Terms Used In Wisconsin Statutes 54.20

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Intestate: Dying without leaving a will.
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Minor: means a person who has not attained the age of 18 years, except that for purposes of investigating or prosecuting a person who is alleged to have violated a state or federal criminal law or any civil law or municipal ordinance, "minor" does not include a person who has attained the age of 17 years. See Wisconsin Statutes 990.01
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
  • Personal property: includes money, goods, chattels, things in action, evidences of debt and energy. See Wisconsin Statutes 990.01
  • Personal property: All property that is not real property.
  • Property: includes real and personal property. See Wisconsin Statutes 990.01
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Trustee: A person or institution holding and administering property in trust.
   (1)    Standard. In exercising the powers under this section, the guardian of the estate shall use the judgment and care that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, including the permanent, rather than speculative, disposition of their funds and consideration of the probable income and safety of their capital. In addition, in exercising powers and duties under this section, the guardian of the estate shall consider, consistent with the functional limitations of the ward, all of the following:
      (a)    The ward’s understanding of the harm that he or she is likely to suffer as the result of his or her inability to manage property and financial affairs.
      (b)    The ward’s personal preferences and desires with regard to managing his or her activities of daily living.
      (c)    The least restrictive form of intervention for the ward.
   (2)   Powers requiring court approval. The guardian of the estate may do any of the following with respect to the ward’s income and assets only with the court’s prior written approval following any petition and upon any notice and hearing that the court requires:
      (a)    Make gifts, under the terms, including the frequency, amount, and donees specified by the court in approval of a petition under s. 54.21.
      (b)    Transfer assets of the ward to the trustee of any existing revocable living trust that the ward has created for himself or herself and any dependents, or, if the ward is a minor, to the trustee of any trust created for the exclusive benefit of the ward that distributes to him or her at age 18 or 21, or, if the ward dies before age 18 or 21, to his or her estate, or as the ward has appointed by a written instrument that is executed after the ward attains age 14.
      (c)    Establish a trust as specified under 42 U.S. Code § 1396p (d) (4) and transfer assets into the trust.
      (d)    Purchase an annuity or insurance contract and exercise rights to elect options or change beneficiaries under insurance and annuity policies and to surrender the policies for their cash value.
      (e)    Ascertain, establish, and exercise any rights available to the ward under a retirement plan or account.
      (f)    Exercise any elective rights that accrue to the ward as the result of the death of the ward’s spouse or parent.
      (g)    Release or disclaim, under s. 854.13, any interest of the ward that is received by will, intestate succession, nontestamentary transfer at death, or other transfer.
      (h)    If appointed for a married ward, exercise any management and control right over the marital property or property other than marital property and any right in the business affairs that the married ward could exercise under ch. 766 if the ward were not an individual found incompetent, consent to act together in or join in any transaction for which consent or joinder of both spouses is required, or execute under s. 766.58 a marital property agreement with the ward’s spouse or, if appointed for a ward who intends to marry, with the ward’s intended spouse, but may not make, amend or revoke a will.
      (i)    Provide support for an individual whom the ward is not legally obligated to support.
      (j)    Convey or release a contingent or expectation interest in property, including a marital property right and any right of survivorship that is incidental to a joint tenancy or survivorship marital property.
      (k)    In all cases in which the court determines that it is advantageous to continue the business of a ward, continue the business on any terms and conditions specified in the order of the court.
      (L)    Apply to the court for adjustment of any claims against the ward incurred before entry of the order appointing the guardian or the filing of a lis pendens as provided in s. 54.47. The court shall by order fix the time and place it will adjust claims and the time within which all claims shall be presented. Notice of these times and the place shall be given by publication as provided in s. 879.05 (4), and ch. 859 generally shall apply. After the court has made the order, no action or proceeding may be commenced or maintained in any court against the ward upon any claim over which the circuit court has jurisdiction.
      (m)    Access the ward’s digital property in accordance with s. 711.08.
   (3)   Powers that do not require court approval. The guardian of the estate may do any of the following on behalf of the ward without first receiving the court’s approval:
      (a)    Provide support from the ward’s income and assets for an individual whom the ward is legally obligated to support.
      (b)    Enter into a contract, other than a contract under sub. (2) or that is otherwise prohibited under this chapter.
      (c)    Exercise options of the ward to purchase securities or other property.
      (d)    Authorize access to or release of the ward’s confidential financial records.
      (e)    Apply for public and private benefits.
      (f)    Retain any real or personal property that the ward possesses when the guardian is appointed or that the ward acquires by gift or inheritance during the guardian’s appointment.
      (g)    Subject to ch. 786, sell, mortgage, pledge, lease, or exchange any asset of the ward at fair market value.
      (h)    Invest and reinvest the proceeds of sale of any assets of the ward and any of the ward’s other moneys in the guardian’s possession in accordance with ch. 881.
      (i)    Notwithstanding ch. 881, after such notice as the court directs, and subject to ch. 786, invest the proceeds of sale of any assets of the ward and any of the ward’s other moneys in the guardian’s possession in the real or personal property that is determined by the court to be in the best interests of the estate of the ward.
      (j)    Settle all claims and accounts of the ward and appear for and represent the ward in all actions and proceedings except those for which another person is appointed.
      (k)    Take any other action, except an action specified under sub. (2), that is reasonable or appropriate to the duties of the guardian of the estate.

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