1. Competent: The grantor must have the capacity to create the trust, unless the trust is created by a court order or an agent.
2. Intent: The grantor must indicate the intention to create a trust.
3. Definite Beneficiary: Unless it is a charitable trust or a trust for the care of an animal, the trust must have a definite beneficiary.
4. Trustee’s Duties: There must be duties for the trustee to perform.
5. Sole Trustee Cannot be the Sole Beneficiary: The same person cannot be both the sole trustee and the sole beneficiary of the trust.^[1]

Amending/Revoking – Unless the terms of the trust explicitly state that it is irrevocable, there is a rebuttable presumption that the grantor may amend or revoke the trust.^[2]

Bond Requirement – The trustee must put forward a bond to secure the performance of their duties only if this is a requirement under the terms of the trust or if they have been ordered to do so by the court.^[3]

Certification of Trust – Instead of providing a person who is not a beneficiary with a copy of the trust instrument, the trustee may provide a certification of trust containing the date the trust was created, the grantor’s identity, and other information.^[4]

Co-Trustees – Co-trustees may only act by majority decision.^[5]

Contesting a Trust – A person must commence a judicial proceeding to contest the validity of a trust within a year of the grantor’s death or within four months of having received notice from the trustee of the trust’s existence, whichever occurs earlier.^[6]

Costs Related to the Trust – In administering a trust, the trustee may only incur costs that are reasonable in relation to the trust’s property, its purposes, the trustee’s skills, and the complexity of the trust administration.^[7]

Jurisdiction – A trust created in another jurisdiction is valid in Wisconsin as long as its execution was in compliance with the laws of that jurisdiction.^[8]

Oral Trusts – The creation of an oral trust and its terms may only be established by clear and convincing evidence.^[9]

Pet Trusts – A trust may be created to provide for the care of one or more animals alive during the grantor’s lifetime. The trust terminates upon the death of the last surviving animal cared for under the terms of the trust.^[10]

Signing Requirements – Signing a living trust is not a legal requisite in Wisconsin.

Spendthrift Provision – A spendthrift provision is only valid if the beneficiary of the trust is a person other than the grantor, or if the trust is for an individual with a disability.^[11]

Trustee’s Compensation – If the terms of the trust do not specify the trustee’s compensation, the trustee is otherwise entitled to compensation that is reasonable under the circumstances.^[12]

Trustee’s Duties – A trustee must prudently administer the trust in good faith, in the interest of the beneficiaries, and in accordance with its terms and purpose.^[13]

Trustee’s Powers – Among other specific powers set out in Wisconsin state law, a trustee has the power to collect, acquire, sell, exchange, partition, or otherwise change the character of trust property.^[14]