Trusts in Wisconsin

Revocable trusts

The presumption of revocability is rebuttable and does not apply to trusts created under instruments executed before a statutory effective date.

If the terms give no method of revocation or amendment, statutory alternative methods apply. These methods give the settlor a fallback when the trust document is silent on how to revoke or amend.

For a revocable trust holding marital or community property, either spouse alone may revoke, but amendment requires joint action of both spouses. Spouses holding marital or community property in a revocable trust therefore have different powers to revoke and to amend.

Absent contrary intention, a future interest that is to vest in possession at the settlor's death is contingent on the beneficiary surviving the settlor.

Noncharitable purpose trusts

Wisconsin allows a trust for a noncharitable purpose with no definite or ascertainable beneficiary, or for a valid noncharitable purpose selected by the trustee.

An animal trust terminates upon the death of the animal. If it was created to care for more than one animal alive during the settlor's lifetime, it ends on a further stated condition.

Oral trusts, modification and termination

A written trust instrument is not otherwise required, but clear and convincing proof is required to establish an oral trust and its terms.

A noncharitable irrevocable trust can be modified or terminated, with or without court approval, on consent of the settlor and all beneficiaries, even against a material purpose.

Notice of a proposed modification or termination must go to the settlor if living, the trustee, trust protectors, directing parties and beneficiaries at least 30 days before the proposed effective date.