On December 13, 2013, Governor Scott Walker signed the new Wisconsin Trust Code (the WTC) into law.
With an effective date of July 1, 2014, the WTC fundamentally changes the law that governs trusts created after and, in many respects, before July 1, 2014. .
With its adoption of the WTC, Wisconsin became the 27th state to enact the Uniform Trust Code—a model law designed to modernize the law governing trusts. This new, robust law makes Wisconsin a much more desirable place to administer trusts and provides fantastic planning opportunities for Wisconsin residents.
The WTC is a default statute, which means that (in most cases) if you do not like what the WTC provides, you can override the WTC in your trust. If you do not override the WTC in your trust, the WTC’s default rules will apply.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.