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Wisconsin Trust Code Trailer Bill - What's New? 2024

Product ID: CA3642W
Presented By: State Bar of Wisconsin PINNACLE

Endorsed by the Real Property, Probate and Trust Law Section of the State Bar of Wisconsin

Trailer Bill guidance you can trust

It’s been 10 years since the Wisconsin Trust Code was adopted, and now the long-awaited Trust Code Trailer Bill has arrived. The Trailer Bill includes substantial changes to the administration of trusts, the power to decant trusts, powers of appointment, and disclosure and classification of digital property. It’s time to get up to speed on what’s new and what’s changed so you understand the implications for your clients. 

Join the co-chairs of the Trailer Bill study group, Victor J. Schultz and Mark A. Shiller, for Wisconsin Trust Code Trailer Bill – What’s New? You’ll receive insider insights on the most important updates in the new law, including:

  • Clarifications on the use of nonjudicial settlement agreements
  • Expansion of the concept of representation in a trust proceeding
  • Procedures for claims against a deceased settlor of a revocable trust
  • Updates to rules on creating, modifying, and terminating trusts
  • Changes to the duties and powers of trustees
  • Adoption of the Uniform Trust Decanting Act 
  • Adoption of the Uniform Powers of Appointment Act
Read More ↓

Interested in sponsoring this program? Find out more.

Pricing

Member $119.00

Non-Member $169.00

Credits

1.5 CLE

Date and Time

Tuesday, June 11, 202412:00 PM - 1:15 PM CT

Add to Calendar 6/11/2024 12:00:00 PM 6/11/2024 1:15:00 PM America/Chicago Wisconsin Trust Code Trailer Bill - What's New? 2024

Endorsed by the Real Property, Probate and Trust Law Section of the State Bar of Wisconsin

Trailer Bill guidance you can trust

It’s been 10 years since the Wisconsin Trust Code was adopted, and now the long-awaited Trust Code Trailer Bill has arrived. The Trailer Bill includes substantial changes to the administration of trusts, the power to decant trusts, powers of appointment, and disclosure and classification of digital property. It’s time to get up to speed on what’s new and what’s changed so you understand the implications for your clients. 

Join the co-chairs of the Trailer Bill study group, Victor J. Schultz and Mark A. Shiller, for Wisconsin Trust Code Trailer Bill – What’s New? You’ll receive insider insights on the most important updates in the new law, including:

  • Clarifications on the use of nonjudicial settlement agreements
  • Expansion of the concept of representation in a trust proceeding
  • Procedures for claims against a deceased settlor of a revocable trust
  • Updates to rules on creating, modifying, and terminating trusts
  • Changes to the duties and powers of trustees
  • Adoption of the Uniform Trust Decanting Act 
  • Adoption of the Uniform Powers of Appointment Act
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Endorsed by the Real Property, Probate and Trust Law Section of the State Bar of Wisconsin

Trailer Bill guidance you can trust

It’s been 10 years since the Wisconsin Trust Code was adopted, and now the long-awaited Trust Code Trailer Bill has arrived. The Trailer Bill includes substantial changes to the administration of trusts, the power to decant trusts, powers of appointment, and disclosure and classification of digital property. It’s time to get up to speed on what’s new and what’s changed so you understand the implications for your clients. 

Join the co-chairs of the Trailer Bill study group, Victor J. Schultz and Mark A. Shiller, for Wisconsin Trust Code Trailer Bill – What’s New? You’ll receive insider insights on the most important updates in the new law, including:

  • Clarifications on the use of nonjudicial settlement agreements
  • Expansion of the concept of representation in a trust proceeding
  • Procedures for claims against a deceased settlor of a revocable trust
  • Updates to rules on creating, modifying, and terminating trusts
  • Changes to the duties and powers of trustees
  • Adoption of the Uniform Trust Decanting Act 
  • Adoption of the Uniform Powers of Appointment Act
Read More ↓

Victor J. Schultz is President and Chief Fiduciary Officer of Prairie Trust, charged with overseeing trust services and related fiduciary issues, including personal trust and estate settlement. Victor joined Prairie in November of 2013, and now serves as President and Chief Fiduciary Officer of the entire wealth management division. Prairie Trust’s services focus on trust administration, with niche expertise in directed and delegated trusts, special needs trusts (including serving as trustee of the Life Navigators pooled trust), estate settlement, and serving as independent trustee in conflicted family matters.

Victor has been one of the leaders in modernizing and rewriting Wisconsin’s laws on trust, including the Wisconsin Trust Code, Wisconsin Principal and Income Act, and the Wisconsin Prudent Investor Act. He served as co-chair of the study groups that drafted and enacted the Wisconsin Trust Code in December of 2013 and the Trust Code trailer bill in March 2024. Victor is a frequent speaker and has spoken to and served on numerous committees and study groups. He is a leading advocate for the corporate trustee business in Wisconsin and serves as a director of the Wisconsin Bankers Association Trust Banking Section and WBA Government Relations Committee. 

Victor also serves on the boards of the Ellinger Foundation, the Children’s Hospital Planned Giving Council, the Life Navigators Trust Committee, the Wispact Attorney Advisory Council, Waukesha County Community Foundation, and the Waukesha County Business Alliance. In 2020, Victor became the first fiduciary counsel in Wisconsin to be appointed as a fellow of The American College of Trust and Estate Counsel (ACTEC), which recognizes those with exceptional skill in, and who have significantly contributed to the field of, trust and estate law. 

He received his law degree from Marquette University Law School and his undergraduate degree in accounting from UW-Madison. Victor and his wife, Jayna, live in Brookfield, Wisconsin and they have three daughters, Stacey, Melissa, and Haylie. 

Mark A. Shiller of Certus Legal Group, Ltd. concentrates his practice in the areas of estate planning and business succession planning and typically assists business owners, professionals, senior executives and other individuals, couples, and families who appreciate his thoughtful and creative approaches to their often complicated personal, tax, and financial planning challenges. Some of his deeper engagements also involve the identification and leveraging a family’s personal, financial, and moral capital to inform and direct multi-generational planning goals. Success in this effort is not just measured in taxes avoided, but in the support and mentoring of productive “Next Gens” and effective and efficient succession of ownership and management in family businesses. 

Mark has been quoted in such publications as Smart Money, Worth, and Investment News, has served as a faculty member of the National Trust School of the American Bankers Association, and was an adjunct professor at the University of Wisconsin Law School. He frequently speaks on estate planning topics on a wide variety of subjects to groups of attorneys, accountants, and other financial professionals, as well as business groups and the general public. In 2024, he will release the book, How to Not Ruin Your Kids with Money, an outgrowth of his speaking and work on the topic. In addition, in part due to his 20-plus-year career as a professional improv comedian, Mark also provides training for organizations, including Fortune 100 organizations, on developing a collaborative culture, addressing intergenerational communication issues and other topics. 

  • Become familiar with new and updated Trust Code definitions 
  • Understand changes to representation of beneficiaries
  • Learn new rules that apply to creditor claims against a deceased settlor
  • Hear updates to rules on trust creation, modification, and termination 
  • Explore modifications to the duties and powers of trustees
  • Receive clarity on decanting under the Uniform Trust Decanting Act 
  • Learn how the adoption of the Uniform Powers of Appointment Act modernizes Wisconsin’s law
  • Estate planning lawyers
  • Probate lawyers
  • Family lawyers
  • Tax lawyers

Real Property, Probate & Trust Law Section members save $20!*

RPPT Section members receive a $20 discount on the live webcast seminars and webcast replays of this program.

* The $20 Real Property, Probate and Trust Law section member discount only applies to live webcast and webcast replay versions of this seminar – not CLE OnDemand. RPPT members using Ultimate Passes, other CLE passes, or other discounts are not eligible for this offer. The RPPT Section may discontinue this discount at any time.

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