54.852(21) (21) Application of section. The provisions of this section relating to surety bonds and the administration of estates of wards shall apply to all “income” and “estate” as defined in sub. (1) whether the guardian shall have been appointed under this section or under any other law of this state, special or general, prior or subsequent to June 5, 1947.

54.852 History History: 1971 c. 41 ss. 8, 12; Stats. 1971 s. 880.60; 1973 c. 284; 1973 c. 333 s. 201m; 1979 c. 89; 1983 a. 189; 1989 a. 56; 1993 a. 486; 1999 a. 63, 85; 2005 a. 22; 2005 a. 387 ss. 518 to 525; Stats. 2005 s. 54.852.

54.854 54.854 Uniform transfers to minors act; definitions. In ss. 54.854 to 54.898:

54.854(1) (1) “Adult” means an individual who has attained the age of 21 years.

54.854(2) (2) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for that person’s account or for the account of others.

54.854(3) (3) Notwithstanding s. 54.01 (3), “conservator” means a person appointed or qualified by a court to act as general, limited or temporary guardian of a minor’s property or a person legally authorized to perform substantially the same functions.

54.854(4) (4) Notwithstanding s. 54.01 (4), “court” means the circuit court.

54.854(5) (5) “Custodial property” means any interest in property transferred to a custodian under ss. 54.854 to 54.898 and the income from and proceeds of that interest in property.

54.854(6) (6) “Custodian” means a person so designated under s. 54.870 or a successor or substitute custodian designated under s. 54.888.

54.854(7) (7) “Financial institution” means a bank, trust company, savings bank, savings and loan association or other savings institution, or credit union, chartered and supervised under state or federal law.

54.854(8) (8) “Legal representative” means an individual’s personal representative or conservator.

54.854(9) (9) “Member of the minor’s family” means the minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption.

54.854(10) (10) Notwithstanding s. 54.01 (20), “minor” means an individual who has not attained the age of 21 years.

54.854(11) (11) Notwithstanding s. 54.01 (23), “personal representative” means an executor, administrator, successor personal representative or special administrator of a decedent’s estate or a person legally authorized to perform substantially the same functions.

54.854(11m) (11m) “Qualified minor’s trust” means any trust, including a trust created by the custodian, that satisfies the requirements of section 2503 (c) of the Internal Revenue Code and the regulations implementing that section.

54.854(12) (12) “State” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and any territory or possession subject to the legislative authority of the United States.

54.854(13) (13) “Transfer” means a transaction that creates custodial property under s. 54.870.

54.854(14) (14) “Transferor” means a person who makes a transfer under ss. 54.854 to 54.898.

54.854(15) (15) “Trust company” means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.

54.854 History History: 1987 a. 191; 1991 a. 221; 2005 a. 216; 2005 a. 387 s. 527; Stats. 2005 s. 54.854.

54.856 54.856 Scope and jurisdiction.

54.856(1) (1) Sections 54.854 to 54.898 apply to a transfer that refers to ss. 54.854 to 54.898 in the designation under s. 54.870 (1) by which the transfer is made if at the time of the transfer the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to ss. 54.854 to 54.898 despite a subsequent change in residence of a transferor, the minor or the custodian, or the removal of custodial property from this state.

54.856(2) (2) A person designated as custodian under s. 54.870 to 54.888 is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.

54.856(3) (3) A transfer that purports to be made and which is valid under the uniform transfers to minors act, the uniform gifts to minors act or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer the transferor, the minor or the custodian is a resident of the designated state or the custodial property is located in the designated state.

54.856 History History: 1987 a. 191; 2005 a. 387 s. 528; Stats. 2005 s. 54.856.

54.858 54.858 Nomination of custodian.

54.858(1) (1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian, followed in substance by the words: “as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act”. The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment or a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights.

54.858(2) (2) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under s. 54.870 (1).

54.858(3) (3) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under s. 54.870. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property under s. 54.870.