Wisconsin Statutes & Annotations
Chapter 701 - Trusts.
701.0813 - Duty to inform and report.

701.0813 Duty to inform and report.
(1) A trustee shall keep the distributees or permissible distributees of trust income or principal, and other qualified beneficiaries who so request, reasonably informed about the administration of the trust. Unless unreasonable under the circumstances, a trustee shall promptly respond to a qualified beneficiary's request for information related to the administration of the trust.
(2) A trustee shall do all of the following:
(a) Upon the request of a qualified beneficiary for a copy of the trust instrument, promptly furnish to the qualified beneficiary either a copy of the portions of the trust instrument relating to the interest of the qualified beneficiary or a copy of the trust instrument.
(b) Within a reasonable period of time after accepting a trusteeship, notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number.
(c) Within a reasonable period of time after the date on which the trustee acquires knowledge of the creation of an irrevocable trust, or the date on which the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, notify the qualified beneficiaries of all of the following:
1. The trust's existence.
2. The identity of the settlor or settlors.
3. The name, address, and telephone number of each directing party and trust protector.
4. The right to request a copy of the documentation referred to in par. (a).
5. The right to request information under sub. (1).
6. The right to a trustee's report as provided in sub. (3).
(d) Notify the distributees or permissible distributees of trust income or principal, and other qualified beneficiaries who so request, of any change in the method or rate of the trustee's compensation.
(e) Upon receiving a petition to the court for action under ss. 701.0411 to 701.0416 that does not identify each trust protector and each directing party of the trust, notify the petitioning party of the identity of each trust protector and directing party, including the name, address, and telephone number of each trust protector and directing party, who is serving at the time the petition is filed.
(3)
(a) At least annually and upon the termination of a trust, a trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified beneficiaries who request it, all of the following:
1. A report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation.
2. A listing of the trust assets and, if feasible, their respective market values.
(b) Upon a vacancy in a trusteeship, unless a cotrustee remains in office, the former trustee shall send a report containing the information described under par. (a) 1. to the qualified beneficiaries. A personal representative or guardian may send the qualified beneficiaries a report containing the information described in par. (a) 1. on behalf of a deceased or incapacitated trustee.
(4) A qualified beneficiary may waive the right to a trustee's report or other information otherwise required to be furnished under this section. A qualified beneficiary, with respect to future reports and other information, may withdraw a waiver previously given.
(5) Subsections (2) (b) and (c) and (3) do not apply to a trustee who accepts a trusteeship before July 1, 2014, to an irrevocable trust created before July 1, 2014, or to a revocable trust that becomes irrevocable before July 1, 2014.
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.