Wisconsin Trust Code
Wisconsin · Trusts · §§ 701.0101 to 701.1205 · 108 sections
Overview
This act governs the creation, administration, and termination of private and charitable trusts. It sets out how a trust is formed — the methods of creation, the intent and capacity required of the settlor and trustee, the property that funds it, and the writing requirements it must satisfy — and it supplies default rules that apply unless the terms of the trust provide otherwise, alongside a smaller set of mandatory rules that override contrary terms. It also establishes mechanisms for changing a trust after it exists, including revocation or amendment by the settlor, judicial modification, reformation, or termination, division and combination of trusts, termination of trusts too small to justify administration, and distribution of trust property into a second trust, and it addresses recurring substantive questions such as spendthrift provisions, forfeiture clauses, perpetuities limits, and trusts for the care of an animal.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 20 court decisions.
Most-cited authority: 380 Wis. 2d 108 - Laatsch v. Derzon (In re Estate of Derzon)
Sections covered
- Wis. Stat. § 701.0101Short title
- Wis. Stat. § 701.0102Scope
- Wis. Stat. § 701.0103Definitions1 cite
- Wis. Stat. § 701.0104Knowledge
- Wis. Stat. § 701.0105Default and mandatory rules
- Wis. Stat. § 701.0106Common law of trusts; principles of equity1 cite
- Wis. Stat. § 701.0107Governing law
- Wis. Stat. § 701.0108Principal place of administration
- Wis. Stat. § 701.0109Methods of notice; waiver
- Wis. Stat. § 701.0110Others treated as qualified beneficiaries1 cite
- Wis. Stat. § 701.0111Nonjudicial settlement agreements
- Wis. Stat. § 701.0113Insurable interest of trustee
- Wis. Stat. § 701.0201Role of court in administration of trust1 cite
- Wis. Stat. § 701.0202Personal jurisdiction
- Wis. Stat. § 701.0203Subject matter jurisdiction
- Wis. Stat. § 701.0204Venue
- Wis. Stat. § 701.0205Notice
- Wis. Stat. § 701.0206Attorney for person in military service
- Wis. Stat. § 701.0301Representation: basic effect
- Wis. Stat. § 701.0302Representation by powerholder of certain powers of appointment
- Wis. Stat. § 701.0303Representation by fiduciaries, parents, or a person appointed by a trustee
- Wis. Stat. § 701.0304Representation by person having substantially identical interest
- Wis. Stat. § 701.0305Appointment of representative by a court
- Wis. Stat. § 701.0306Designated representative
- Wis. Stat. § 701.0307Role of a representative or guardian ad litem
- Wis. Stat. § 701.0308Liability of representative
- Wis. Stat. § 701.0401Methods of creating a trust
- Wis. Stat. § 701.0402Requirements for creation
- Wis. Stat. § 701.0403Trusts created in other jurisdictions
- Wis. Stat. § 701.0404Trust purposes
- Wis. Stat. § 701.0405Charitable purposes; enforcement
- Wis. Stat. § 701.0406Creation of trust induced by fraud, duress, or undue influence
- Wis. Stat. § 701.0407Evidence of oral trust
- Wis. Stat. § 701.0408Trust for care of animal
- Wis. Stat. § 701.0409Noncharitable trust without ascertainable beneficiary
- Wis. Stat. § 701.0410Modification or termination of trust; proceedings for approval or disapproval
- Wis. Stat. § 701.0411Modification or termination of noncharitable irrevocable trust by consent
- Wis. Stat. § 701.0412Modification or termination because of unanticipated circumstances or inability to administer trust effectively1 cite
- Wis. Stat. § 701.0413Cy pres
- Wis. Stat. § 701.0414Modification or termination of uneconomic trust
- Wis. Stat. § 701.0415Reformation to correct mistakes
- Wis. Stat. § 701.0416Modification or termination to achieve settlor’s tax objectives
- Wis. Stat. § 701.0417Combination and division of trusts1 cite
- Wis. Stat. § 701.0419Transfers to trusts
- Wis. Stat. § 701.0501Rights of beneficiary’s creditor or assignee
- Wis. Stat. § 701.0502Spendthrift provision
- Wis. Stat. § 701.0503Exceptions to spendthrift provision
- Wis. Stat. § 701.0504Discretionary trusts; effect of standard
- Wis. Stat. § 701.0505Creditor’s claim against settlor
- Wis. Stat. § 701.0506Overdue distribution
- Wis. Stat. § 701.0507Personal obligations of trustee
- Wis. Stat. § 701.0508Debts of deceased settlor
- Wis. Stat. § 701.0509Procedures for claims for debts of a deceased settlor; revocable trusts
- Wis. Stat. § 701.0601Capacity of settlor of revocable trust1 cite
- Wis. Stat. § 701.0602Revocation or amendment of revocable trust
- Wis. Stat. § 701.0603Settlor’s powers; powers of withdrawal
- Wis. Stat. § 701.0604Limitation on action contesting validity of revocable trust; distribution of trust property1 cite
- Wis. Stat. § 701.0605Future interests in trust
- Wis. Stat. § 701.0701Accepting or declining trusteeship
- Wis. Stat. § 701.0702Trustee’s bond
- Wis. Stat. § 701.0703Cotrustees
- Wis. Stat. § 701.0704Vacancy in trusteeship; appointment of successor
- Wis. Stat. § 701.0705Resignation of trustee
- Wis. Stat. § 701.0706Removal of trustee1 cite
- Wis. Stat. § 701.0707Delivery of property by former trustee
- Wis. Stat. § 701.0708Compensation of trustee
- Wis. Stat. § 701.0709Reimbursement of expenses
- Wis. Stat. § 701.0710Title of trust property
- Wis. Stat. § 701.0801Duty to administer trust1 cite
- Wis. Stat. § 701.0802Duty of loyalty1 cite
- Wis. Stat. § 701.0803Impartiality
- Wis. Stat. § 701.0804Prudent administration
- Wis. Stat. § 701.0805Costs of administration
- Wis. Stat. § 701.0806Trustee’s skills
- Wis. Stat. § 701.0807Delegation by trustee
- Wis. Stat. § 701.0808Powers to direct; directing parties1 cite
- Wis. Stat. § 701.0809Control and protection of trust property
- Wis. Stat. § 701.0810Record keeping and identification of trust property
- Wis. Stat. § 701.0811Enforcement and defense of claims
- Wis. Stat. § 701.0812Collecting trust property; duties of successor trustees
- Wis. Stat. § 701.0813Duty to inform and report1 cite
- Wis. Stat. § 701.0814Discretionary powers; tax savings
- Wis. Stat. § 701.0815General powers of trustee
- Wis. Stat. § 701.0816Specific powers of trustee
- Wis. Stat. § 701.0817Distribution upon termination
- Wis. Stat. § 701.0818Trust protectors
- Wis. Stat. § 701.0819Marital deduction transfers
- Wis. Stat. § 701.0901Application of the Wisconsin Prudent Investor Act
- Wis. Stat. § 701.0902Directed trust property
- Wis. Stat. § 701.0903Nonapplication of prudent investor rule to life insurance contracts owned by trusts
- Wis. Stat. § 701.1001Remedies for breach of trust2 cites
- Wis. Stat. § 701.1002Damages for breach of trust; liability of successor trustee
- Wis. Stat. § 701.1003Damages in absence of breach
- Wis. Stat. § 701.1004Attorney fees and costs3 cites
- Wis. Stat. § 701.1005Limitation of action against trustee2 cites
- Wis. Stat. § 701.1006Reliance on trust instrument
- Wis. Stat. § 701.1007Event affecting administration or distribution
- Wis. Stat. § 701.1008Exculpation of trustee
- Wis. Stat. § 701.1009Beneficiary’s consent, release, or ratification
- Wis. Stat. § 701.1010Limitation on personal liability of trustee
- Wis. Stat. § 701.1011Interest as general partner
- Wis. Stat. § 701.1012Protection of person dealing with trustee
- Wis. Stat. § 701.1013Certification of trust
- Wis. Stat. § 701.1201Private foundations
- Wis. Stat. § 701.1202Electronic records and signatures
- Wis. Stat. § 701.1203Uniformity of application and construction
- Wis. Stat. § 701.1204Applicability of general transfers at death provisions
- Wis. Stat. § 701.1205Applicability
Enacted in other states
Arkansas, Florida, Iowa, Illinois, Louisiana, Minnesota, New Hampshire, Texas, Vermont
All Wisconsin named statutes →
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