Ten Things You Should Know About Wisconsin's New Trust Code

On December 13, 2013, Governor Scott Walker signed the New Wisconsin Trust Code (WTC) into law. With an effective date of July 1, 2014, the WTC fundamentally changes the law that governs Wisconsin trusts, both trusts that existed before and are created after July 1, 2014.

With its adoption of the WTC, Wisconsin became the 27th state to enact its version of the Uniform Trust Code. The Uniform Trust Code is a model law designed to modernize the law governing trusts across the country. This new, robust law makes Wisconsin a much more desirable place to administer trusts and provides fantastic planning opportunities for Wisconsin business owners and 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. However, if you do not override the WTC in your trust document, the WTC's default rules will apply.