(1) Upon termination of a custodial trust by the beneficiary or the beneficiary’s conservator or guardian of the estate, the custodial trustee shall transfer the unexpended custodial trust property as follows: (a) To the beneficiary, if not incapacitated or deceased. (b) To the conservator, guardian of the estate or other recipient designated by the court for an incapacitated beneficiary. (2) Upon termination of a custodial trust by the beneficiary’s death, the custodial trustee shall distribute the unexpended custodial trust property in the following order: (a) As last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary. (b) To the survivor of multiple beneficiaries if survivorship is provided for pursuant to s. 54.960. (c) As designated in the instrument creating the custodial trust. (d) To the estate of the deceased beneficiary. (3) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated. (4) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
‹ Prev All Wisconsin sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.