701.0306 Designated representative.
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/wi/chapter-701/701-0306-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
701.0306 Designated representative.
(1)If specifically nominated in the trust instrument, one or more persons may be designated to represent and bind a beneficiary and receive any notice, information, accounting, or report. The trust instrument may also authorize any one or more persons to designate one or more persons to represent and bind a beneficiary and receive any notice, information, accounting, or report.
(2)Except as otherwise provided in this chapter, a person designated in sub.
(1)may not represent and bind a beneficiary while that person is serving as trustee.
(3)Except as otherwise provided in this chapter, a person designated in sub.
(1)may not represent and bind another beneficiary if the person designated also is a beneficiary, unless one of the following applies:
(a)That person was named by the settlor.
(b)That person is one of the following:
1. The beneficiary’s spouse.
2. A grandparent or descendant of a grandparent of the beneficiary.
3. A grandparent or descendant of a grandparent of the beneficiary’s spouse.