Wisconsin Statutes 701.0501 – Rights of beneficiary’s creditor or assignee
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 701.0501
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
- Trustee: A person or institution holding and administering property in trust.
(1)
(a) To the extent a beneficiary‘s interest is not protected by a spendthrift provision, the court may authorize a judgment creditor or an assignee of the beneficiary to reach the beneficiary’s interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances.
(b) This subsection does not apply to a trust for an individual with a disability.
(2) A trustee is not liable to any creditor of a beneficiary for any distributions made to or for the benefit of the beneficiary if any of the following applies:
(a) The beneficiary’s interest is protected by a spendthrift provision.
(b) The trust is a trust for an individual with a disability.