Wisconsin Statutes 701.0201 – Role of court in administration of trust
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 701.0201
- 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
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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.
- 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
- 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
- Trustee: A person or institution holding and administering property in trust.
(1) The court may intervene in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided by law.
(2) Unless ordered by the court upon a petition of a settlor, trustee, or qualified beneficiary requesting continuing judicial supervision, a trust is not subject to continuing judicial supervision.
(3) A judicial proceeding involving a trust or the trust’s administration may involve any of the following:
(a) Determining the validity of all or any part of a trust.
(b) Appointing or removing a trustee, directing party, or trust protector.
(c) Appointing a representative or guardian ad litem, as provided in s. 701.0305, whether or not any other judicial proceeding concerning the trust is pending.
(d) Reviewing and approving a fee of a trustee, directing party, or trust protector.
(e) Approving interim or final accounts.
(f) Ascertaining trust beneficiaries.
(g) Determining the existence or nonexistence of any immunity, power, privilege, duty, or right.
(h) Requesting trustee instructions.
(i) Obtaining a declaratory judgment.
(j) Seeking reformation or other equitable relief with respect to a trust.
(k) Resolving a question arising in the administration of a trust, including a question of construction of a trust instrument.
(L) Determining any other matter involving a trustee, directing party, trust protector, or beneficiary.