Wisconsin Statutes 701.1302 – Definitions
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In this subchapter:
Terms Used In Wisconsin Statutes 701.1302
- Fiduciary: A trustee, executor, or administrator.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
(1) “Authorized fiduciary” means any of the following:
(a) A trustee, a directing party, or another fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one or more current beneficiaries.
(b) A special fiduciary appointed under s. 701.1309.
(c) A special-needs fiduciary under s. 701.1313.
(d) A trust protector who has been granted a decanting power, which may be exercised in a fiduciary or nonfiduciary capacity, under s. 701.0818 (2) (b) 2. h.
(2) “Decanting power” means the power of an authorized fiduciary under this subchapter to distribute property of a first trust to one or more 2nd trusts or to modify the terms of the first trust.
(3) “Expanded distributive discretion” means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard.
(4) “First trust” means a trust over which an authorized fiduciary may exercise the decanting power.
(5) “First-trust instrument” means the trust instrument for a first trust.
(6) “Reasonably definite standard” means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of section 674 (b) (5) (A) of the Internal Revenue Code and any applicable regulations.
(7) “Second trust” means any of the following:
(a) A first trust after modification under this subchapter.
(b) A trust to which a distribution of property from a first trust is or may be made under this subchapter.
(8) “Second-trust instrument” means the trust instrument for a 2nd trust.