701.0111 Nonjudicial settlement agreements.
(1) In this section, “interested person" means a person whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court.
(2) An interested person may be represented under this section as provided in subch. III.
(3) Except as provided in sub. (4), an interested person may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust. A binding nonjudicial settlement agreement is considered part of the trust instrument.
(4) A nonjudicial settlement agreement is valid only to the extent it includes terms and conditions that could be properly approved by a court under this chapter or other applicable law.
(5) Except as provided in sub. (4), matters that may be addressed by a nonjudicial settlement agreement include any of the following:
(a) The interpretation or construction of the terms of the trust.
(b) The approval of a trustee's report or accounting or waiver of the preparation of a trustee's report or accounting.
(c) Direction to a trustee to perform or refrain from performing a particular act or the grant to a trustee of any necessary power.
(d) The resignation or appointment of a trustee.
(e) The determination of a trustee's compensation.
(f) The transfer of a trust's principal place of administration.
(g) The liability or release from liability of a trustee for an action relating to the trust.
(h) The criteria for distribution to a beneficiary where the trustee is given discretion.
(i) The resolution of disputes arising out of the administration or distribution of the trust.
(j) An investment action.
(k) The appointment of and powers granted to a directing party or a trust protector.
(L) Direction to a directing party or to a trust protector to perform or refrain from performing a particular act or the grant of a power to a directing party or trust protector.
(6) Any interested person 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.
History: 2013 a. 92.
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