reglab/housing_qa huggingface dataset:
WI Stat § 701.1008 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1008 - Exculpation of trustee.

701.1008  Exculpation of trustee. (1) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it does any of the following:(a) Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of a beneficiary.(b) Was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship with the settlor. (2) An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trustee proves that the exculpatory term was fair under the circumstances existing at the time the trust instrument was signed and that the existence and contents of the exculpatory term were adequately communicated to the settlor. History:  2013 a. 92.
WI Stat § 701.1009 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1009 - Beneficiary's consent, release, or ratification.

701.1009  Beneficiary's consent, release, or ratification. A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless any of the following applies: (1) The consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee. (2) At the time of the consent, release, or ratification, the beneficiary did not have knowledge of the beneficiary's rights or of the material facts relating to the breach. History:  2013 a. 92.
WI Stat § 701.1010 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1010 - Limitation on personal liability of trustee.

701.1010  Limitation on personal liability of trustee. (1) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. (2) A trustee is personally liable for torts committed in the course of administering a trust, or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, only if the trustee is personally at fault. History:  2013 a. 92.
WI Stat § 701.1011 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1011 - Interest as general partner.

701.1011  Interest as general partner. (1) Unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the fiduciary capacity was disclosed in the contract. (2) A trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault. (3) If the trustee of a revocable trust holds an interest as a general partner, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner. History:  2013 a. 92.
WI Stat § 701.1012 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1012 - Protection of person dealing with trustee.

701.1012  Protection of person dealing with trustee. (1) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power. (2) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise. (3) A person who in good faith delivers assets to a trustee does not need to ensure their proper application. (4) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee. (5) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section. History:  2013 a. 92.
WI Stat § 701.1013 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1013 - Certification of trust.

701.1013  Certification of trust. (1) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information:(a) That the trust exists and the date on which the trust instrument was executed.(b) The identity of the settlor.(c) The identity and address of the currently acting trustee.(d) The powers of the trustee.(e) The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust.(f) The authority of a cotrustee to sign or otherwise authenticate and whether all cotrustees or less than all cotrustees are required to sign or otherwise authenticate in order to exercise powers of the trustee.(g) The manner in which title to trust property may be taken. (2) A certification of trust may be signed or otherwise authenticated by any trustee. (3) A trustee shall include in a certification of trust that the trust has not been revoked, modified, or amended in any manner that would cause the representations contained in the certification of trust to be incorrect. (4) A certification of trust does not need to contain the dispositive terms of a trust. (5) A recipient of a certification of trust may require the trustee to furnish copies of those excerpts from the original trust instrument and later amendments that designate the trustee and confer upon the trustee the power to act in the pending transaction. (6) A person who acts in reliance upon a certification of trust without knowledge that the representations contained therein are incorrect is not liable to any person for so acting and may assume without inquiry the existence of the facts contained in the certification. Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying upon the certification. (7) A person who in good faith enters into a transaction in reliance upon a certification of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct. (8) A person making a demand for copies of the trust instrument or excerpts from the trust instrument, other than those excerpts described in sub. (5), in addition to a certification of trust is liable for costs, expenses, reasonable attorney fees, and damages if the court determines that the person did not act in good faith in demanding the copies. (9) This section does not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust. History:  2013 a. 92; 2013 a. 151 s. 28.
WI Stat § 701.1101 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1101 - Short title and scope.

701.1101  Short title and scope. This subchapter may be cited as the Wisconsin Uniform Principal and Income Act. Subject to s. 701.1205 (2), this subchapter applies to a trust described in s. 701.0102 and an estate that is administered in this state. History:  2013 a. 92, 151.
WI Stat § 701.1102 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1102 - Definitions.

701.1102  Definitions. In this subchapter:  (1) “Accounting period" means a calendar year, unless a fiduciary selects another 12-month period, and includes a portion of a calendar year or other 12-month period that begins when an income interest begins or that ends when an income interest ends. (1g) “Asset" has the meaning given for property under s. 701.0103 (20).  (1m) Notwithstanding s. 701.0103 (3), “beneficiary" means a person who has a beneficial interest in a trust or an estate and includes, in the case of a decedent's estate, an heir, a legatee, and a devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. (2) “Fiduciary" means a personal representative or a trustee and includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function as any of those. (3) “Income" means money or property that a fiduciary receives as current return from a principal asset. “Income" includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in ss. 701.1115 to 701.1129. (4) “Income beneficiary" means a person to whom net income of a trust is or may be payable. (5) “Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. (6) “Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. (7) “Net income" means the total receipts allocated to income during an accounting period, minus the disbursements made from income during the period, plus or minus transfers under this subchapter to or from income during the period. (8) “Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates or property held in trust in perpetuity. (9) “Remainder beneficiary" means a person who is a beneficiary under s. 701.0103 (21) (b).History:  2013 a. 92 ss. 179, 180, 205 to 212, 214, 215.
WI Stat § 701.1103 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1103 - Fiduciary duties; general principles.

701.1103  Fiduciary duties; general principles. (1) In allocating receipts and disbursements to income or principal or between income and principal, and with respect to any matter within the scope of ss. 701.1110 to 701.1114, a fiduciary:(a) Shall first administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this subchapter.(b) May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this subchapter.(c) Shall administer a trust or estate in accordance with this subchapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration.(d) Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this subchapter do not provide a rule for allocating the receipt or disbursement to principal or income or between principal and income. (2) In exercising the power to adjust under s. 701.1104 (1) or a discretionary power of administration regarding a matter within the scope of this subchapter, whether granted by the terms of a trust, a will, or this subchapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this subchapter is presumed to be fair and reasonable to all of the beneficiaries.History:  2013 a. 92 s. 217.
WI Stat § 701.1105 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1105 - Notice to beneficiaries of proposed action.

701.1105  Notice to beneficiaries of proposed action. (1) A trustee may, but is not required to, obtain approval of a proposed action under s. 701.1104 (1) by providing a written notice that complies with all of the following:(a) Is given at least 30 days before the proposed effective date of the proposed action.(b) Is given in the manner provided in ch. 879, except that notice by publication is not required.(c) Is given to all qualified beneficiaries.(d) States that it is given in accordance with this section and discloses the following information:1. The identification of the trustee.2. A description of the proposed action.3. The time within which a beneficiary may object to the proposed action, which shall be at least 30 days after the giving of the notice.4. The effective date of the proposed action if no objection is received from any beneficiary within the time specified in subd. 3. (2) If a trustee gives notice of a proposed action under this section, the trustee is not required to give notice to a qualified beneficiary who consents to the proposed action in writing at any time before or after the proposed action is taken. (3) A qualified beneficiary may object to the proposed action by giving a written objection to the trustee within the time specified in the notice under sub. (1) (d) 3. (4) A trustee may decide not to take a proposed action after the trustee receives a written objection to the proposed action or at any other time for any other reason. In that case, the trustee shall give written notice to the qualified beneficiaries of the decision not to take the proposed action. (5) If a trustee receives a written objection to a proposed action within the time specified in the notice under sub. (1) (d) 3., either the trustee or the qualified beneficiary making the written objection may petition the court to have the proposed action approved, modified, or prohibited. In the court proceeding, the qualified beneficiary objecting to the proposed action has the burden of proving that the proposed action should be modified or prohibited. A qualified beneficiary who did not make the written objection may oppose the proposed action in the court proceeding. (6) For purposes of this section, a proposed action under s. 701.1104 includes a course of action or a decision not to take action under s. 701.1104.History:  2013 a. 92 ss. 219 to 223, 225 to 230.
WI Stat § 701.1107 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1107 - Express unitrusts.

701.1107  Express unitrusts. (1) In this section, “express unitrust" means any trust that by its trust instrument requires the distribution at least annually of a unitrust amount equal to a fixed percentage of the net fair market value of the trust's assets, valued at least annually, other than a trust solely for charitable purposes or a charitable split-interest trust under section 664 (d) or 170 (f) (2) (B) of the Internal Revenue Code. (2) The following apply to an express unitrust:(a) To the extent not otherwise provided for in the trust instrument, the unitrust amount of not less than 3 percent nor more than 5 percent may be determined by reference to the net fair market value of the trust's assets averaged over a preceding period determined by the trustee, which is at least 3 years but not more than 5 years.(b) Distribution of such a fixed percentage unitrust amount of not less than 3 percent nor more than 5 percent is a distribution of all of the income of the unitrust and is an income interest.(c) Such a distribution of a fixed percentage of not less than 3 percent nor more than 5 percent is a reasonable apportionment of the total return of the trust.(d) A trust that provides for a fixed annual percentage payout in excess of 5 percent per year of the net fair market value of the trust is considered to be a 5 percent express unitrust, paying out all of the income of the unitrust, and to have paid out principal of the trust to the extent that the fixed percentage payout exceeds 5 percent per year.(e) The trust instrument may grant discretion to the trustee to adopt a consistent practice of treating capital gains as part of the unitrust distribution, to the extent that the unitrust distribution exceeds the income determined as if the trust were not a unitrust, or it may specify the ordering of such classes of income.(f) Unless the terms of the trust specifically provide otherwise, a distribution of the unitrust amount is considered to have been made from the following sources in the following order of priority:1. Net income determined as if the trust were not a unitrust.2. Ordinary income for federal income tax purposes that is not net income under subd. 1.3. Net realized short-term capital gains for federal income tax purposes.4. Net realized long-term capital gains for federal income tax purposes.5. Principal.(g) The trust instrument may provide that assets used by the trust beneficiary, such as a residence or tangible personal property, may be excluded from the net fair market value for computing the unitrust amount. Such use may be considered equivalent to the income or unitrust amount.(h) In the absence of contrary provisions in the trust instrument of an express unitrust, the provisions of s. 701.1106 (3) (a), (d), and (e) apply.History:  2013 a. 92 s. 243.
WI Stat § 701.1108 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1108 - Power to treat capital gains as part of a distribution.

701.1108  Power to treat capital gains as part of a distribution. Unless prohibited by the will or trust instrument, a fiduciary may cause gains from the sale or exchange of estate or trust property, as determined for federal income tax purposes, to be taxed for federal income tax purposes as part of a distribution of income that has been increased by an adjustment from principal to income under s. 701.1104, of a unitrust distribution, of a fixed annuity distribution, or of a principal distribution to a beneficiary.History:  2013 a. 92 s. 244.
WI Stat § 701.1111 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1111 - Distribution to residuary and remainder beneficiaries.

701.1111  Distribution to residuary and remainder beneficiaries. (1) Each beneficiary described in s. 701.1110 (4) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date. (2) In determining a beneficiary's share of net income, the following rules apply:(a) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations.(b) The beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not determined by a pecuniary formula.(c) The beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation.(d) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed. (3) If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income. (4) A trustee may apply the rules in this section, to the extent that the trustee considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset.History:  2013 a. 92 s. 252
WI Stat § 701.1112 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1112 - When right to income begins and ends.

701.1112  When right to income begins and ends. (1) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. (2) An asset becomes subject to a trust:(a) On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life.(b) On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate.(c) On the date of an individual's death in the case of an asset that a 3rd party transfers to a fiduciary because of the individual's death. (3) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under sub. (4), even if there is an intervening period of administration to wind up the preceding income interest. (4) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.History:  2013 a. 92 s. 253.
WI Stat § 701.1113 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1113 - Apportionment of receipts and disbursements when decedent dies or income interest begins.

701.1113  Apportionment of receipts and disbursements when decedent dies or income interest begins. (1) A trustee shall allocate to principal an income receipt or disbursement other than one to which s. 701.1110 (1) applies if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest. (2) A trustee shall allocate to income an income receipt or disbursement if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date of death or an income interest begins must be allocated to principal and the balance must be allocated to income. (3) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this section. Distributions to shareholders or other owners from an entity, as defined in s. 701.1115, are due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.History:  2013 a. 92 s. 254.