Wisconsin § 701.0701 Accepting or declining trusteeship.

Wisconsin Statutes

§ 701.0701 — Accepting or declining trusteeship.

Wisconsin § 701.0701

Ch. 701Trusts

Subch.subch. VII of ch. 701 SUBCHAPTER VII

OFFICE OF TRUSTEE

This text of Wisconsin § 701.0701 (Accepting or declining trusteeship.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wis. Stat. § 701.0701 (2026).

Text

701.0701 701.0701(1) (1) Except as provided in sub.

(3), a person designated as trustee accepts the trusteeship by doing any of the following: 701.0701(1)(a) (a) Substantially complying with a method of acceptance provided in the terms of the trust. 701.0701(1)(b) (b) If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship. 701.0701(2) (2) A person designated as trustee who has not yet accepted the trusteeship may decline the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is considered to have reject

Free access — add to your briefcase to read the full text and ask questions with AI

701.0701
701.0701(1) (1) Except as provided in sub. (3) , a person designated as trustee accepts the trusteeship by doing any of the following:
701.0701(1)(a) (a) Substantially complying with a method of acceptance provided in the terms of the trust.
701.0701(1)(b) (b) If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
701.0701(2) (2) A person designated as trustee who has not yet accepted the trusteeship may decline the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is considered to have rejected the trusteeship.
701.0701(3) (3) A person designated as trustee, without accepting the trusteeship, may do any of the following:
701.0701(3)(a) (a) Act to preserve the trust property if, within a reasonable time after acting, the person sends a declination of the trusteeship in writing to the settlor or, if the settlor is dead or incapacitated, to the designated cotrustee, or, if none, to the successor trustee, or, if none, to a distributee or a permissible distributee of the trust.
701.0701(3)(b) (b) Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.