701.0402 Requirements for creation.
(1) A trust is created only if all of the following are satisfied:
(a) The settlor of the trust has capacity, as defined in sub. (4), to create the trust, unless the trust is created by court order or by an agent, guardian of the estate, conservator, or representative payee with authority to act.
(b) The settlor indicates an intention to create the trust; or a statute, regulation, common law, other provision having the effect of law, judgment, or decree creates or authorizes the creation of a trust.
(c) The trust has a definite beneficiary or is one of the following:
1. A charitable trust.
2. A trust for the care of an animal, as provided in s. 701.0408.
3. A trust for a noncharitable purpose, as provided in s. 701.0409.
(d) The trustee has duties to perform.
(e) The same person is not the sole trustee and sole beneficiary.
(2) A beneficiary is definite if the beneficiary can be ascertained at the time the trust is created or in the future.
(3) A power in a trustee or trust protector to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
(4) The capacity required to create a trust is the same as the capacity to make a will.
History: 2013 a. 92.