Wisconsin Statutes 701.0105 – Default and mandatory rules
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 701.0105
- 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
- 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.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
- Venue: The geographical location in which a case is tried.
(1) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of trustees, directing parties, and trust protectors; relations among trustees, directing parties, and trust protectors; and the rights and interests of beneficiaries.
(2) The terms of a trust prevail over any provision of this chapter except for the following:
(a) The requirements for creating a trust.
(b) The duty of a trustee or a directing party to act in good faith and in accordance with the terms and purposes of a trust instrument and the interests of the beneficiaries.
(c) The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful.
(e) The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in ss. 701.0501 to 701.0508.
(f) The power of the court under s. 701.0702.
(g) The power of the court under s. 701.0708 (2) to adjust a trustee’s, directing party’s, or trust protector’s compensation specified in the terms of the trust.
(h) The effect of an exculpatory term under s. 701.1008.
(j) Periods of limitation for commencing a judicial proceeding.
(k) The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.
(L) The jurisdiction of the court and venue for commencing a proceeding as provided in ss. 701.0202, 701.0203, and 701.0204.
(n) The legal capacity under s. 701.0818 (2) (c) in which a trust protector who is also serving as a trustee or a directing party must exercise any power granted to the trust protector.