SB759,105296Section 105. 701.0813 (5) of the statutes is amended to read:
SB759,,297297701.0813 (5) Subsections (2) (b) and, (c), and (d) and (3) do not apply to a trustee who accepts a trusteeship before July 1, 2014, to an irrevocable trust created before July 1, 2014, or to a revocable trust that becomes irrevocable before July 1, 2014.
SB759,106298Section 106. 701.0813 (6) and (7) of the statutes are created to read:
SB759,,299299701.0813 (6) The trustee has no duty to provide information about the administration of the trust to the settlor, but the trustee may provide such information if the trustee chooses to do so.
SB759,,300300(7) The trust instrument may expand, restrict, eliminate, or otherwise vary the right of a beneficiary or class of beneficiaries to be informed of the beneficiary’s interest in a trust or to receive any or all information concerning the trust, and may do so for any period of time, including for the lifetime of a beneficiary or a class of beneficiaries. If there is no current acting representative of such a beneficiary or class of beneficiaries in accordance with the trust instrument, and a provision to appoint such a representative is not provided for in the trust instrument, the trustee may appoint a representative for a beneficiary or class of beneficiaries whose rights to information have been restricted or eliminated by the trust instrument.
SB759,107301Section 107. 701.0815 (3) of the statutes is created to read:
SB759,,302302701.0815 (3) A trustee has no power to give warranties in a sale, mortgage, or lease that are binding on the trustee personally.
SB759,108303Section 108. 701.0816 (29) of the statutes is created to read:
SB759,,304304701.0816 (29) Fund a trust or account that meets the requirements under 42 USC 1396p (d) (4) (A) or (C) for the benefit of an individual with a disability.
SB759,109305Section 109. 701.0816 (30) of the statutes is created to read:
SB759,,306306701.0816 (30) Fund an account that is part of an ABLE program under section 529A of the Internal Revenue Code for a beneficiary’s benefit.
SB759,110307Section 110. 701.0817 (3) (b) of the statutes is amended to read:
SB759,,308308701.0817 (3) (b) The beneficiary, at the time of the release, did not know of the beneficiary’s rights or have a reasonable opportunity to know of the material facts relating to the breach.
SB759,111309Section 111. 701.0818 (2) (b) 2. h. of the statutes is repealed and recreated to read:
SB759,,310310701.0818 (2) (b) 2. h. Exercise a decanting power under subch. XIII or direct an authorized fiduciary, as defined in s. 701.1302 (1), to exercise a decanting power under subch. XIII.
SB759,112311Section 112. 701.1005 (1) of the statutes is amended to read:
SB759,,312312701.1005 (1) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the earlier of either the date on which the beneficiary or a representative of the beneficiary waived the right to a report under s. 701.0813 (4) or the date on which the beneficiary or a representative of the beneficiary was sent a report or other record that adequately disclosed the existence of a potential claim for breach of trust.
SB759,113313Section 113. 701.1005 (2) of the statutes is amended to read:
SB759,,314314701.1005 (2) A report or other record adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.
SB759,114315Section 114. 701.1009 (2) of the statutes is amended to read:
SB759,,316316701.1009 (2) At the time of the consent, release, or ratification, the beneficiary did not have knowledge or a reasonable opportunity to obtain knowledge of the beneficiary’s rights or of the material facts relating to the breach.
SB759,115317Section 115. 701.1105 (1) (b) of the statutes is amended to read:
SB759,,318318701.1105 (1) (b) Is given in the manner provided in ch. 879, except that notice by publication is not required s. 701.0109.
SB759,116319Section 116. 701.1136 (1) of the statutes is amended to read:
SB759,,320320701.1136 (1) Distribution of income. Except as otherwise determined by the trustee or a court under s. 701.1106 with respect to unitrust distributions, if a beneficiary is entitled to receive income from a trust, but the trust instrument fails to specify how frequently it is to be paid a current beneficiary is to receive income from the trust, the trustee shall distribute at least annually the income to which such the current beneficiary is entitled at least annually.
SB759,117321Section 117. Subchapter XIII of chapter 701 [precedes 701.1301] of the statutes is created to read:
SB759,,322322CHAPTER 701
SB759,,324323SUBCHAPTER XIII
324UNIFORM TRUST DECANTING ACT
SB759,,325325701.1301 Short title. This subchapter may be cited as the Uniform Trust Decanting Act.