse.
AB803,22,1111 2. A grandparent or descendant of a grandparent of the beneficiary.
AB803,22,1212 3. A grandparent or descendant of a grandparent of the beneficiary's spouse.
AB803,65 13Section 65 . 701.0307 (title) of the statutes is created to read:
AB803,22,14 14701.0307 (title) Role of a representative or guardian ad litem.
AB803,66 15Section 66 . 701.0308 of the statutes is created to read:
AB803,22,19 16701.0308 Liability of representative. No representative or guardian ad
17litem is liable to the beneficiary whose interests are represented, or to anyone
18claiming through that beneficiary, for any actions or omissions to act made in good
19faith.
AB803,67 20Section 67 . 701.0401 (5m) of the statutes is created to read:
AB803,22,2521 701.0401 (5m) A declaration of an intent to create a trust with the intention
22that the trust will later be funded by assets of the person who created the trust or
23by another person with legal authority to fund the trust. The person making the
24declaration is considered to have created the trust, regardless of whether the person
25funds the trust with the person's own assets.
AB803,68
1Section 68. 701.0402 (1) (e) of the statutes is amended to read:
AB803,23,32 701.0402 (1) (e) The same person is not the sole trustee and sole beneficiary,
3and there are no remainder beneficiaries other than the person's estate
.
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