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2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.54 - Successor guardian.

54.54
Successor guardian.
(1)
Appointment. If a guardian dies, is removed by order of the court, or resigns and the resignation is accepted by the court, the court, on its own motion or upon petition of any interested person, may appoint a competent and suitable person as successor guardian. The court may, upon request of any interested person or on its own motion, direct that a petition for appointment of a successor guardian be heard in the same manner and subject to the same requirements as provided under this chapter for an original appointment of a guardian.
(2)
Notice. If the appointment under sub. (1) is made without hearing, the successor guardian shall provide notice to the ward and all interested persons of the appointment, the right to counsel, and the right to petition for reconsideration of the successor guardian. The notice shall be served personally or by mail not later than 10 days after the appointment.
History:  1971 c. 41 s. 8; Stats. 1971 s. 880.17; 1993 a. 486; 1995 a. 73; 2005 a. 387 s. 378; Stats. 2005 s. 54.54.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.60 - Inventory.

54.60
Inventory.
(1)
Inventory required. The guardian of the estate shall prepare an inventory that lists all of the ward's income and assets, including interests in property and any marital property interest, regardless of how the asset is titled.
(2)
Contents of inventory. The inventory shall provide all of the following information with respect to each asset:
(a)
How the asset is held or titled.
(b)
The name and relationship to the ward of any co-owner.
(c)
The marital property classification of the property and, for any property that is marital property, the spouse who has management and control rights with respect to the property.
(3)
Time for filing. The guardian of the estate shall file the initial inventory within 60 days after appointment, unless the court extends or reduces the time.
(4)
Notice of inventory. The court shall specify the persons to whom the guardian of the estate shall provide copies of the inventory.
(5)
Fee. The guardian of the estate shall pay from the ward's income and assets the fee specified in s. 814.66 (1) (b) 2. at the time the inventory or other documents concerning the value of the income and assets are filed.
(6)
Appraisal. The court may order that the guardian of the estate appraise all or any part of the ward's assets.
(7)
Verification, examination in court. Every guardian of the estate shall verify by oath to the best of the guardian's information and belief that every inventory required of the guardian of the estate includes all income and assets of the ward. The court, at the request of any party or on its own motion may examine the guardian of the estate on oath as to the inventory or any supposed omission from the inventory.
(8)
Citation to file inventory and to account. If any guardian neglects to file the inventory or account when required by law, the court shall call the attention of the guardian of the estate to the neglect. If the guardian of the estate continues to neglect his or her duty, the court shall order the guardian of the estate to file the inventory, and the costs may be adjudged against the guardian of the estate.
History:  2005 a. 387 ss. 100, 384, 385, 405, 406.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.625 - Transfer of guardianship funds of a Menominee.

54.625
Transfer of guardianship funds of a Menominee.
The court that has appointed a guardian of the estate of any minor or individual found incompetent who is a legally enrolled member of the Menominee Indian tribe, as defined in s. 49.385, or a lawful distributee, as defined in s. 54.850 (3), of the member may direct the guardian to transfer the assets in the guardian's possession of the minor or individual found incompetent to the trustees of the trust created by the secretary of interior or his or her delegate that receives property of the minors or individuals found incompetent that is transferred from the United States or any agency thereof as provided by P.L. 83-399, as amended, and the assets shall thereafter be held, administered, and distributed in accordance with the terms and conditions of the trust.
History:  1971 c. 41 s. 8; Stats. 1971 s. 880.195; 1977 c. 449; 1995 a. 27; 2005 a. 387 s. 408; Stats. 2005 s. 54.625.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.63 - Expansion of order of guardianship; procedure.

54.63
Expansion of order of guardianship; procedure.
(1)
If the guardian or another interested person submits to the court a written statement with relevant accompanying support requesting the removal of rights from the ward and transfer to the guardian of powers in addition to those specified in the order of appointment of the guardian, based on an expansion of the ward's incapacity, the court shall do all of the following:
(a)
Appoint a guardian ad litem for the ward.
(b)
Order that notice, including notice concerning potential court action if circumstances are extraordinary, be given to all of the following:
1.
The county department of social services or human services if the ward is protectively placed or receives long-term support services as a public benefit.
2.
The ward.
3.
The guardian.
4.
The agent under the ward's power of attorney for health care under ch. 155, if any, and the agent under the ward's durable power of attorney under ch. 244, if any.
5.
Any other persons determined by the court.
(2)
(a)
If, after 10 days after notice is provided under sub. (1) (b), or earlier if the court determines that the circumstances are extraordinary, no person submits to the court an objection to the request under sub. (1), the court may amend the order entered under s. 54.46 (2) and enter a determination and the amended order that specifies any change in the powers of the guardian.
(b)
If, within 10 days after notice is provided under sub. (1) (b), a person submits to the court an objection to the request under sub. (1), the court shall hold a hearing, unless the objector declines a hearing, under the procedure specified in s. 54.64 (2).
History:  2005 a. 387; 2009 a. 319.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.66 - Final accounts.

54.66
Final accounts.
(1)
Render final account. If a court terminates a guardianship, or a guardian resigns, is removed, or dies, the guardian or the guardian's personal representative or special administrator shall promptly render a final account to the court and to the ward or former ward, the successor guardian, or the deceased ward's personal representative or special administrator, as appropriate. If the ward dies and the guardian and the deceased ward's personal representative or special administrator are the same person, the deceased ward's personal representative or special administrator shall give notice of the termination and rendering of the final account to all interested persons of the ward's estate.
(2)
Small estates. The guardian of a ward with a small estate, as specified in s. 54.62 (3) (a), need not file a final account, unless otherwise ordered by the court. The guardian shall instead provide the court with a list of the ward's assets that remain at the time the guardianship terminates, including at the death of the ward.
(3)
Discharge. After approving the final account and after the guardian has filed proper receipts, the court shall discharge the guardian and release the guardian's bond.
(4)
Summary settlement of small estates. If a ward dies leaving an estate that can be settled summarily under s. 867.01, the court may approve the settlement and distribution by the guardian under the procedures of s. 867.01 without appointing a personal representative.
History:  2005 a. 387 ss. 100, 430, 447, 448.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.72 - Guardian compensation and reimbursement.

54.72
Guardian compensation and reimbursement.
A guardian of the person or a guardian of the estate is entitled to compensation and to reimbursement for expenses as follows:
(1)
Compensation.
(a)
Subject to the court's approval, as determined under par. (b), a guardian shall receive reasonable compensation for the guardian's services.
(b)
The court shall use all of the following factors in deciding whether compensation for a guardian is just and reasonable:
1.
The reasonableness of the services rendered.
2.
The fair market value of the services rendered.
3.
Any conflict of interest of the guardian.
4.
The availability of another to provide the services.
5.
The value and nature of the ward's assets and income, including the sources of the ward's income.
6.
Whether the ward's basic needs are being met.
7.
The hourly or other rate proposed by the guardian for the services.
(c)
The amount of the compensation may be determined on an hourly basis, as a monthly stipend, or on any other basis that the court determines is reasonable under the circumstances. The court may establish the amount or basis for computing the guardian's compensation at the time of the guardian's initial appointment.
(2)
Reimbursement of expenses. The guardian shall be reimbursed for the amount of the guardian's reasonable expenses incurred in the execution of the guardian's duties, including necessary compensation paid to an attorney, an accountant, a broker, and other agents or service providers.
(3)
When court approval required. A court must approve compensation and reimbursement of expenses before payment to the guardian is made, but court approval need not be obtained before charges are incurred.
History:  2005 a. 387.
When a temporary guardian committed a clear breach of trust, the trial court had sufficient basis to award the temporary guardian no compensation. Yamat v. Verma L.B., 214 Wis. 2d 207, 571 N.W.2d 860 (Ct. App. 1997), 96-2313.
NOTE:  The above annotation relates to guardianships under former ch. 880, 2003 stats., prior to the revision of and renumbering of that chapter to this chapter by 2005 Wis. Act 387.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.74 - Compensation of guardian ad litem.

54.74
Compensation of guardian ad litem.
Unless the court otherwise directs or unless a petition to the court under this chapter is dismissed, the court shall order reasonable compensation to be paid to a guardian ad litem appointed under s. 54.40 (1) from the ward's income or assets, if sufficient, or, if insufficient, by the county of venue. If a petition to the court under this chapter is dismissed, the court shall order the petitioner to pay the compensation of the guardian ad litem. If the court orders a county to pay the compensation of the guardian ad litem, the amount ordered may not exceed the compensation paid to a private attorney under s. 977.08 (4m) (b). The guardian ad litem shall receive compensation for performing all duties required under s. 54.40 (4) and for any other acts that are approved by the court and are reasonably necessary to promote the ward's best interests.
History:  2005 a. 387 s. 498.
The court's power to appropriate compensation for court-appointed counsel is necessary for the effective operation of the judicial system. In ordering compensation for court ordered attorneys, a court should abide by the s. 977.08 (4m) rate when it can retain qualified and effective counsel at that rate, but should order compensation at the rate under SCR 81.01 or 81.02 or a higher rate when necessary to secure effective counsel. State ex rel. Friedrich v. Circuit Court, 192 Wis. 2d 1, 531 N.W.2d 32 (1995).
NOTE:  The above annotation relates to guardianships under former ch. 880, 2003 stats., prior to the revision of and renumbering of that chapter to this chapter by 2005 Wis. Act 387.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.75 - Access to court records.

54.75
Access to court records.
All court records pertinent to the finding of incompetency are closed but subject to access as provided in s. 51.30 or 55.22 or under an order of a court under this chapter. The fact that an individual has been found incompetent and the name of and contact information for the guardian is accessible to any person who demonstrates to the custodian of the records a need for that information.
History:  2005 a. 264 s. 211; 2005 a. 387 s. 471; 2007 a. 45.
Sub. (6) [now this section] requires the closing only of documents filed with the register in probate with respect to ch. 880 [now this chapter] proceedings. 67 Atty. Gen. 130.
NOTE:  The above annotation relates to guardianships under former ch. 880, 2003 stats., prior to the revision of and renumbering of that chapter to this chapter by 2005 Wis. Act 387.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.850 - Definitions.

54.850
Definitions.
In this subchapter:
(1)
“Administration" means any proceeding relating to a decedent's estate whether testate or intestate.
(2)
“Beneficiary" means any person nominated in a will to receive an interest in property other than in a fiduciary capacity.
(3)
“Distributee" means any person to whom property of a decedent is distributed other than in payment of a claim, or who is entitled to property of a decedent under the decedent's will or under the statutes of intestate succession.
(4)
“Person interested" has the meaning given in s. 851.21.
History:  2005 a. 387.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.854 - Uniform transfers to minors act; definitions.

54.854
Uniform transfers to minors act; definitions.
In ss. 54.854 to 54.898:
(1)
“Adult" means an individual who has attained the age of 21 years.
(2)
“Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for that person's account or for the account of others.
(3)
Notwithstanding s. 54.01 (3), “conservator" means a person appointed or qualified by a court to act as general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.
(4)
Notwithstanding s. 54.01 (4), “court" means the circuit court.
(5)
“Custodial property" means any interest in property transferred to a custodian under ss. 54.854 to 54.898 and the income from and proceeds of that interest in property.
(6)
“Custodian" means a person so designated under s. 54.870 or a successor or substitute custodian designated under s. 54.888.
(7)
“Financial institution" means a bank, trust company, savings bank, savings and loan association or other savings institution, or credit union, chartered and supervised under state or federal law.
(8)
“Legal representative" means an individual's personal representative or conservator.
(9)
“Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption.
(10)
Notwithstanding s. 54.01 (20), “minor" means an individual who has not attained the age of 21 years.
(11)
Notwithstanding s. 54.01 (23), “personal representative" means an executor, administrator, successor personal representative or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions.
(11m)
“Qualified minor's trust" means any trust, including a trust created by the custodian, that satisfies the requirements of section 2503 (c) of the Internal Revenue Code and the regulations implementing that section.
(12)
“State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and any territory or possession subject to the legislative authority of the United States.
(13)
“Transfer" means a transaction that creates custodial property under s. 54.870.
(14)
“Transferor" means a person who makes a transfer under ss. 54.854 to 54.898.
(15)
“Trust company" means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.
History:  1987 a. 191; 1991 a. 221; 2005 a. 216; 2005 a. 387 s. 527; Stats. 2005 s. 54.854.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.856 - Scope and jurisdiction.

54.856
Scope and jurisdiction.
(1)
Sections 54.854 to 54.898 apply to a transfer that refers to ss. 54.854 to 54.898 in the designation under s. 54.870 (1) by which the transfer is made if at the time of the transfer the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to ss. 54.854 to 54.898 despite a subsequent change in residence of a transferor, the minor or the custodian, or the removal of custodial property from this state.
(2)
A person designated as custodian under s. 54.870 to 54.888 is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.
(3)
A transfer that purports to be made and which is valid under the uniform transfers to minors act, the uniform gifts to minors act or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer the transferor, the minor or the custodian is a resident of the designated state or the custodial property is located in the designated state.
History:  1987 a. 191; 2005 a. 387 s. 528; Stats. 2005 s. 54.856.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.858 - Nomination of custodian.

54.858
Nomination of custodian.
(1)
A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian, followed in substance by the words: “as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act". The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment or a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights.
(2)
A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under s. 54.870 (1).
(3)
The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under s. 54.870. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property under s. 54.870.
History:  1987 a. 191; 2005 a. 387 s. 529; Stats. 2005 s. 54.858.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.860 - Transfer by gift or exercise of power of appointment.

54.860
Transfer by gift or exercise of power of appointment.
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor under s. 54.870.
History:  1987 a. 191; 2005 a. 387 s. 530; Stats. 2005 s. 54.860.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.862 - Transfer authorized by will or trust.

54.862
Transfer authorized by will or trust.
(1)
A personal representative or trustee may make an irrevocable transfer under s. 54.870 to a custodian for the benefit of a minor as authorized in the governing will or trust.
(2)
If the testator or settlor has nominated a custodian under s. 54.858 to receive the custodial property, the transfer must be made to that person.
(3)
If the testator or settlor has not nominated a custodian under s. 54.858, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under s. 54.870 (1).
History:  1987 a. 191; 2005 a. 387 s. 531; Stats. 2005 s. 54.862.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.864 - Other transfer by fiduciary.

54.864
Other transfer by fiduciary.
(1)
Subject to sub. (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor under s. 54.870 in the absence of a will or under a will or trust that does not contain an authorization to do so.
(2)
Subject to sub. (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor under s. 54.870.
(3)
A transfer under sub. (1) or (2) may be made only if:
(a)
The personal representative, trustee or conservator considers the transfer to be in the best interest of the minor;
(b)
The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and
(c)
The transfer is authorized by the court if it exceeds $10,000 in value.
History:  1987 a. 191; 2005 a. 387 s. 532; Stats. 2005 s. 54.864.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.866 - Transfer by obligor.

54.866
Transfer by obligor.
(1)
Subject to subs. (2) and (3), a person not subject to s. 54.862 or 54.864 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor under s. 54.870.
(2)
If a person having the right to do so under s. 54.858 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(3)
If no custodian has been nominated under s. 54.858, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds $10,000 in value.
History:  1987 a. 191; 2005 a. 387 s. 533; Stats. 2005 s. 54.866.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.868 - Receipt for custodial property.

54.868
Receipt for custodial property.
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian under ss. 54.854 to 54.898.
History:  1987 a. 191; 2005 a. 387 s. 534; Stats. 2005 s. 54.868.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.872 - Single custodianship.

54.872
Single custodianship.
A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under ss. 54.854 to 54.898 by the same custodian for the benefit of the same minor constitutes a single custodianship.
History:  1987 a. 191; 2005 a. 387 s. 536; Stats. 2005 s. 54.872.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.874 - Validity and effect of transfer.

54.874
Validity and effect of transfer.
(1)
The validity of a transfer made in a manner prescribed in ss. 54.854 to 54.898 is not affected by:
(a)
Failure of the transferor to comply with s. 54.870 (3) concerning possession and control;
(b)
Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under s. 54.870 (1); or
(c)
Death or incapacity of a person nominated under s. 54.858 or designated under s. 54.870 as custodian or the disclaimer of the office by that person.
(2)
A transfer made under s. 54.870 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in ss. 54.854 to 54.898, and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in ss. 54.854 to 54.898.
(3)
By making a transfer, the transferor incorporates in the disposition all of the provisions of ss. 54.854 to 54.898 and grants to the custodian, and to any 3rd person dealing with a person designated as custodian, the respective powers, rights and immunities provided in ss. 54.854 to 54.898.
History:  1987 a. 191; 2005 a. 387 s. 537; Stats. 2005 s. 54.874.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.876 - Care of custodial property.

54.876
Care of custodial property.
(1)
A custodian shall:
(a)
Take control of custodial property;
(b)
Register or record title to custodial property if appropriate; and
(c)
Collect, hold, manage, invest and reinvest custodial property.
(2)
In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.
(3)
A custodian may invest in or pay premiums on life insurance or endowment policies on:
(a)
The life of the minor only if the minor or the minor's estate is the sole beneficiary; or
(b)
The life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate or the custodian in the capacity of custodian, is the irrevocable beneficiary.
(4)
A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: “as a custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act".
(5)
A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of 14 years.
History:  1987 a. 191; 2005 a. 387 s. 538; Stats. 2005 s. 54.876.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.878 - Powers of custodian.

54.878
Powers of custodian.
(1)
A custodian, acting in a custodial capacity, has all the rights, powers and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers and authority in that capacity only.
(2)
This section does not relieve a custodian from liability for breach of s. 54.876.
History:  1987 a. 191; 2005 a. 387 s. 539; Stats. 2005 s. 54.878.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.880 - Use of custodial property.

54.880
Use of custodial property.
(1)
A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to:
(a)
The duty or ability of the custodian personally or of any other person to support the minor; or
(b)
Any other income or property of the minor which may be applicable or available for that purpose.
(1m)
At any time a custodian may transfer part or all of the custodial property to a qualified minor's trust without a court order. Such a transfer terminates the custodianship to the extent of the transfer.
(2)
On petition of an interested person or the minor if the minor has attained the age of 14 years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.
(3)
A delivery, payment or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.
History:  1987 a. 191; 2005 a. 216; 2005 a. 387 s. 540; Stats. 2005 s. 54.880.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.882 - Custodian's expenses, compensation and bond.

54.882
Custodian's expenses, compensation and bond.
(1)
A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.
(2)
Except for a person who is a transferor under s. 54.860, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.
(3)
Except as provided in s. 54.888 (6), a custodian need not give a bond.
History:  1987 a. 191; 2005 a. 387 s. 541; Stats. 2005 s. 54.882.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.884 - Exemption of 3rd person from liability.

54.884
Exemption of 3rd person from liability.
A 3rd person, in good faith and without court order, may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining any of the following:
(1)
The validity of the purported custodian's designation.
(2)
The propriety of, or the authority under ss. 54.854 to 54.898 for, any act of the purported custodian.
(3)
The validity or propriety under ss. 54.854 to 54.898 of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian.
(4)
The propriety of the application of any property of the minor delivered to the purported custodian.
History:  1987 a. 191; 2005 a. 387 s. 542; Stats. 2005 s. 54.884.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.886 - Liability to 3rd persons.

54.886
Liability to 3rd persons.
(1)
A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property or a tort committed during the custodianship may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor.
(2)
A custodian is not personally liable:
(a)
On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or
(b)
For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
(3)
A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
History:  1987 a. 191; 2005 a. 387 s. 543; Stats. 2005 s. 54.886.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.890 - Accounting by and determination of liability of custodian.

54.890
Accounting by and determination of liability of custodian.
(1)
A minor who has attained the age of 14 years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor or a transferor's legal representative may petition the court:
(a)
For an accounting by the custodian or the custodian's legal representative; or
(b)
For a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under s. 54.886 to which the minor or the minor's legal representative was a party.
(2)
A successor custodian may petition the court for an accounting by the predecessor custodian.
(3)
The court, in a proceeding under ss. 54.854 to 54.898 or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.
(4)
If a custodian is removed under s. 54.888 (6), the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
History:  1987 a. 191; 2005 a. 387 s. 545; Stats. 2005 s. 54.890.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.892 - Termination of custodianship.

54.892
Termination of custodianship.
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
(1)
The minor's attainment of 21 years of age with respect to custodial property transferred under s. 54.860 or 54.862;
(2)
The minor's attainment of 18 years of age with respect to custodial property transferred under s. 54.864 or 54.866; or
(3)
The minor's death.
History:  1987 a. 191; 2005 a. 387 s. 546; Stats. 2005 s. 54.892.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.894 - Applicability.

54.894
Applicability.
Sections 54.854 to 54.898 apply to a transfer within the scope of s. 54.856 made after April 8, 1988, if:
(1)
The transfer purports to have been made under ss. 880.61 to 880.71, 1985 stats.; or
(2)
The instrument by which the transfer purports to have been made uses in substance the designation “as custodian under the Uniform Gifts to Minors Act" or “as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of ss. 54.854 to 54.898 is necessary to validate the transfer.
History:  1987 a. 191; 2005 a. 387 s. 547; Stats. 2005 s. 54.894.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.896 - Effect on existing custodianships.

54.896
Effect on existing custodianships.
(1)
Any transfer of custodial property as defined in ss. 54.854 to 54.898 made before April 8, 1988, is validated notwithstanding that there was no specific authority in ss. 880.61 to 880.71, 1985 stats., for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(2)
Sections 54.854 to 54.898 apply to all transfers made before April 8, 1988, in a manner and form prescribed in ss. 880.61 to 880.71, 1985 stats., except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on April 8, 1988.
(3)
Sections 54.854 to 54.892 with respect to the age of a minor for whom custodial property is held under ss. 54.854 to 54.898 do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of 18 after March 23, 1972 and before April 8, 1988.
(4)
To the extent that ss. 54.854 to 54.898, by virtue of sub. (2), do not apply to transfers made in a manner prescribed in ss. 880.61 to 880.71, 1985 stats., or to the powers, duties and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians, the repeal of ss. 880.61 to 880.71, 1985 stats., does not affect those transfers, powers, duties and immunities.
History:  1987 a. 191; 2005 a. 387 s. 548; Stats. 2005 s. 54.896.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.898 - Uniformity of application and construction.

54.898
Uniformity of application and construction.
Sections 54.854 to 54.898 shall be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of ss. 54.854 to 54.898 among states enacting it.
History:  1987 a. 191; 2005 a. 387 s. 549; Stats. 2005 s. 54.898.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.93 - Securities ownership by incompetents and spendthrifts.

54.93
Securities ownership by incompetents and spendthrifts.
(1)
Definitions.
(a)
All definitions in s. 54.92 (1) (a) to (e) and (g) shall apply in this section, unless the context otherwise requires.
(b)
In this section, “ 3rd party" means a person other than a bank, broker, transfer agent or issuer who with respect to a security held by an incompetent or spendthrift effects a transaction otherwise than directly with the incompetent or spendthrift.
(2)
Security transactions involving incompetent or spendthrift; liability. A bank, broker, issuer, 3rd party, or transfer agent incurs no liability by reason of his or her treating an incompetent or spendthrift as having capacity to transfer a security, to receive or to empower others to receive dividends, interest, principal, or other payments or distributions, to vote or give consent in person or by proxy, or to make elections or exercise rights relating to the security, unless prior to acting in the transaction the bank, broker, issuer, 3rd party, or transfer agent had received written notice in the office acting in the transaction that the specific security is held by a person who has been adjudicated an incompetent or a spendthrift or unless an individual conducting the transaction for the bank, broker, issuer, 3rd party, or transfer agent had actual knowledge that the holder of the security is a person who has been adjudicated an incompetent or a spendthrift, or actual knowledge of filing of lis pendens as provided in s. 54.47. Except as otherwise provided in this section, such a bank, broker, issuer, 3rd party, or transfer agent may assume without inquiry that the holder of a security is not an incompetent or spendthrift.
(3)
Acts not subject to disaffirmance or avoidance. An incompetent or spendthrift, who has transferred a security, received or empowered others to receive dividends, interest, principal, or other payments or distributions, voted or given consent in person or by proxy, or made an election or exercised rights relating to the security, has no right thereafter, as against a bank, broker, issuer, 3rd party, or transfer agent to disaffirm or avoid the transaction, unless prior to acting in the transaction the bank, broker, issuer, 3rd party, or transfer agent against whom the transaction is sought to be disaffirmed or avoided had received notice in the office acting in the transaction that the specific security is held by a person who has been adjudicated an incompetent or a spendthrift or unless an individual conducting the transaction for the bank, broker, issuer, 3rd party, or transfer agent had actual knowledge that the holder is a person who has been adjudicated an incompetent or a spendthrift, or actual knowledge of filing of lis pendens as provided in s. 54.47.
(4)
Interpretation. This section shall supersede any provision of law in conflict therewith.
History:  1971 c. 41 ss. 8, 12; Stats. 1971 s. 880.76; 1993 a. 486; 1999 a. 185; 2005 a. 253; 2005 a. 387 s. 552; Stats. 2005 s. 54.93; 2007 a. 45.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.950 - Definitions.

54.950
Definitions.
In this subchapter:
(1)
“Adult" means an individual who is at least 18 years of age.
(2)
“Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this subchapter.
(3)
Notwithstanding s. 54.01 (3), “conservator" means a person appointed or qualified by a court by voluntary proceedings to manage the estate of an individual, or a person legally authorized to perform substantially the same functions.
(4)
Notwithstanding s. 54.01 (4), “court" means the circuit court of this state.
(5)
“Custodial trustee" means a person designated as trustee of a custodial trust under this subchapter or a substitute or successor to the person designated.
(6)
“Custodial trustee property" means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this subchapter and the income from and proceeds of that interest.
(7)
Notwithstanding s. 54.01 (10), “guardian" means a person appointed or qualified by a court as a guardian of the person or estate, or both, of an individual, including a guardian with limited powers, but not a person who is only a guardian ad litem.
(8)
“Incapacitated" means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause.
(9)
“Legal representative" means a personal representative, conservator or guardian of the estate.
(10)
“Member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption.
(11)
“Person" means an individual, corporation, business trust, estate, trust, partnership, joint venture, association or any other legal or commercial entity.
(12)
Notwithstanding s. 54.01 (23), “personal representative" means an executor, administrator or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions or a successor to any of them.
(13)
“State" means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico.
(14)
“Transferor" means a person who creates a custodial trust by transfer or declaration.
(15)
“Trust company" means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.
History:  1991 a. 246; 2005 a. 387 s. 554; Stats. 2005 s. 54.950.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.952 - Custodial trust; general.

54.952
Custodial trust; general.
(1)
A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under the Wisconsin uniform custodial trust act.
(2)
A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property, naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under the Wisconsin uniform custodial trust act. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this subchapter.
(3)
Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
(4)
Except as provided in sub. (5), a transferor may not terminate a custodial trust.
(5)
The beneficiary, if not incapacitated, or the conservator or guardian of the estate of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary, conservator or guardian of the estate declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
(6)
Any person may augment existing custodial trust property by the addition of other property pursuant to this subchapter.
(7)
The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.
(8)
Sections 54.950 to 54.988 do not displace or restrict other means of creating trusts. A trust whose terms do not conform to this subchapter may be enforceable according to its terms under other law.
History:  1991 a. 246; 2005 a. 387 s. 555; Stats. 2005 s. 54.952; 2017 a. 364 s. 49.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.954 - Custodial trustee for future payment or transfer.

54.954
Custodial trustee for future payment or transfer.
(1)
A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: “as custodial trustee for.... (name of beneficiary) under the Wisconsin Uniform Custodial Trust Act".
(2)
Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.
(3)
A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer or obligor of the future right.
History:  1991 a. 246; 2005 a. 387 s. 556; Stats. 2005 s. 54.954.
2023 Wisconsin Statutes & Annotations › Chapter 54 - Guardianships and conservatorships. › 54.956 - Form and effect of receipt and acceptance by custodial trustee, jurisdiction.

54.956
Form and effect of receipt and acceptance by custodial trustee, jurisdiction.
(1)
Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this subchapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property.
(2)
The custodial trustee's acceptance may be evidenced by a writing stating in substantially the following form:
Custodial trustee's receipt and acceptance
I,.... (name of custodial trustee), acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for.... (name of beneficiary) under the Wisconsin Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Wisconsin Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is or becomes, incapacitated. The custodial trust property consists of.....
Dated: ....
....
(Signature of Custodial Trustee)
(3)
Upon accepting custodial trust property, a person designated as custodial trustee under this subchapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.
History:  1991 a. 246; 1993 a. 213; 2005 a. 387 s. 557; Stats. 2005 s. 54.956.