Earlier this month, the Governor signed 2013 Wisconsin Act 92, which replaces the Wisconsin Trust Code and adopts a modified version of the Uniform Trust Code. Many of these changes will bring Wisconsin law in conformity with other states.
The new law has many changes to the trust code. Some of the more interesting provisions include that pet trusts are now specifically permitted by Wisconsin law. Additionally, testamentary trusts (created by will), will no longer be subject to court supervision unless specifically ordered on a petition requesting the supervision. Trusts are also now presumed revocable, instead of irrevocable, if the document is silent on the subject. Overall, many of the provisions allow flexibility in planning which will benefit clients who wish to have a trust manage their assets. The new law goes into effect on July 1, 2014. If you have any questions about creating or managing a trust, please contact our office for more information.
Source: Shiller, Mark A., Law on Trusts: Wisconsin Adopts a Modified Version of the Uniform Trust Code, Inside Track, Vol. 5, No. 24 (Dec. 2013)