What does the following mean under Wisconsin law? Please explain in easy to understand terms and give an example. 701.0505(1)(a)2. 2. With respect to an irrevocable trust that is not a trust
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Get it written →What does the following mean under Wisconsin law? Please explain in easy to understand terms and give an example.
701.0505(1)(a)2.
2. With respect to an irrevocable trust that is not a trust for an individual with a disability, upon application of a judgment creditor of the settlor, the court may, if the trust instrument requires or authorizes the trustee to make payments of income or principal to or for the settlor, order the trustee to satisfy part or all of the judgment out of part or all of the payments of income or principal as they are due, presently or in the future, or which are payable in the trustee’s discretion. If a trust has more than one settlor, the amount the judgment creditor of a particular settlor may reach may not exceed the settlor’s interest in the trust.
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