Wisconsin Statutes 54.982 – Distribution on termination
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 54.982
- 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
- 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
- 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.
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
(1) Upon termination of a custodial trust by the beneficiary or the beneficiary’s conservator or guardian of the estate, the custodial trustee shall transfer the unexpended custodial trust property as follows:
(a) To the beneficiary, if not incapacitated or deceased.
(b) To the conservator, guardian of the estate or other recipient designated by the court for an incapacitated beneficiary.
(2) Upon termination of a custodial trust by the beneficiary’s death, the custodial trustee shall distribute the unexpended custodial trust property in the following order:
(a) As last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary.
(b) To the survivor of multiple beneficiaries if survivorship is provided for pursuant to s. 54.960.
(c) As designated in the instrument creating the custodial trust.
(d) To the estate of the deceased beneficiary.
(3) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
(4) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.