Effective July 1, 2014, Wisconsin has adopted new legislation affecting trusts. The new law is based on the Uniform Trust Law provisions and pertains to all types of trust. Most of the new law is very helpful and will be quite favorable. For example, pet trusts are now official and sanctioned in Wisconsin. Before they were allowed by the discretion of the courts. There are still some issues unresolved and a few things that clients may not like. One of the possible issues that may be distasteful for some is the requirement of giving notice to potential future beneficiaries of a trust. Many individuals will not like that requirement. With the change in law, it may very well be time for clients to review with their legal counsel their current trusts to make sure that the trust is in conformity with the law or override the law if that is what they desire.
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