The words and phrases defined in ss. 340.01 and 341.01, Stats., have the same meaning in this chapter unless a different definition is specifically provided. In this chapter:

1. (1) “Beneficiary” means a person who has a beneficial interest in a trust.
2. (2) “Letters of trust” means the written instrument which describes the trust property, the trustee and the beneficiary.
3. (3) “Person” has the same meaning as described in s. 990.01 (26), Stats.
4. (4) “Principal trustee” means the trustee whose name or address was provided to the department by a trust for the purpose of conducting communications with the department.
5. (5) “Property” means an interest in real or personal property.
6. (6) “Settlor” means a person who directly or indirectly creates a living or testamentary trust or adds property to an existing trust.
7. (7) “Trust” means an express living or testamentary, private or charitable trust in property which arises as a result of a manifestation of intention to create it.
8. (8) “Trustee” means a person holding in trust title to or holding in trust a power over property.“Trustee” includes an original, added or successor trustee.

History

History: Cr. Register, April, 1994, No. 460, eff. 5-1-94; correction in (3) made under s. 13.93 (2m) (b) 7., Stats., Register, January, 1996, No. 481.