701.0411 Modification or termination of noncharitable irrevocable trust by consent.

216 words·~1 min read·/wi/chapter-701/701-0411-2

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

(1)Except as provided in sub.

(1m), a noncharitable irrevocable trust may be modified or terminated, with or without court approval, upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust. A settlor’s power to consent to a trust’s modification or termination may be exercised by a representative under s. 701.0303 only if the representative is specifically authorized to consent to a trust’s modification or termination under a power of attorney, the terms of the trust, or by a court under a guardianship or conservatorship.

(1m)A trust described in 42 USC 1396p

(4)may be terminated or modified under sub.

(1)only with consent of the trustee, and is not considered revocable because it lacks ascertainable remainder beneficiaries.

(2)With the approval of the court, any of the following may occur:

(a)A noncharitable irrevocable trust may be terminated upon consent of all of the beneficiaries if continuance of the trust is not necessary to achieve any material purpose of the trust.

(b)A noncharitable irrevocable trust may be modified upon consent of all of the beneficiaries if the modification is not inconsistent with a material purpose of the trust.