Wisconsin Statutes 54.950 – Definitions
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In this subchapter:
Terms Used In Wisconsin Statutes 54.950
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Personal representative: means a person, however denominated, who is authorized to administer a decedent's estate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. See Wisconsin Statutes 990.01
(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.