reglab/housing_qa huggingface dataset:
WI Stat § 701.0416 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0416 - Modification to achieve settlor's tax objectives.

701.0416  Modification to achieve settlor's tax objectives. To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intent. The court may provide that the modification has retroactive effect. A party petitioning the court for action under this section shall give notice of the proceeding to the settlor, if living, the trustee, each trust protector, each directing party, and the qualified beneficiaries. History:  2013 a. 92.
WI Stat § 701.0417 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0417 - Combination and division of trusts.

701.0417  Combination and division of trusts. (1) After notice to each trust protector, each directing party, and the qualified beneficiaries, a trustee may do any of the following if the result does not impair rights of any beneficiary or adversely affect achievement of any trust purposes:(a) Combine 2 or more trusts into a single trust.(b) Divide a trust into 2 or more separate trusts. (2) Subject to the terms of the trust, the trustee may take into consideration differences in federal tax attributes and other pertinent factors in administering the trust property of any separate account or trust, in making applicable tax elections, and in making distributions. A separate trust created by severance under sub. (1) (b) is treated as a separate trust for all purposes from the date on which the severance is effective. The effective date of the severance may be retroactive to a date before the date on which the trustee exercises the power. (3) If a trustee combines 2 or more trusts into a single trust, the trustee shall identify which trust is the surviving trust.  (4) In case of a division of a trust into 2 or more trusts, any distribution or allocation of assets as an equivalent of a dollar amount fixed by formula or otherwise shall be made at current fair market values unless the trust instrument expressly provided that another value may be used. If the trust instrument requires or permits a different value to be used, all property available for distribution, including cash, shall be distributed so that the property, including cash, is fairly representative of the net appreciation or depreciation in the value of the available property on the date or dates of distribution. A provision in the trust instrument that the trustee may fix values for purposes of distribution or allocation does not of itself constitute authorization to fix a value other than current fair market value.History:  2013 a. 92 ss. 91, 294.
WI Stat § 701.0419 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0419 - Transfers to trusts.

701.0419  Transfers to trusts. (1) Validity and effect. The order of execution of a trust instrument and a will or other instrument purporting to transfer or appoint property to the trust evidenced by the trust instrument shall be disregarded in determining the validity of the transfer or appointment. No reference in any will to a trust shall cause assets in such trust to be included in property administered as part of the testator's estate. (2)  Governing terms. Property transferred or appointed by a will or by a beneficiary designation under an employee benefit plan, life insurance policy, or online tool, as defined in s. 711.03 (18), or other instrument permitting designation of a beneficiary to a trust, shall be administered in accordance with the terms of the trust as the terms of the trust may have been modified prior to the testator's or designator's death, even though the will, beneficiary designation, online tool, or other instrument was not reexecuted or republished after exercise of the power to modify, unless the will, beneficiary designation, online tool, or other instrument expressly provides otherwise. (3)  Disposition when no existing trust. If at the death of a testator a trust has been completely revoked, or otherwise terminated, a provision in the testator's will purporting to transfer or appoint property to the trust shall have the following effect, unless the will provides otherwise:(a) If the testator was a necessary party to the revocation or other termination of the trust, the provision in the testator's will shall be invalid.(b) If the testator was not a necessary party to the revocation or other termination of such trust, the provision in the testator's will shall be deemed to create a trust upon the terms of the trust instrument at the time the will was executed or as otherwise provided where sub. (2) is applicable.History:  1971 c. 66; 1991 a. 316; 2013 a. 92 s. 132; Stats. 2013 s. 701.0419; 2015 a. 300.
WI Stat § 701.0501 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0501 - Rights of beneficiary's creditor or assignee.

701.0501  Rights of beneficiary's creditor or assignee. (1) (a) To the extent a beneficiary's interest is not protected by a spendthrift provision, the court may authorize a judgment creditor or an assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances.(b) This subsection does not apply to a trust for an individual with a disability. (2) A trustee is not liable to any creditor of a beneficiary for any distributions made to or for the benefit of the beneficiary if any of the following applies:(a) The beneficiary's interest is protected by a spendthrift provision.(b) The trust is a trust for an individual with a disability. History:  2013 a. 92.
WI Stat § 701.0502 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0502 - Spendthrift provision.

701.0502  Spendthrift provision. (1) A spendthrift provision is valid only if any of the following applies:(a) The beneficiary is a person other than the settlor and is not treated as the settlor under s. 701.0505 (2).(b) The trust is a trust for an individual with a disability. (2) Subject to sub. (1), a term of a trust providing that the interest of a beneficiary is held subject to a spendthrift trust, or words of similar import, restrains both a voluntary and involuntary transfer of the beneficiary's interest. (3) A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this subchapter, a creditor or assignee of the beneficiary may not attach, garnish, execute on, or otherwise reach the interest or a distribution by the trustee before its receipt by the beneficiary. (4) Real property or tangible personal property that is owned by the trust but that is made available for a beneficiary's occupancy or use in accordance with the trustee's authority under the trust instrument may not be considered to have been distributed by the trustee or received by the beneficiary for purposes of allowing a creditor or assignee of the beneficiary to reach the property. History:  2013 a. 92.
WI Stat § 701.0504 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0504 - Discretionary trusts; effect of standard.

701.0504  Discretionary trusts; effect of standard. (1) For purposes of this subchapter, and except as provided in sub. (3), a beneficiary's interest in a trust that is subject to the trustee's discretion does not constitute an interest in property or an enforceable right even if the discretion is expressed in the form of a standard of distribution or the beneficiary is then serving as sole trustee or cotrustee. (2) Except as provided in this subchapter, a creditor or other claimant may not attach present or future distributions from a beneficiary's interest in property or an enforceable right, obtain an order from a court forcing the judicial sale of the interest or compelling the trustee to make distributions, or reach the interest or right by any other means, even if the trustee has abused the trustee's discretion. (3) Subsections (1) and (2) do not apply if a beneficiary is acting as sole trustee of a trust for his or her benefit and his or her discretion to make distributions to himself or herself is not limited by an ascertainable standard or the consent of a party holding an adverse interest to the beneficiary. (4) (a) Except as provided in par. (b), this section does not limit the right of a beneficiary to maintain a judicial proceeding against a trustee for an abuse of discretion or failure to comply with a standard for distribution.(b) The right of a beneficiary described in par. (a) may not be exercised by a creditor. History:  2013 a. 92.
WI Stat § 701.0506 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0506 - Overdue distribution.

701.0506  Overdue distribution. (1) In this section, “mandatory distribution" means a distribution of income or principal that the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. “Mandatory distribution" does not include a distribution subject to the exercise of the trustee's discretion even if any of the following applies:(a) The discretion is expressed in the form of a standard of distribution.(b) The terms of the trust authorizing a distribution couple language of discretion with language of direction. (2) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date. History:  2013 a. 92.
WI Stat § 701.0507 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0507 - Personal obligations of trustee.

701.0507  Personal obligations of trustee. Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. History:  2013 a. 92.
WI Stat § 701.0601 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0601 - Capacity of settlor of revocable trust.

701.0601  Capacity of settlor of revocable trust. The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. History:  2013 a. 92.
WI Stat § 701.0602 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0602 - Revocation or amendment of revocable trust.

701.0602  Revocation or amendment of revocable trust. (1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before July 1, 2014. (2) If a revocable trust is created or funded by more than one settlor, all of the following apply:(a) To the extent the trust consists of marital or community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses.(b) To the extent the trust consists of property other than marital or community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution.(c) Upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment. (3) A settlor may revoke or amend a revocable trust by any of the following means:(a) By substantial compliance with a method provided in the terms of the trust.(b) If the terms of the trust do not provide a method, by any of the following means:1. A later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust.2. Any other method manifesting clear and convincing evidence of the settlor's intent. (4) Upon revocation of a revocable trust, the trustee shall transfer the trust property as the settlor directs. However, with respect to marital or community property, the trustee shall transfer the property to both spouses as marital or community property. (5) A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the power of attorney. (6) A guardian of the estate or a conservator of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the guardianship or conservatorship. (7) A trustee who does not know that a trust has been revoked or amended is not liable for distributions made and other actions taken on the assumption that the trust had not been amended or revoked, or for distributions made pursuant to sub. (5). History:  2013 a. 92.
WI Stat § 701.0603 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0603 - Settlor's powers; powers of withdrawal.

701.0603  Settlor's powers; powers of withdrawal. (1) While a trust is revocable, the rights of the beneficiaries are subject to the control of, and the duties of the trustee, a directing party, and a trust protector are owed exclusively to, the settlor. (2) If a revocable trust has more than one settlor, the duties of the trustee, a directing party, and a trust protector are owed to all of the settlors. (3) During the period in which a power of withdrawal may be exercised, the holder of the power has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power. History:  2013 a. 92.
WI Stat § 701.0604 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0604 - Limitation on action contesting validity of revocable trust; distribution of trust property.

701.0604  Limitation on action contesting validity of revocable trust; distribution of trust property. (1) A person must commence a judicial proceeding to contest the validity of a trust that was revocable immediately before the settlor's death within the earlier of the following:(a) One year after the settlor's death.(b) Four months after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address, and of the time allowed for commencing a proceeding. Except as provided in s. 701.0813 (2), a trustee is not liable to any person for not providing the information described in this paragraph. (2) Upon the death of the settlor of a trust that was revocable immediately before the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless one of the following applies:(a) The trustee knows of a pending judicial proceeding contesting the validity of the trust.(b) A potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within 60 days after the contestant sent the notification. (3) A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received. History:  2013 a. 92.
WI Stat § 701.0701 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0701 - Accepting or declining trusteeship.

701.0701  Accepting or declining trusteeship. (1) Except as provided in sub. (3), a person designated as trustee accepts the trusteeship by doing any of the following:(a) Substantially complying with a method of acceptance provided in the terms of the trust.(b) If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship. (2) A person designated as trustee who has not yet accepted the trusteeship may decline the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is considered to have rejected the trusteeship. (3) A person designated as trustee, without accepting the trusteeship, may do any of the following:(a) Act to preserve the trust property if, within a reasonable time after acting, the person sends a declination of the trusteeship in writing to the settlor or, if the settlor is dead or incapacitated, to the designated cotrustee, or, if none, to the successor trustee, or, if none, to a distributee or a permissible distributee of the trust.(b) Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose. History:  2013 a. 92.
WI Stat § 701.0702 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0702 - Trustee's bond.

701.0702  Trustee's bond. (1) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (2) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time. (3) A court may not require a bond from a trust company bank, state bank, or national bank that is authorized to exercise trust powers and that has complied with s. 220.09 or 223.02 nor shall a bond be required of a religious, charitable, or educational corporation or society. History:  2013 a. 92.
WI Stat § 701.0703 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0703 - Cotrustees.

701.0703  Cotrustees. (1) Cotrustees may act only by majority decision.  (2) If a vacancy occurs in a cotrusteeship, as provided under s. 701.0704, a majority of the remaining cotrustees may act for the trust. (3) A cotrustee shall participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or the cotrustee is otherwise temporarily incapacitated or the cotrustee has properly delegated the performance of the function to another trustee. (4) If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or the cotrustee is otherwise temporarily incapacitated, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust. (5) A trustee may delegate to a cotrustee a function unless the delegation is expressly prohibited by the terms of the trust. Unless a delegation is irrevocable, a trustee may revoke a delegation previously made. (6) Except as provided in sub. (7), a trustee who does not join in an action of another trustee is not liable for the action. (7) Each trustee shall exercise reasonable care to do all of the following:(a) Prevent a cotrustee from committing a material breach of trust.(b) Compel a cotrustee to redress a material breach of trust. (8) A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified all cotrustees of the dissent at or before the time of the action is not liable for the action unless the action is a material breach of trust. History:  2013 a. 92.
WI Stat § 701.0704 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0704 - Vacancy in trusteeship; appointment of successor.

701.0704  Vacancy in trusteeship; appointment of successor. (1) A vacancy in a trusteeship exists if any of the following occurs: (a) A person designated as trustee declines the trusteeship.(b) A person designated as trustee cannot be identified or does not exist.(c) A trustee resigns.(d) A trustee is disqualified or removed.(e) A trustee dies.(f) A guardian or conservator is appointed for an individual serving as trustee. (2) If one or more cotrustees remain in office, a vacancy in a trusteeship does not need to be filled. A vacancy in a trusteeship shall be filled if the trust has no remaining trustee. (3) A vacancy in a trusteeship that is required to be filled shall be filled in the following order of priority:(a) By a person designated in the terms of the trust to act as successor trustee.(b) By a person appointed by unanimous agreement of the qualified beneficiaries, except that, if the trust is a trust for an individual with a disability, the person appointed under this paragraph may not be the individual with a disability, his or her spouse, or a relative of the individual with a disability who is legally responsible for his or her support.(c) By a person appointed by the court. (4) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee, directing party, or trust protector whenever the court considers the appointment necessary for the administration of the trust. History:  2013 a. 92.
WI Stat § 701.0705 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0705 - Resignation of trustee.

701.0705  Resignation of trustee. (1) A trustee may resign in any of the following manners:(a) Upon at least 30 days' notice to the qualified beneficiaries, the settlor, if living, each cotrustee, each trust protector, and each directing party.(b) With the approval of the court. (2) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. (3) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation. History:  2013 a. 92.
WI Stat § 701.0706 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0706 - Removal of trustee.

701.0706  Removal of trustee. (1) The settlor, a cotrustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (2) The court may remove a trustee if any of the following applies:(a) The trustee has committed a material breach of trust.(b) A lack of cooperation among cotrustees substantially impairs the administration of the trust.(c) The court determines that removal of the trustee best serves the interests of the beneficiaries because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively.(d) There has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available. (3) Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under s. 701.1001 (2) as may be necessary to protect the trust property or the interests of the beneficiaries. History:  2013 a. 92.
WI Stat § 701.0707 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0707 - Delivery of property by former trustee.

701.0707  Delivery of property by former trustee. (1) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property. (2) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it. History:  2013 a. 92.