Wisconsin Statutes 701.0401 – Methods of creating a trust
Current as of: 2023 | Check for updates
|
Other versions
A trust may be created by any of the following:
Terms Used In Wisconsin Statutes 701.0401
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- 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.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(1) A transfer of property to another person as trustee during the settlor’s lifetime, by will, or by other disposition taking effect upon the settlor’s death.
(2) A declaration by an owner of property that the owner holds identifiable property as trustee or declaration by any person who intends to create a trust with the expectation that property of the person or others will be transferred to the trust.
(3) An exercise of a power of appointment in favor of a trustee.
(4) A court pursuant to its statutory or equitable powers.
(5) A guardian of the estate or conservator acting with authority of the court, a representative payee, or an agent under a power of attorney that expressly grants authority to create the trust.
(6) Any other manner authorized by statute, regulation, common law, or other provision having the effect of law.