701.01 Definitions. - Wisconsin Statutes

701.01

701.01 Definitions. As used in this chapter, unless the context indicates otherwise:

701.01(1)

(1) Beneficiary. "Beneficiary" means a person who has a beneficial interest in a trust.

701.01(2)

(2) Charitable and private trust. To the extent that trust income or principal presently or in the future must be used by the trustee exclusively for a charitable purpose as defined in s. 701.10 (1), the trust is a "charitable trust"; any other trust is a "private trust", provided it is for the benefit of a person sufficiently identifiable to enforce the trust.

701.01(3)

(3) Court. "Court" means the court having jurisdiction.

701.01(4)

(4) Property. "Property" means an interest in real or personal property.

701.01(5)

(5) Settlor. "Settlor" means a person who directly or indirectly creates a living or testamentary trust or adds property to an existing trust.

701.01(6)

(6) Testamentary and living trust. "Testamentary trust" means a trust subject to the continuing jurisdiction of the court assigned to exercise probate jurisdiction; "living trust" means any other trust, including a testamentary trust removed to this state from another state.

701.01(7)

(7) Trust. "Trust" means an express living or testamentary, private or charitable trust in property which arises as a result of a manifestation of intention to create it.

701.01(8)

(8) Trustee. "Trustee" means a person holding in trust title to or holding in trust a power over property. "Trustee" includes an original, added or successor trustee.

701.01 - ANNOT.

History: 1971 c. 66; 1977 c. 187 s. 135; 1977 c. 449; 1983 a. 189.