Wisconsin § 701.0103 - Definitions.

§ 701.0103. Definitions.

In this chapter: 701.0103(1) (1) “Action,” with respect to an act of a trustee, directing party, or trust protector, includes a failure to act. 701.0103(1m) (1m) “Animal protector” means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the trust, a person appointed by the court for that purpose. 701.0103(1n) (1n) “Animal trust” means a trust or an interest in a trust created to provide for the care of one or more animals. 701.0103(2) (2) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of section 2041 (b) (1) (A) or 2514 (c) (1) of the Internal Revenue Code. 701.0103(3) (3) “Beneficiary” means a person that satisfies any of the following: 701.0103(3)(a) (a) Has a present or future beneficial interest in a trust, vested or contingent. 701.0103(3)(b) (b) In a capacity other than that of trustee, trust protector, or a directing party, holds a power of appointment over trust property. 701.0103(3)(c) (c) Is an identified charitable organization that will or may receive distributions under the terms of the trust. 701.0103(3m) (3m) “Broad limited power of appointment” has the meaning given in s. 702.102 (4) . 701.0103(3r) (3r) “Charitable interest” means an interest in a trust that satisfies any of the following: 701.0103(3r)(a) (a) It is held by an identified charitable organization and makes the organization a qualified beneficiary. 701.0103(3r)(b) (b) It benefits only charitable organizations and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary. 701.0103(3r)(c) (c) It is held solely for charitable purposes and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary. 701.0103(3u) (3u) “Charitable organization” means any of the following: 701.0103(3u)(a) (a) A person, other than an individual, organized and operated exclusively for charitable purposes. 701.0103(3u)(b) (b) A government or governmental subdivision, agency, or instrumentality, to the extent it holds funds exclusively for a charitable purpose. 701.0103(3x) (3x) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community. 701.0103(4) (4) “Charitable trust” means a trust, or portion of a trust, created for a charitable purpose. This subsection does not apply in s.