Wisconsin Statutes & Annotations
Chapter 701 - Trusts.
701.0104 - Knowledge.

701.0104 Knowledge.
(1) Subject to sub. (2), a person has knowledge of a fact if any of the following applies:
(a) The person has actual knowledge of the fact.
(b) The person has received a notice or notification of the fact.
(c) The person has reason to know the fact from all the facts and circumstances known to the person at the time in question.
(2) An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust, or would have been received by the employee if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the individual's regular duties or the individual knows a matter involving the trust would be materially affected by the information.
History: 2013 a. 92.

Structure Wisconsin Statutes & Annotations

Wisconsin Statutes & Annotations

Chapter 701 - Trusts.

701.0101 - Short title.

701.0102 - Scope.

701.0103 - Definitions.

701.0104 - Knowledge.

701.0105 - Default and mandatory rules.

701.0106 - Common law of trusts; principles of equity.

701.0107 - Governing law.

701.0108 - Principal place of administration.

701.0109 - Methods and waiver of notice.

701.0110 - Others treated as qualified beneficiaries.

701.0111 - Nonjudicial settlement agreements.

701.0201 - Role of court in administration of trust.

701.0202 - Personal jurisdiction.

701.0203 - Subject matter jurisdiction.

701.0204 - Venue.

701.0205 - Notice.

701.0206 - Attorney for person in military service.

701.0301 - Representation: basic effect.

701.0302 - Representation by holder of general power of appointment.

701.0303 - Representation by fiduciaries, parents, or a person appointed by a trustee.

701.0304 - Representation by person having substantially identical interest.

701.0305 - Appointment of representative by a court.

701.0401 - Methods of creating a trust.

701.0402 - Requirements for creation.

701.0403 - Trusts created in other jurisdictions.

701.0404 - Trust purposes.

701.0405 - Charitable purposes; enforcement.

701.0406 - Creation of trust induced by fraud, duress, or undue influence.

701.0407 - Evidence of oral trust.

701.0408 - Trust for care of animal.

701.0409 - Noncharitable trust without ascertainable beneficiary.

701.0410 - Modification or termination of trust; proceedings for approval or disapproval.

701.0411 - Modification or termination of noncharitable irrevocable trust by consent.

701.0412 - Modification or termination because of unanticipated circumstances or inability to administer trust effectively.

701.0413 - Cy pres.

701.0414 - Modification or termination of uneconomic trust.

701.0415 - Reformation to correct mistakes.

701.0416 - Modification to achieve settlor's tax objectives.

701.0417 - Combination and division of trusts.

701.0418 - Trustee's power to appoint assets to new trust.

701.0419 - Transfers to trusts.

701.0501 - Rights of beneficiary's creditor or assignee.

701.0502 - Spendthrift provision.

701.0503 - Exceptions to spendthrift provision.

701.0504 - Discretionary trusts; effect of standard.

701.0505 - Creditor's claim against settlor.

701.0506 - Overdue distribution.

701.0507 - Personal obligations of trustee.

701.0508 - Debts of decedents.

701.0601 - Capacity of settlor of revocable trust.

701.0602 - Revocation or amendment of revocable trust.

701.0603 - Settlor's powers; powers of withdrawal.

701.0604 - Limitation on action contesting validity of revocable trust; distribution of trust property.

701.0701 - Accepting or declining trusteeship.

701.0702 - Trustee's bond.

701.0703 - Cotrustees.

701.0704 - Vacancy in trusteeship; appointment of successor.

701.0705 - Resignation of trustee.

701.0706 - Removal of trustee.

701.0707 - Delivery of property by former trustee.

701.0708 - Compensation of trustee.

701.0709 - Reimbursement of expenses.

701.0710 - Title of trust property.

701.0801 - Duty to administer trust.

701.0802 - Duty of loyalty.

701.0803 - Impartiality.

701.0804 - Prudent administration.

701.0805 - Costs of administration.

701.0806 - Trustee's skills.

701.0807 - Delegation by trustee.

701.0808 - Powers to direct; directing parties.

701.0809 - Control and protection of trust property.

701.0810 - Record keeping and identification of trust property.

701.0811 - Enforcement and defense of claims.

701.0812 - Collecting trust property; duties of successor trustees.

701.0813 - Duty to inform and report.

701.0814 - Discretionary powers; tax savings.

701.0815 - General powers of trustee.

701.0816 - Specific powers of trustee.

701.0817 - Distribution upon termination.

701.0818 - Trust protectors.

701.0819 - Marital deduction transfers.

701.0901 - Application of the Wisconsin Prudent Investor Act.

701.0902 - Directed trust property.

701.0903 - Nonapplication of prudent investor rule to life insurance contracts owned by trusts.

701.1001 - Remedies for breach of trust.

701.1002 - Damages for breach of trust; liability of successor trustee.

701.1003 - Damages in absence of breach.

701.1004 - Attorney fees and costs.

701.1005 - Limitation of action against trustee.

701.1006 - Reliance on trust instrument.

701.1007 - Event affecting administration or distribution.

701.1008 - Exculpation of trustee.

701.1009 - Beneficiary's consent, release, or ratification.

701.1010 - Limitation on personal liability of trustee.

701.1011 - Interest as general partner.

701.1012 - Protection of person dealing with trustee.

701.1013 - Certification of trust.

701.1101 - Short title and scope.

701.1102 - Definitions.

701.1103 - Fiduciary duties; general principles.

701.1104 - Trustee's power to adjust.

701.1105 - Notice to beneficiaries of proposed action.

701.1106 - Conversion to unitrust.

701.1107 - Express unitrusts.

701.1108 - Power to treat capital gains as part of a distribution.

701.1109 - Judicial review of discretionary power.

701.1110 - Determination and distribution of net income.

701.1111 - Distribution to residuary and remainder beneficiaries.

701.1112 - When right to income begins and ends.

701.1113 - Apportionment of receipts and disbursements when decedent dies or income interest begins.

701.1114 - Apportionment when income interest ends.

701.1115 - Character of receipts.

701.1116 - Distribution from trust or estate.

701.1117 - Business and other activities conducted by trustee.

701.1118 - Principal receipts.

701.1119 - Rental property.

701.1120 - Obligation to pay money.

701.1121 - Insurance policies and similar contracts.

701.1122 - Insubstantial allocations not required.

701.1123 - Deferred compensation, annuities, and similar payments.

701.1124 - Liquidating asset.

701.1125 - Minerals, water, and other natural resources.

701.1126 - Timber.

701.1127 - Property not productive of income.

701.1128 - Derivatives and options.

701.1129 - Asset-backed securities.

701.1130 - Disbursements from income.

701.1131 - Disbursements from principal.

701.1132 - Transfers from income to principal for depreciation.

701.1133 - Transfers from income to reimburse principal.

701.1134 - Income taxes.

701.1135 - Adjustments between principal and income because of taxes.

701.1136 - Income payments and accumulations.

701.1201 - Private foundations.

701.1202 - Electronic records and signatures.

701.1203 - Uniformity of application and construction.

701.1204 - Applicability of general transfers at death provisions.

701.1205 - Applicability.