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SB759,10,1212 701.0103 (3u) “Charitable organization” means any of the following:
SB759,10,1413 (a) A person, other than an individual, organized and operated exclusively for
14charitable purposes.
SB759,10,1615 (b) A government or governmental subdivision, agency, or instrumentality, to
16the extent it holds funds exclusively for a charitable purpose.
SB759,13 17Section 13 . 701.0103 (3x) of the statutes is created to read:
SB759,10,2118 701.0103 (3x) “Charitable purpose” means the relief of poverty, the
19advancement of education or religion, the promotion of health, a municipal or other
20governmental purpose, or another purpose the achievement of which is beneficial to
21the community.
SB759,14 22Section 14 . 701.0103 (4) of the statutes is amended to read:
SB759,10,2523 701.0103 (4) “Charitable trust" means a trust, or portion of a trust, created for
24a charitable purpose described in s. 701.0405 (1). This subsection does not apply in
25s. 701.1201.
SB759,15
1Section 15. 701.0103 (5g) of the statutes is created to read:
SB759,11,22 701.0103 (5g) “Court” means the court that is identified in s. 701.0203 (1).
SB759,16 3Section 16 . 701.0103 (5w) of the statutes is created to read:
SB759,11,74 701.0103 (5w) “Current beneficiary” means a beneficiary that on the date the
5beneficiary's qualification is determined is a distributee or permissible distributee
6of trust income or principal or is the holder of a presently exercisable general power
7of appointment.
SB759,17 8Section 17 . 701.0103 (9) of the statutes is amended to read:
SB759,11,109 701.0103 (9) “General power of appointment" has the meaning given in s.
10702.02 (5) 702.102 (7).
SB759,18 11Section 18 . 701.0103 (11p) of the statutes is created to read:
SB759,11,1612 701.0103 (11p) “Identified charitable organization” means a charitable
13organization that is expressly designated to receive distributions under the terms of
14a charitable trust and that is not subject to a right of substitution by the settlor or
15by any other party prior to the charitable organization becoming a current
16beneficiary.
SB759,19 17Section 19 . 701.0103 (15m) of the statutes is created to read:
SB759,11,1818 701.0103 (15m) “Issue” has the meaning given in s. 851.13.
SB759,20 19Section 20 . 701.0103 (18) of the statutes is amended to read:
SB759,11,2120 701.0103 (18) “Power of appointment" has the meaning given in s. 702.02 (6)
21702.102 (14).
SB759,21 22Section 21 . 701.0103 (19m) of the statutes is created to read:
SB759,11,2323 701.0103 (19m) “Powerholder” has the meaning given in s. 702.102 (15).
SB759,22 24Section 22 . 701.0103 (19r) of the statutes is created to read:
SB759,12,2
1701.0103 (19r) “Presently exercisable power of appointment” has the meaning
2given in s. 702.102 (16).
SB759,23 3Section 23 . 701.0103 (19v) of the statutes is created to read:
SB759,12,84 701.0103 (19v) “Presumptive remainder beneficiary” means, without
5considering the existence or exercise of a power of appointment, other than a power
6of appointment that has been irrevocably exercised and notice of the exercise has
7been given to the trustee, a beneficiary that on the date the beneficiary's qualification
8is determined, would be any of the following:
SB759,12,119 (a) A distributee or permissible distributee of trust income or principal if the
10interests of any current beneficiary terminated on that date without causing the
11trust to terminate.
SB759,12,1312 (b) A distributee or permissible distributee of trust income or principal if the
13trust terminated on that date.
SB759,12,1614 (c) If the terms of the trust do not provide for its termination, a distributee or
15permissible distributee of income or principal of the trust if all the current
16beneficiaries of the trust were deceased or no longer exist.
SB759,24 17Section 24 . 701.0103 (21) (intro.) of the statutes is amended to read:
SB759,12,2018 701.0103 (21) (intro.) “Qualified beneficiary" means a beneficiary who that, on
19the date on which the beneficiary's qualification is determined, satisfies is any of the
20following:
SB759,25 21Section 25 . 701.0103 (21) (a) and (b) of the statutes are repealed and recreated
22to read:
SB759,12,2323 701.0103 (21) (a) A current beneficiary.
SB759,12,2424 (b) A presumptive remainder beneficiary.
SB759,26 25Section 26 . 701.0103 (21m) of the statutes is created to read:
SB759,13,3
1701.0103 (21m) “Record” means information that is inscribed on a tangible
2medium or that is stored in an electronic or other medium and is retrievable in
3perceivable form.
SB759,27 4Section 27 . 701.0103 (23) of the statutes is amended to read:
SB759,13,105 701.0103 (23) “Settlor" Except as otherwise provided in ss. 701.0113 and
6701.1325, “settlor”
means a person, including a testator, who creates or contributes
7property to a trust. If more than one person creates or contributes property to a trust,
8each person is a settlor of the portion of the trust property attributable to that
9person's contribution except to the extent another person has the power to revoke the
10trust or withdraw that portion.
SB759,28 11Section 28 . 701.0103 (23m) of the statutes is created to read:
SB759,13,1312 701.0103 (23m) “Sign” means, with present intent to authenticate or adopt a
13record, to do any of the following:
SB759,13,1414 (a) Execute or adopt a tangible symbol.
SB759,13,1615 (b) Attach to or logically associate with the record an electronic symbol, sound,
16or process.
SB759,29 17Section 29 . 701.0103 (24) of the statutes is renumbered 701.0103 (16m) and
18amended to read:
SB759,13,2019 701.0103 (16m) “Special “ Nongeneral power of appointment" has the meaning
20given in s. 702.02 (7) 702.102 (11).
SB759,30 21Section 30 . 701.0103 (27) of the statutes is amended to read:
SB759,13,2522 701.0103 (27) “Terms of a trust" means the manifestation of the settlor's intent
23regarding a trust's provisions as expressed in the trust instrument or, as may be
24established by other evidence that would be admissible in a judicial proceeding, or
25as may be established by court order or nonjudicial settlement agreement
.
SB759,31
1Section 31. 701.0103 (30) of the statutes is amended to read:
SB759,14,82 701.0103 (30) “Trust instrument" means an instrument, including any
3amendments or modifications to the instrument under s. 701.0111 or subch. IV, that
4is executed
a record signed by the settlor that contains terms of to create a trust or
5is created under a statute, judgment, or decree that orders property to be transferred
6to a trustee to be administered for the benefit of a beneficiary
, or by any person to
7create a 2nd trust as provided under subch. XIII, that contains some or all of the
8terms of the trust, and includes any amendments or modifications
.
SB759,32 9Section 32 . 701.0109 (title) of the statutes is amended to read:
SB759,14,10 10701.0109 (title) Methods and waiver of notice; waiver.
SB759,33 11Section 33 . 701.0109 (3) of the statutes is amended to read:
SB759,14,1412 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.
SB759,34 15Section 34 . 701.0109 (5) of the statutes is created to read:
SB759,14,2016 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.
SB759,35 21Section 35 . 701.0110 (1) (intro.) of the statutes is renumbered 701.0110 (1) and
22amended to read:
SB759,15,523 701.0110 (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.
SB759,36 6Section 36 . 701.0110 (1) (a), (b) and (c) of the statutes are repealed.
SB759,37 7Section 37 . 701.0110 (2) of the statutes is amended to read:
SB759,15,118 701.0110 (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.
SB759,38 12Section 38 . 701.0110 (3) of the statutes is amended to read:
SB759,15,1813 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).
SB759,39 19Section 39 . 701.0111 (4) of the statutes is amended to read:
SB759,15,2220 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.
SB759,40 23Section 40 . 701.0111 (5) (d) of the statutes is amended to read:
SB759,15,2524 701.0111 (5) (d) The resignation or appointment of a trustee or the removal of
25a trustee and replacement with a suitable successor trustee
.
SB759,41
1Section 41. 701.0111 (5) (m) of the statutes is created to read:
SB759,16,22 701.0111 (5) (m) The modification or termination of a trust.
SB759,42 3Section 42 . 701.0111 (6) of the statutes is amended to read:
SB759,16,84 701.0111 (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
.
SB759,43 9Section 43 . 701.0111 (7) of the statutes is created to read:
SB759,16,1310 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.
SB759,44 14Section 44. 701.0113 of the statutes is created to read:
SB759,16,15 15701.0113 Insurable interest of trustee. (1) In this section:
SB759,16,1716 (a) “Relative” means a spouse or individual related within the 1st, 2nd, or 3rd
17degree of kinship under s. 990.001 (16).
SB759,16,1918 (b) “Settlor” means a person that executes a trust instrument and includes a
19person for whom a fiduciary or agent is acting.
SB759,16,23 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:
SB759,16,2424 (a) The insured is any of the following:
SB759,16,2525 1. A settlor of the trust.
SB759,17,2
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.
SB759,17,43 (b) The life insurance proceeds are primarily for the benefit of one or more trust
4beneficiaries who have any of the following:
SB759,17,55 1. An insurable interest in the life of the insured.
SB759,17,86 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.
SB759,45 9Section 45 . 701.0201 (3) (km) of the statutes is created to read:
SB759,17,1110 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.
SB759,46 12Section 46 . 701.0201 (4) of the statutes is created to read:
SB759,17,1613 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.
SB759,47 17Section 47 . 701.0203 (1) of the statutes is amended to read:
SB759,17,2318 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.
SB759,48 24Section 48 . 701.0302 (title) of the statutes is amended to read:
SB759,18,2
1701.0302 (title) Representation by holder of general power of
2appointment
powerholder of certain powers of appointment.
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