54.966 Use of custodial trust property.
(1) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time.
(2) If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income or property of the beneficiary.
(3) A custodial trustee may establish checking, savings or other similar accounts of reasonable amounts from or against which either the custodial trustee or the beneficiary may withdraw funds or write checks. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
History: 1991 a. 246; 2005 a. 387 s. 562; Stats. 2005 s. 54.966.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 54 - Guardianships and conservatorships.
54.10 - Appointment of guardian.
54.12 - Exceptions to appointment of guardian.
54.15 - Selection of guardian; nominations; preferences; other criteria.
54.18 - General duties and powers of guardian; limitations; immunity.
54.19 - Duties of guardian of the estate.
54.20 - Powers of guardian of the estate.
54.21 - Petition to transfer ward's assets to another.
54.22 - Petition for authority to sell, mortgage, pledge, lease, or exchange ward's property.
54.25 - Duties and powers of guardian of the person.
54.26 - Guardian training requirements.
54.30 - Jurisdiction and venue.
54.34 - Petition for guardianship or for receipt and acceptance of a foreign guardianship.
54.36 - Examination of proposed ward.
54.40 - Guardian ad litem; appointment; duties; termination.
54.42 - Rights of proposed ward or ward.
54.46 - Disposition of petition.
54.47 - Lis pendens, void contracts.
54.48 - Protective placement and protective services.
54.50 - Temporary guardianships.
54.625 - Transfer of guardianship funds of a Menominee.
54.63 - Expansion of order of guardianship; procedure.
54.64 - Review of incompetency and termination of guardianship.
54.68 - Review of conduct of guardian.
54.72 - Guardian compensation and reimbursement.
54.74 - Compensation of guardian ad litem.
54.75 - Access to court records.
54.76 - Conservator; appointment; duties and powers; termination.
54.852 - United States uniform veterans guardianship act.
54.854 - Uniform transfers to minors act; definitions.
54.856 - Scope and jurisdiction.
54.858 - Nomination of custodian.
54.860 - Transfer by gift or exercise of power of appointment.
54.862 - Transfer authorized by will or trust.
54.864 - Other transfer by fiduciary.
54.868 - Receipt for custodial property.
54.872 - Single custodianship.
54.874 - Validity and effect of transfer.
54.876 - Care of custodial property.
54.880 - Use of custodial property.
54.882 - Custodian's expenses, compensation and bond.
54.884 - Exemption of 3rd person from liability.
54.886 - Liability to 3rd persons.
54.890 - Accounting by and determination of liability of custodian.
54.892 - Termination of custodianship.
54.896 - Effect on existing custodianships.
54.898 - Uniformity of application and construction.
54.92 - Uniform securities ownership by minors act.
54.93 - Securities ownership by incompetents and spendthrifts.
54.952 - Custodial trust; general.
54.954 - Custodial trustee for future payment or transfer.
54.956 - Form and effect of receipt and acceptance by custodial trustee, jurisdiction.
54.958 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.
54.960 - Multiple beneficiaries; separate custodial trusts; survivorship.
54.962 - General duties of custodial trustee.
54.964 - General powers of custodial trustee.
54.966 - Use of custodial trust property.
54.968 - Determination of incapacity; effect.
54.970 - Exemption of 3rd person from liability.
54.972 - Liability to 3rd person.
54.976 - Expenses, compensation and bond of custodial trustee.
54.980 - Limitations of action against custodial trustee.
54.982 - Distribution on termination.