Section 701.1307 - Notice; exercise of decanting power(1) In this section, a notice period begins on the day notice is given under sub. (3) and ends 30 days after the day notice is given.(2) Except as otherwise provided in this subchapter, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval.(3) Except as otherwise provided in sub. (6), an authorized fiduciary shall give notice of the intended exercise of the decanting power not later than 30 days before the exercise to all of the following: (a) Each settlor of the first trust, if living or then in existence.(b) Each qualified beneficiary of the first trust.(c) Each holder of a presently exercisable power of appointment over any part or all of the first trust.(d) Each person that currently has the right to remove or replace the authorized fiduciary.(e) Each directing party, trust protector, or other fiduciary of the first trust.(f) Each directing party, trust protector, or other fiduciary of the 2nd trust.(g) If s. 701.1314 (2) applies, the attorney general.(4) An authorized fiduciary is not required to give notice under sub. (3) to a person that is not known to the fiduciary or is known to the fiduciary but cannot be located by the fiduciary after reasonable diligence.(5) A notice under sub. (3) must do all of the following: (a) Specify the manner in which the authorized fiduciary intends to exercise the decanting power.(b) Specify the proposed effective date for exercise of the power.(c) Include a copy of the first-trust instrument.(d) Include a copy of all 2nd-trust instruments.(6) The decanting power may be exercised before expiration of the notice period under sub. (1) if all persons entitled to receive notice waive the period in a signed record.(7) The receipt of notice, waiver of the notice period, or expiration of the notice period does not affect the right of a person to file an application under s. 701.1309 asserting any of the following:(a) That an attempted exercise of the decanting power is ineffective because it did not comply with this subchapter or was an abuse of discretion or breach of fiduciary duty.(b) That s. 701.1322 applies to the exercise of the decanting power.(8) An exercise of the decanting power is not ineffective because of the failure to give notice to one or more persons under sub. (3) if the authorized fiduciary acted with reasonable care to comply with sub. (3).Added by Acts 2023 ch, 127,s 117, eff. 3/23/2024.