701.0401 Methods of creating a trust.

224 words·~1 min read·/wi/chapter-701/701-0401-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

701.0401 Methods of creating a trust. A trust may be created by any of the following:

(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.

(5m)A declaration of an intent to create a trust with the intention that the trust will later be funded by assets of the person who created the trust or by another person with legal authority to fund the trust. The person making the declaration is considered to have created the trust, regardless of whether the person funds the trust with the person’s own assets.

(6)Any other manner authorized by statute, regulation, common law, or other provision having the effect of law.