701.0103 (3) (c) Is an identified charitable organization that will or may receive distributions under the terms of the trust.

701.0103 (3m) “Broad limited power of appointment” has the meaning given in s. 702.102 (4).

701.0103 (3r) “Charitable interest” means an interest in a trust that satisfies any of the following:

(a) It is held by an identified charitable organization and makes the organization a qualified beneficiary.

(b) It benefits only charitable organizations and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary.

(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) “Charitable organization” means any of the following:

(a) A person, other than an individual, organized and operated exclusively for charitable purposes.

(b) A government or governmental subdivision, agency, or instrumentality, to the extent it holds funds exclusively for a charitable purpose.

701.0103 (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) “Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in s. 701.0405 (1). This subsection does not apply in s. 701.1201.

701.0103 (5g) “Court” means the court that is identified in s. 701.0203 (1).

701.0103 (5w) “Current beneficiary” means a beneficiary that on the date the beneficiary's qualification is determined is a distributee or permissible distributee of trust income or principal or is the holder of a presently exercisable general power of appointment.

701.0103 (9) “General power of appointment" has the meaning given in s. 702.02 (5) 702.102 (7).

701.0103 (11p) “Identified charitable organization” means a charitable organization that is expressly designated to receive distributions under the terms of a charitable trust and that is not subject to a right of substitution by the settlor or by any other party prior to the charitable organization becoming a current beneficiary.

701.0103 (15m) “Issue” has the meaning given in s. 851.13.

701.0103 (17m) “Powerholder” has the meaning given in s. 702.102 (14).

701.0103 (18) “Power of appointment" has the meaning given in s. 702.02 (6) 702.102 (15).

701.0103 (19r) “Presently exercisable power of appointment” has the meaning given in s. 702.102 (16).

701.0103 (19v) “Presumptive remainder beneficiary” means, without considering the existence or exercise of a power of appointment, other than a power of appointment that has been irrevocably exercised and notice of the exercise has been given to the trustee, a beneficiary that on the date the beneficiary's qualification is determined, would be any of the following:

(a) A distributee or permissible distributee of trust income or principal if the interests of any current beneficiary terminated on that date without causing the trust to terminate.

(b) A distributee or permissible distributee of trust income or principal if the trust terminated on that date.

(c) If the terms of the trust do not provide for its termination, a distributee or permissible distributee of income or principal of the trust if all the current beneficiaries of the trust were deceased or no longer exist.

701.0103 (21) (intro.) “Qualified beneficiary" means a beneficiary who that, on the date on which the beneficiary's qualification is determined, satisfies is any of the following:

701.0103 (21) (a) A current beneficiary.

(b) A presumptive remainder beneficiary.

701.0103 (21m) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

701.0103 (23) “Settlor" Except as otherwise provided in ss. 701.0113 and 701.1325, “settlor” means a person, including a testator, who creates or contributes property to a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke the trust or withdraw that portion.

701.0103 (23m) “Sign” means, with present intent to authenticate or adopt a record, to do any of the following:

(a) Execute or adopt a tangible symbol.

(b) Attach to or logically associate with the record an electronic symbol, sound, or process.

701.0103 (16m) “Special “ Nongeneral power of appointment" has the meaning given in s. 702.02 (7) 702.102 (11).

701.0103 (27) “Terms of a trust" means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or, as may be established by other evidence that would be admissible in a judicial proceeding, or as may be established by court order or nonjudicial settlement agreement.

701.0103 (30) “Trust instrument" means an instrument, including any amendments or modifications to the instrument under s. 701.0111 or subch. IV, that is executed a record signed by the settlor that contains terms of to create a trust or is created under a statute, judgment, or decree that orders property to be transferred to a trustee to be administered for the benefit of a beneficiary, or by any person to create a 2nd trust as provided under subch. XIII, that contains some or all of the terms of the trust, and includes any amendments or modifications.

701.0109 (title) Methods and waiver of notice; waiver.

701.0109 (3) Notice under this chapter or, the sending of a document, or the right to object granted under this chapter may be waived by the person to be notified or , sent the document, or who has the right to object.

701.0109 (5) If notice is given to a trustee and more than one person is serving as trustee, notice given to any trustee is considered to be given to all persons serving as trustee, except that if a corporate trustee or an attorney licensed to practice in this state is serving as a trustee, notice must be given to all such corporate trustees and attorney trustees.

701.0110 (1) A An identified charitable organization that is expressly designated to receive distributions under the terms of a charitable trust and that is not subject to a right of substitution by the settlor or by any other party prior to the charitable organization becoming a distributee or permissible distributee of trust income or principal has the rights of a qualified beneficiary under this chapter if the identified charitable organization, on the date on which the identified charitable organization's qualification is being determined, satisfies one of the following: is a current beneficiary or a presumptive remainder beneficiary.

701.0110 (2) A An animal protector or a person appointed to enforce a trust created for the care of an animal or another a noncharitable purpose without an ascertainable beneficiary as provided in either s. 701.0408 or 701.0409 has the rights of a qualified beneficiary under this chapter.

701.0110 (3) The attorney general of this state has the rights of a qualified beneficiary under this chapter with respect to a charitable trust having its principal place of administration in this state only when the charitable interest to be represented would qualify under sub. (1) but there is no identified charitable organization has been expressly designated to receive distribution under the terms of a charitable trust that would qualify under sub. (1).

701.0111 (4) A nonjudicial settlement agreement is valid only to the extent it includes terms and conditions that could be properly approved, ordered, directed, or otherwise determined by a court under this chapter or other applicable law.

701.0111 (5) (d) The resignation or appointment of a trustee or the removal of a trustee and replacement with a suitable successor trustee.

701.0111 (5) (m) The modification or termination of a trust.

701.0111 (6) Any interested person or other person affected may request a court to approve a nonjudicial settlement agreement, to determine whether the representation as provided in subch. III was adequate, or to determine whether the agreement contains terms and conditions the court could have properly approved, ordered, directed, or otherwise determined.

701.0111 (7) Notice of any nonjudicial settlement agreement shall be given to the settlor, if living, the trustee, each trust protector, and each directing party at least 30 days before the proposed effective date of the nonjudicial settlement agreement. Notice is considered to be waived by any person who is a party to the agreement.

701.0113 Insurable interest of trustee. (1) In this section:

(a) “Relative” means a spouse or individual related within the 1st, 2nd, or 3rd degree of kinship under s. 990.001 (16).

(b) “Settlor” means a person that executes a trust instrument and includes a person for whom a fiduciary or agent is acting.

(2) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued, all of the following apply:

(a) The insured is any of the following:

1. A settlor of the trust.

2. An individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest.

(b) The life insurance proceeds are primarily for the benefit of one or more trust beneficiaries who have any of the following: