Definitions

Definitions. 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.