701.07(1)(a)3.

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3. To direct, during the lifetime of the settlor or another, the person to whom or on whose behalf the income or principal shall be paid or applied;

701.07(1)(c)

(c) The principal consists of assets of nominal value.

701.07(2)

(2) Eligibility to receive assets. A living trust shall be eligible to receive property from any source.

701.07(1)(a)4.

4. To control the administration of the trust in whole or in part;

701.07(1)(a)1.

1. To revoke, modify or terminate the trust in whole or in part;

701.07

701.07 Living trusts.

701.07(1)(a)

(a) It contains any or all of the following powers, whether exercisable by the settlor, another person or both:

701.07(1)(a)5.

5. To add property or cause additional employee benefits, life insurance, or other interests to be made payable to the trust at any time.

701.07(1)

(1) Validity. A living trust, otherwise valid, shall not be held invalid as an attempted testamentary disposition, a passive trust under § 701.03, or a trust lacking a sufficient principal because:

701.07(1)(a)2.

2. To exercise a power or option over property in the trust or over interests made payable to the trust under an employee benefit plan, life insurance policy, or otherwise;

701.07(1)(b)

(b) The principal consists of a designation of the trustee as a primary or direct, secondary or contingent beneficiary under a will, employee benefit plan, life insurance policy or otherwise; or

701.07(3)

(3) Creditors’ rights. If a settlor retains a power to revoke, modify or terminate which is exercisable in the settlor’s favor, except when such power is exercisable only in conjunction with a person having a substantial adverse interest, the trust property to the extent it is subject to such power is also subject to the claim of a creditor of the settlor. This subsection shall not apply to trust property to the extent it is exempt from claims of creditors under other statutes.