reglab/housing_qa huggingface dataset:
WI Stat § 701.0708 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0708 - Compensation of trustee.

701.0708  Compensation of trustee. (1) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (2) If the terms of a trust specify the trustee's compensation or refer to another ascertainable source for determining that compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if any of the following applies:(a) The duties of the trustee are substantially different from those contemplated when the trust was created.(b) The compensation specified by the terms of the trust would be unreasonably low or high. (3) If the trustee has rendered other services in connection with the administration of the trust, the trustee may receive reasonable compensation for the other services rendered, in addition to reasonable compensation as trustee. History:  2013 a. 92.
WI Stat § 701.0709 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0709 - Reimbursement of expenses.

701.0709  Reimbursement of expenses. (1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for all of the following:(a) Expenses that were properly incurred in the administration of the trust.(b) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust. (2) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest. History:  2013 a. 92.
WI Stat § 701.0710 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0710 - Title of trust property.

701.0710  Title of trust property. A settlor or transferor may effectively transfer property to a trust by placing legal title of the property in the name of the trustee, which shall include any successor trustee regardless of whether a successor trustee is referenced in the transfer document. A transfer that places legal title in the name of the trust itself places legal title in the name of the trustee. History:  2013 a. 92.
WI Stat § 701.0801 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0801 - Duty to administer trust.

701.0801  Duty to administer trust. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter. History:  2013 a. 92.
WI Stat § 701.0803 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0803 - Impartiality.

701.0803  Impartiality. If a trust has 2 or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests and the purposes and terms of the trust. History:  2013 a. 92.
WI Stat § 701.0804 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0804 - Prudent administration.

701.0804  Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.History:  2013 a. 92.
WI Stat § 701.0805 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0805 - Costs of administration.

701.0805  Costs of administration. In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, the skills of the trustee, and the complexity of the trust administration. History:  2013 a. 92.
WI Stat § 701.0806 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0806 - Trustee's skills.

701.0806  Trustee's skills. A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise. History:  2013 a. 92.
WI Stat § 701.0807 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0807 - Delegation by trustee.

701.0807  Delegation by trustee. (1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in each of the following:(a) Selecting an agent.(b) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust.(c) Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation. (2) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation. (3) A trustee who complies with sub. (1) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated. (4) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state even if the terms of the delegation provide for a different jurisdiction or venue. (5) This section does not apply to a trustee's delegation of investment and management functions. A trustee's delegation of investment and management functions is governed by s. 881.01 (10). History:  2013 a. 92.
WI Stat § 701.0809 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0809 - Control and protection of trust property.

701.0809  Control and protection of trust property. A trustee shall take reasonable steps to take control of and protect the trust property. History:  2013 a. 92.
WI Stat § 701.0810 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0810 - Record keeping and identification of trust property.

701.0810  Record keeping and identification of trust property. (1) A trustee shall keep adequate records of the administration of the trust. (2) A trustee shall keep trust property separate from the trustee's own property. (3) Except as otherwise provided in sub. (4), a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary. (4) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of 2 or more separate trusts. History:  2013 a. 92.
WI Stat § 701.0811 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0811 - Enforcement and defense of claims.

701.0811  Enforcement and defense of claims. A trustee shall take reasonable steps to enforce claims of the trust known to the trustee and to defend claims against the trust known to the trustee. History:  2013 a. 92.
WI Stat § 701.0812 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0812 - Collecting trust property; duties of successor trustees.

701.0812  Collecting trust property; duties of successor trustees. (1) A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to redress a breach of trust known to the trustee to have been committed by a trustee or former trustee, or a trust protector or former trust protector. (2) A successor trustee does not have a duty to examine the accounts of a former trustee. History:  2013 a. 92.
WI Stat § 701.0814 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0814 - Discretionary powers; tax savings.

701.0814  Discretionary powers; tax savings. (1) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute," “sole," or “uncontrolled," the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries. A court may not determine that a trustee abused its discretion merely because the court would have exercised the discretion in a different manner or would not have exercised the discretion. (2) Subject to sub. (4), and unless the terms of the trust expressly indicate that a provision of this subsection does not apply, all of the following apply:(a) A person other than a settlor who is a beneficiary and a trustee, directing party, or trust protector of a trust that confers on the trustee, directing party, or trust protector a power to make discretionary distributions to or for the trustee's, directing party's, or trust protector's personal benefit may exercise the power only in accordance with an ascertainable standard.(b) A trustee, directing party, or trust protector may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee, directing party, or trust protector personally owes another person. (3) A power whose exercise is limited or prohibited by sub. (2) may be exercised by a majority of the remaining trustees, directing parties, or trust protectors whose exercise of the power is not so limited or prohibited. If the power of all trustees, directing parties, or trust protectors is so limited or prohibited, the court may appoint a trustee, directing party, or trust protector with authority to exercise the power. (4) Subsection (2) does not apply to any of the following:(a) A power held by the settlor's spouse who is the trustee, directing party, or trust protector of a trust for which a marital deduction, as defined in section 2056 (b) (5) or 2523 (e) of the Internal Revenue Code, was previously allowed.(b) A trust during a period when the trust may be revoked or amended by its settlor.(c) A trust if contributions to the trust qualify for the annual exclusion under section 2503 (c) of the Internal Revenue Code. History:  2013 a. 92.
WI Stat § 701.0815 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0815 - General powers of trustee.

701.0815  General powers of trustee. (1) A trustee, without authorization by the court, may exercise the following powers:(a) Powers conferred by the terms of the trust.(b) Except as limited by the terms of the trust, all of the following powers:1. All powers over the trust property that an unmarried, competent owner has over individually owned property.2. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property.3. Any other powers conferred by this chapter. (2) The exercise of a power is subject to the fiduciary duties prescribed by this chapter. History:  2013 a. 92.
WI Stat § 701.0817 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0817 - Distribution upon termination.

701.0817  Distribution upon termination. (1) Upon termination or partial termination of a trust, the trustee may send a proposal for distribution to the beneficiaries of the trust. The right of any beneficiary to whom the proposal is sent to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection. (2) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed within a reasonable time to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes. (3) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent any of the following applies:(a) The release was induced by improper conduct of the trustee.(b) The beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach. History:  2013 a. 92.
WI Stat § 701.0819 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0819 - Marital deduction transfers.

701.0819  Marital deduction transfers. (1) For purposes of this section, “marital deduction transfer" means a lifetime or testamentary transfer of property that is intended to qualify for the marital deduction as indicated by the terms of the trust. (2) In interpreting, construing, or administering a trust instrument, absent a clear expression of intent by the settlor to the contrary, a trustee shall apply the following presumptions that may only be rebutted by clear and convincing evidence:(a) The settlor intended to take advantage of tax deductions, exemptions, exclusions, and credits.(b) The settlor intended that any transfer made to a spouse outright and free of trust qualify for the gift or estate tax marital deduction and is a marital deduction transfer.(c) If the trust instrument refers to a trust as a marital trust, qualified terminable interest property trust, or spousal trust, or refers to qualified terminable interest property, section 2044, 2056, 2056A, or 2523 of the Internal Revenue Code, or a similar provision of applicable state law, the settlor intended that the trust and property passing to the trust qualify for the applicable gift or estate tax marital deduction and that the transfer qualifies for the marital deduction for federal and state gift or estate tax purposes. (3) If a trust receives a marital deduction transfer, the trust instrument shall be construed to comply with the marital deduction provisions of the Internal Revenue Code. (4) If a trust receives a marital deduction transfer, the trustee has all the powers, duties, and discretionary authority necessary to comply with the marital deduction provisions of the Internal Revenue Code. The trustee may not take any action or have any power that may impair the availability of the marital deduction, but this does not require the trustee to make the election under either section 2056 (b) (7), 2056A (a) (3), or 2523 (f) of the Internal Revenue Code. History:  2013 a. 92.
WI Stat § 701.0901 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0901 - Application of the Wisconsin Prudent Investor Act.

701.0901  Application of the Wisconsin Prudent Investor Act. Except as provided in this subchapter, the investment management of the property of a trust is governed by ch. 881. History:  2013 a. 92.
WI Stat § 701.0902 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0902 - Directed trust property.

701.0902  Directed trust property. (1) A directing party who has power over directed trust property shall do all of the following:(a) Direct the trustee on the retention, purchase, sale, exchange, tender, encumbrance, or any other investment transaction of the directed trust property and the investment and reinvestment of principal and income.(b) Direct the trustee with respect to the management, control, and voting powers, including voting proxies, of the directed trust property.(c) Select and determine reasonable compensation of one or more outside investment advisors, managers, consultants, or counselors, which may include the trustee, and delegate investment authority to them pursuant to the investment delegation provisions under s. 881.01 (10).(d) Determine the frequency of and methodology for valuing directed trust property and provide the value of property for which there is no readily available daily market value. (2) A trustee who has no power over directed trust property does not have a duty to do any of the following with respect to the directed trust property:(a) Prepare or review investment policy statements.(b) Perform investment or suitability reviews, inquiries, or investigations.(c) Determine or verify the value of directed trust property for which there is no readily available daily market value.(d) Monitor the conduct or investment performance of the directing party. History:  2013 a. 92.
WI Stat § 701.0903 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.0903 - Nonapplication of prudent investor rule to life insurance contracts owned by trusts.

701.0903  Nonapplication of prudent investor rule to life insurance contracts owned by trusts. (1) Notwithstanding s. 881.01, if a principal purpose of a trust is to hold a life insurance contract or to purchase a life insurance contract from contributions made to the trust, the trustee does not have a duty to determine whether the life insurance contract is or remains a proper investment of the trust. For purposes of this subsection, determining whether a life insurance contact is or remains a proper investment includes all of the following:(a) Investigating the financial strength or changes in the financial strength of the life insurance company maintaining the life insurance contract.(b) Determining whether to exercise any policy option, right, or privilege available under the life insurance contract.(c) Diversifying the life insurance contract relative to any other life insurance contracts or any other assets of the trust.(d) Inquiring about or investigating the health or financial condition of an insured.(e) Preventing the lapse of a life insurance contract if the trust does not receive contributions or hold other readily marketable assets to pay the life insurance contract premiums. (2) A trustee is not liable for a loss that arises because the trustee did not take an action specified in sub. (1). (4) This section does not apply to a trust that was executed before July 1, 2014, unless the trustee notifies the qualified beneficiaries that the trustee elects to be governed by this section and provides the qualified beneficiaries with a copy of this section. (5) Subject to sub. (4), this section applies to a life insurance contract acquired, retained, or owned by a trustee before, on, or after July 1, 2014. History:  2013 a. 92.
WI Stat § 701.1001 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1001 - Remedies for breach of trust.

701.1001  Remedies for breach of trust. (1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (2) To remedy a breach of trust that has occurred or may occur, a court may do any of the following:(a) Compel the trustee to perform the trustee's duties.(b) Enjoin the trustee from committing a breach of trust.(c) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means.(d) Order a trustee to account.(e) Appoint an additional trustee, a directing party, or a trust protector having the duties and authority ordered by the court, including, in the case of an additional trustee, the authority to take possession of the trust property and administer the trust.(f) Suspend the trustee.(g) Remove the trustee as provided in s. 701.0706.(h) Reduce the compensation of or deny compensation to the trustee.(i) Subject to s. 701.1012, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and order recovery of the property or its proceeds.(j) Order any other appropriate relief, whether provided elsewhere in this chapter, available at common law, or under equity principles. History:  2013 a. 92.
WI Stat § 701.1002 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1002 - Damages for breach of trust; liability of successor trustee.

701.1002  Damages for breach of trust; liability of successor trustee. (1) A trustee who commits a breach of trust is liable to an affected beneficiary for the greater of the following:(a) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred.(b) The profit the trustee made by reason of the breach. (2) Except as otherwise provided in this subsection, if more than one trustee is liable to a beneficiary for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiary. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received. (3) A successor trustee is not liable for the acts and omissions of a former trustee or for the acts or omissions of any directing party or trust protector that are taken before the appointment of the successor trustee. History:  2013 a. 92.
WI Stat § 701.1003 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1003 - Damages in absence of breach.

701.1003  Damages in absence of breach. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit. History:  2013 a. 92.
WI Stat § 701.1005 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1005 - Limitation of action against trustee.

701.1005  Limitation of action against trustee. (1) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date on which the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust. (2) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence. (3) If sub. (1) does not apply, a proceeding by a beneficiary against a trustee for breach of trust must be commenced within 5 years after the first to occur of the following:(a) The removal, resignation, or death of the trustee.(b) The termination of the beneficiary's interest in the trust.(c) The termination of the trust. (4) Subsections (1) and (3) do not apply to a claim for fraud. The time for asserting a claim for fraud is governed by applicable law. History:  2013 a. 92.
WI Stat § 701.1006 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1006 - Reliance on trust instrument.

701.1006  Reliance on trust instrument. A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. History:  2013 a. 92.
WI Stat § 701.1007 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 701 - Trusts.|701.1007 - Event affecting administration or distribution.

701.1007  Event affecting administration or distribution. If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge. History:  2013 a. 92.