Current as of January 01, 2018 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(1) A trust is created only if all of the following are satisfied:
(a) The settlor of the trust has capacity, as defined in sub. (4), to create the trust, unless the trust is created by court order or by an agent, guardian of the estate, conservator, or representative payee with authority to act.
(b) The settlor indicates an intention to create the trust; or a statute, regulation, common law, other provision having the effect of law, judgment, or decree creates or authorizes the creation of a trust.
(c) The trust has a definite beneficiary or is one of the following:
1. A charitable trust.
2. A trust for the care of an animal, as provided in s. 701.0408.
3. A trust for a noncharitable purpose, as provided in s. 701.0409.
(d) The trustee has duties to perform.
(e) The same person is not the sole trustee and sole beneficiary.
(2) A beneficiary is definite if the beneficiary can be ascertained at the time the trust is created or in the future.
(3) A power in a trustee or trust protector to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
(4) The capacity required to create a trust is the same as the capacity to make a will.
Cite this article: FindLaw.com - Wisconsin Statutes Property (Ch. 700 to 710) § 701.0402. Requirements for creation - last updated January 01, 2018 | https://codes.findlaw.com/wi/property-ch-700-to-710/wi-st-701-0402/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.