766.575 Protection of trustees dealing with spouses.

265 words·~1 min read·/wi/chapter-766/766-575

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

(1)In this section:

(a)“Business day” has the meaning given under s. 421.301

(6).

(b)“Governing instrument” means the contract or other instrument pursuant to which a trustee has possession or control of property. The term includes, in the case of trustees whose rights, duties and responsibilities are fixed by court order or statute or both, the court order and the applicable statutory provisions as modified by any court order, as they would apply if this chapter had not been enacted.

(c)“Notice of claim” means a written notice, by or on behalf of a spouse, former spouse, surviving spouse or person claiming under a deceased spouse’s disposition at death, that the person claims to be entitled to property in the trustee’s possession or control, specifying the portion of property to which the claim relates.

(d)“Property” includes, in addition to the meaning given under s. 766.01

(15), any proceeds of property, any income earned on property or derived from property and any income or proceeds derived from proceeds or income previously received and reinvested.

(e)“Trustee” has the meaning given under s. 701.0103

(28).

(2)Except as provided in sub.

(3), in a court order or in the terms of a trust, the classification of property in the possession or control of a trustee shall not affect the trustee’s right and duty to administer, manage and distribute the property in accordance with the terms of the governing instrument and the trustee may rely on and act in accordance with those terms.