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Wisconsin Statutes Property (Ch. 700 to 710) § 701.0503. Exceptions to spendthrift provision

Current as of January 01, 2022 | Updated by FindLaw Staff

(1) Claims for child support.Notwithstanding s. 701.0502, upon application of a person having a valid order directing a beneficiary to make payment for support of the beneficiary's child, the court may do any of the following:

(a) If the beneficiary is entitled to receive income or principal under the trust, order the trustee to satisfy part or all of the claim out of part or all of payments of income or principal as they are due, presently or in the future;

(b) If a beneficiary may receive income or principal at the trustee's discretion under the trust, order the trustee to satisfy part or all of the claim out of part or all of future payments of income or principal that are made pursuant to the exercise of the trustee's discretion in favor of such beneficiary.

(2) Claims for public support.Notwithstanding s. 701.0502 and except as provided in sub. (3), if the settlor is legally obligated to pay for the public support of a beneficiary under s. 46.10, 49.345, or 301.12 or the beneficiary is legally obligated to pay for the beneficiary's public support or for support furnished to the beneficiary's spouse or minor child under s. 46.10, 49.345, or 301.12, upon application by the appropriate state department or county official, the court may do any of the following:

(a) If the beneficiary is entitled to receive income or principal under the trust, order the trustee to satisfy part or all of the liability out of part or all of payments of income or principal as they are due, presently or in the future;

(b)1. Except as provided in subd. 2., if the beneficiary may receive income or principal at the trustee's discretion under the trust, order the trustee to satisfy part or all of the liability out of part or all of future payments of income or principal which are to be made pursuant to the exercise of the trustee's discretion in favor of the beneficiary.

2. In the case of a beneficiary who may receive income or principal of the trust at the trustee's discretion and who is a settlor or a spouse or minor child of the settlor, order the trustee to satisfy part or all of the liability without regard to whether the trustee has then exercised or may thereafter exercise the trustee's discretion in favor of the beneficiary.

(3) Trust for individual .Subsection (2) does not apply to any trust for an individual with a disability.

(4) Subsequent modification of court's order.Any order entered by a court under sub. (1) or (2) may be modified upon application of an interested person.

(5) Exempt assets. Assets of a trust that are exempt from claims of creditors under other statutesare not be subject to sub. (1) or (2).

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Cite this article: FindLaw.com - Wisconsin Statutes Property (Ch. 700 to 710) § 701.0503. Exceptions to spendthrift provision - last updated January 01, 2022 | https://codes.findlaw.com/wi/property-ch-700-to-710/wi-st-701-0503/

Read this complete Wisconsin Statutes Property (Ch. 700 to 710) § 701.0503. Exceptions to spendthrift provision on Westlaw

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