Wisconsin Statutes 701.1006 – Reliance on trust instrument
Current as of: 2024 | Check for updates
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Terms Used In Wisconsin Statutes 701.1006
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.