701.0412 Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
(1) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the court shall make the modification in accordance with the settlor's probable intention.
(2) The court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust's administration.
(3) Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
(4) A party petitioning the court for action under this section shall give notice of the proceeding to the settlor, if living, the trustee, each trust protector, each directing party, and the qualified beneficiaries.
History: 2013 a. 92.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
701.0105 - Default and mandatory rules.
701.0106 - Common law of trusts; principles of equity.
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.
701.0206 - 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.
701.0405 - 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.
701.0414 - 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.
701.0701 - Accepting or declining trusteeship.
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.
701.0804 - Prudent administration.
701.0805 - Costs of administration.
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.
701.0819 - 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.
701.1103 - Fiduciary duties; general principles.
701.1104 - Trustee's power to adjust.
701.1105 - Notice to beneficiaries of proposed action.
701.1106 - Conversion to unitrust.
701.1108 - 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.
701.1120 - 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.
701.1125 - Minerals, water, and other natural resources.
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.
701.1135 - 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.