Victor Schultz
Prairie Trust, a division of Waukesha State Bank, recently issued a press release announcing that President & Chief Fiduciary Officer Victor Schultz co-chaired the joint study committee that drafted the Wisconsin Trust Code Trailer Bill, which was signed into law by Governor Evers on March 21, 2024, as 2023 Act 127.
Scott Birrenkott, the Wisconsin Bankers Association’s director – legal and staff liaison to the WBA Trust Banking Section, commented on Schultz’s involvement with the Bill, “the passage of the trailer bill is the culmination of many years of work by many individuals, which Victor has been a key part of from start to finish. But even before that, Victor has been a leader within the industry.”
The Bill clarifies various issues and adopts new uniform law provisions that have arisen since the Wisconsin Trust Code was enacted and became effective July 1, 2014. The Trailer Bill enactment is the culmination of more than eight years of effort by a joint State Bar and Wisconsin Bankers Association (WBA) study committee.
Birrenkott reflected on Schultz’s contributions, “Victor is a member of both the WBA Trust Banking Section and WBA Government Relations Committee, where he has shared his experience and knowledge for numerous years. That expertise has helped shape Wisconsin’s Trust Code into what it is today, not only with the Trailer Bill, but through his work leading to passage of the initial uniform law. Victor’s passion for the industry is inspiring.”
Significant issues affecting trust and estate administration in Wisconsin that are addressed in the Trust Code Trailer Bill include (for more details, read Prairie Trust’s full press release):
- Clarification of the rules that allow irrevocable trusts to be modified or terminated.
- Expansion of who can represent the interests of a trust beneficiary.
- Specific authorization for a settlor to draft a “Silent Trust.”
Birrenkott added, “we appreciate all Victor has done and are grateful for the opportunity to work with him.”
