AB803,,9898701.0111 (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.

AB803,,100100701.0111 (7) Notice of any nonjudicial settlement agreement shall be given to the settlor, if living, the trustee, each trust protector, and each directing party at least 30 days before the proposed effective date of the nonjudicial settlement agreement. Notice is considered to be waived by any person who is a party to the agreement.

AB803,,102102701.0113 Insurable interest of trustee. (1) In this section:

AB803,,103103(a) “Relative” means a spouse or individual related within the 1st, 2nd, or 3rd degree of kinship under s. 990.001 (16).

AB803,,104104(b) “Settlor” means a person that executes a trust instrument and includes a person for whom a fiduciary or agent is acting.

AB803,,105105(2) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued, all of the following apply:

AB803,,106106(a) The insured is any of the following:

AB803,,1071071. A settlor of the trust.

AB803,,1081082. An individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest.

AB803,,109109(b) The life insurance proceeds are primarily for the benefit of one or more trust beneficiaries who have any of the following:

AB803,,1101101. An insurable interest in the life of the insured.

AB803,,1111112. A substantial interest engendered by love or affection in the continuation of the life of the insured and, if not included under subd. 1., the beneficiary is a relative or stepchild of the insured.

AB803,,113113701.0201 (3) (km) Releasing a trustee, directing party, trust protector, or other person acting in a fiduciary capacity from liability for an action relating to the trust.

AB803,,115115701.0201 (4) Except as otherwise provided in this chapter, and as applicable, the probate procedure described in ch. 879 applies to a proceeding brought by a trustee, trust protector, directing party, or beneficiary concerning the administration of a trust.

AB803,,117117701.0203 (1) The circuit court assigned to exercise probate jurisdiction has exclusive jurisdiction of proceedings in this state brought by a trustee, trust protector, directing party, or beneficiary concerning the administration of a trust. Except as otherwise provided in this chapter, and as applicable, the probate procedure described in ch. 879 applies to a proceeding brought by a trustee, trust protector, directing party, or beneficiary concerning the administration of a trust.

AB803,,119119701.0302 (title) Representation by holder of general power of appointment powerholder of certain powers of appointment.

AB803,,121121701.0302 (2) To the extent there is no conflict of interest between a holder of a general power of appointment powerholder and a person the persons represented with respect to the particular question or dispute, the holder powerholder of a nongeneral power of appointment other than a broad limited power of appointment may represent and bind the person all persons or all members of a class of persons, including permissible appointees and takers in default, whose interests, as a permissible appointee, a taker in default, or otherwise, are subject to may be limited by the exercise or nonexercise of the power.

AB803,,123123701.0302 (1) The powerholder of a general power of appointment exercisable in favor of the powerholder or the powerholder’s estate or the powerholder of a broad limited power of appointment may represent and bind all persons, including permissible appointees and takers in default, whose interests may be eliminated by the exercise or nonexercise of the power. For purposes of this subsection, a general power of appointment does not include powers of appointment exercisable only in favor of the creditors of the powerholder, the creditors of the powerholder’s estate, or both.