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Code · Wisconsin · Chapter 701 — Trusts

701.0105 Default and mandatory rules.

345 words·~2 min read·/wi/chapter-701/701-0105-3

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701.0105 Default and mandatory rules.
(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.
(d)The power of a court to modify or terminate a trust under ss. 701.0410 to 701.0416 .
(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 .
(i)The rights under ss. 701.1010 to 701.1013 of a person other than a trustee or beneficiary.
(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 .
(m)The jurisdiction of the court under ss. 701.0807
(4), 701.0808
(9), and 701.0818
(12).
(n)The legal capacity under s. 701.0818
(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.
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