Wisconsin Statutes 701.1318 – Removal or replacement of authorized fiduciary
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Terms Used In Wisconsin Statutes 701.1318
- 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
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
(1) An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless any of the following applies:
(a) The person holding the power consents to the modification in a signed record and the modification applies only to the person.
(b) The person holding the power and the qualified beneficiaries of the 2nd trust consent to the modification in a signed record and the modification grants a substantially similar power to another person.
(c) The court approves the modification and the modification grants a substantially similar power to another person.
(2) This section does not apply to a decanting from a first trust that is a pooled trust described in 42 U.S. Code § 1396p (d) (4) (C), or to a decanting to a 2nd trust that is a pooled trust described in 42 U.S. Code § 1396p (d) (4) (C).