Section 157.02. Definitions.

  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)  "Beneficiary" means a person who has a beneficial interest in a trust.

(2)  "Letters of trust" means the written instrument which describes the trust property, the trustee and the beneficiary.

(3)  "Person" has the same meaning as described in s. 990.01 (26) , Stats.

(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)  "Property" means an interest in real or personal property.

(6)  "Settlor" means a person who directly or indirectly creates a living or testamentary trust or adds property to an existing trust.

(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)  "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: 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 .