Chapter 701

701.1108   Power to treat capital gains as part of a distribution.

701.1109   Judicial review of discretionary power.

701.1110   Determination and distribution of net income.

701.1111   Distribution to residuary and remainder beneficiaries.

701.1112   When right to income begins and ends.

701.1113   Apportionment of receipts and disbursements when decedent dies or income interest begins.

701.1114   Apportionment when income interest ends.

701.1115   Character of receipts.

701.1116   Distribution from trust or estate.

701.1117   Business and other activities conducted by trustee.

701.1118   Principal receipts.

701.1119   Rental property.

701.1120   Obligation to pay money.

701.1121   Insurance policies and similar contracts.

701.1122   Insubstantial allocations not required.

701.1123   Deferred compensation, annuities, and similar payments.

701.1124   Liquidating asset.

701.1125   Minerals, water, and other natural resources.

701.1126   Timber.

701.1127   Property not productive of income.

701.1128   Derivatives and options.

701.1129   Asset-backed securities.

701.1130   Disbursements from income.

701.1131   Disbursements from principal.

701.1132   Transfers from income to principal for depreciation.

701.1133   Transfers from income to reimburse principal.

701.1134   Income taxes.

701.1135   Adjustments between principal and income because of taxes.

701.1136   Income payments and accumulations.

SUBCHAPTER XII

MISCELLANEOUS PROVISIONS

701.1201   Private foundations.

701.1202   Electronic records and signatures.

701.1203   Uniformity of application and construction.

701.1204   Applicability of general transfers at death provisions.

701.1205   Applicability.

SUBCHAPTER XIII

UNIFORM TRUST DECANTING ACT

701.1301   Short title.

701.1302   Definitions.

701.1303   Scope.

701.1304   Fiduciary duty.

701.1305   Application; governing law.

701.1306   Reasonable reliance.

701.1307   Notice; exercise of decanting power.

701.1309   Court involvement.

701.1310   Formalities.

701.1311   Decanting power under expanded distributive discretion.

701.1312   Decanting power under limited distributive discretion.

701.1313   Trust for beneficiary with disability.

701.1314   Protection of charitable interest.

701.1315   Trust limitation on decanting.

701.1316   Change in compensation.

701.1317   Relief from liability and indemnification.

701.1318   Removal or replacement of authorized fiduciary.

701.1319   Tax-related limitations.

701.1320   Duration of 2nd trust.

701.1321   Need to distribute not required.

701.1322   Saving provision.

701.1323   Trust for care of animal.

701.1324   Terms of 2nd trust.

701.1325   Settlor.

701.1326   Later-discovered property.

701.1327   Obligations.

subch. I of ch. 701 SUBCHAPTER I

GENERAL PROVISIONS AND DEFINITIONS

701.0101 701.0101 Short title. This chapter may be cited as the Wisconsin Trust Code.

701.0101 History History: 2013 a. 92.

701.0101 Annotation Estate Planning Metamorphosis: Wisconsin’s New Trust Code. Schultz & Wiensch. Wis. Law. June 2014.

701.0102 701.0102 Scope. This chapter applies to express, charitable or noncharitable, and testamentary or living trusts, and any trust created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. This chapter does not apply to any of the following:

701.0102(1) (1) A constructive or resulting trust.

701.0102(2) (2) A guardianship.

701.0102(3) (3) A conservatorship.

701.0102(4) (4) A custodial arrangement made pursuant to the Uniform Transfers to Minors Act under ss. 54.854 to 54.898 or the Uniform Custodial Trust Act under ss. 54.950 to 54.988.

701.0102(5) (5) A common trust or a collective investment fund.

701.0102(6) (6) A trust created by a depository agreement with a financial institution.

701.0102(7) (7) A trust made in connection with a business transaction, including a trust created under a bond indenture or collateral trust agreement or in connection with a structured finance transaction, a common law trust under s. 226.14, or a business trust.

701.0102(8) (8) A voting trust.

701.0102(9) (9) A fund maintained pursuant to court order in conjunction with a bankruptcy proceeding, business liquidation, or class action lawsuit.

701.0102(10) (10) A trust that is part of an employee benefit arrangement or an individual retirement account.

701.0102(11) (11) A trust established under a qualified tuition savings program or education savings account.

701.0102(12) (12) A trust account maintained on behalf of a client or customer by a licensed service professional, including a trust account maintained by an attorney or by a real estate broker.

701.0102(12m) (12m) An account that is part of a qualified ABLE program under section 529A (b) of the Internal Revenue Code.

701.0102(13) (13) Any other arrangement under which a person is a nominee or escrowee for another.

701.0102 History History: 2013 a. 92; 2023 a. 127.

701.0103 701.0103 Definitions. In this chapter:

701.0103(1) (1) “Action,” with respect to an act of a trustee, directing party, or trust protector, includes a failure to act.

701.0103(1m) (1m) “Animal protector” means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the trust, a person appointed by the court for that purpose.