New Wisconsin Trust Code Introduced to Members at January Meeting

 

WCEPC Member and Trust Code Committee Co-Chair, Victor Schultz provided an overview to members of the new Wisconsin Trust Code at our January Meeting.

 

Victor Schultz
Senior Vice President
Head of Personal Trust
Prairie Financial Group, a division of Waukesha State Bank
51 E St Paul Avenue
PO Box 648
Waukesha WI 53187-0648
262-522-7402
vschultz@waukeshabank.com 

 

 

After more than seven years of meetings, planning, and negotiations, Victor Schultz and an excellent committee has put together a new Wisconsin Trust Code, based upon the Uniform Trust Code.  The State of Wisconsin has passed it into law and now estate planning professionals are scrambling to understand the new code and its impact.  At our January meeting, Victor Schultz shared with us some of background and a brief overview of the code sections.  Members have access to his presentation on our website at www.wcepc.org. 

Victor Schultz is Senior Vice President and Head of Personal Trust for Prairie Financial Group, a division of Waukesha State Bank. The division focus is on providing trust administration services to individuals and not-for-profit organizations and working with investment advisors to provide investment advisor friendly trust services.

Prior to joining Prairie Financial Group, Victor worked with BMO Private Bank as its U.S. estate planning specialist and with its predecessor organization, Marshall and Ilsley Trust Company, as manager of its personal trust legal department. His experience covers personal trust, fiduciary litigation, estate settlement, not-for-profit services, IRAs and other retirement plans.

Victor is a frequent speaker and has served on numerous committees and study groups for local bar associations, the State Bar of Wisconsin and both the Wisconsin and American Bankers Assocation. Victor is currently the director and past president of the Wisconsin Bankers Assocation Trust Banking Section, director of the WBA Government Relations Committee, co-chair of the Wisconsin Study Committee on the Uniform Trust Code. The Study Committee recently completed its work to draft the Wisconsin Trust Code bill, which was passed and signed into law on December 13, 2013.

For more information about Prairie Financial Group, a division of Waukesha State Bank, visit www.waukeshabank.com.

 

Prairie Financial Group® Announces Strategic New Hire for
Trust & Estate Services and Advisor Friendly Alliance Expansion

WAUKESHA, Wis. (January 15, 2014) — Prairie Financial Group®, a division of Waukesha State Bank, is pleased to announce the appointment of Victor Schultz to the newly-created position of senior vice president and head of personal trust. This announcement follows steady growth over the last few years and aligns with one of Prairie Financial Group’s strategic initiatives centered on the expansion of its trust and estate settlement services, as well as its advisor friendly alliance.

Schultz will assume the leadership of the team of trust and estate settlement professionals who serve Prairie Financial Group’s customers throughout the United States.

Recently, Schultz played an instrumental role in Wisconsin adopting the Uniform Trust Code (UTC), which was signed into law by Governor Scott Walker on December 13, 2013. The legislation follows a seven-year effort during which Schultz acted as co-chair of the Trust Code Study group charged with drafting the bill. The passage makes Wisconsin the 29th jurisdiction to adopt the UTC, and coincides with the increased use of trusts for estate planning and commercial transactions. The UTC provides a comprehensive codification of the default rules that pertains to trusts. The version adopted in Wisconsin includes some innovative new provisions that are designed to improve upon the UTC.

Schultz earned his juris doctorate from Marquette University Law School and a bachelor of business administration in accounting from the University of Wisconsin-Madison. Prior to joining Prairie Financial Group, Schultz was vice president and U. S. estate planning specialist for BMO Private Bank. Prior to BMO’s acquisition of M&I Bank, Schultz managed the personal trust and not-for-profit services legal department and estate settlement services group at Marshall & Ilsley Trust Company. His extensive experience includes personal trust, fiduciary litigation, estate settlement, not-for-profit fiduciary services, IRAs and retirement planning issues.

"Throughout his career, Victor has demonstrated a passion and commitment to trust and fiduciary services,” said Kristin Reilly, president of Prairie Financial Group. "The establishment of this new position with a person who is intimately familiar with UTC regulatory requirements, and who also has a predisposition for customer service, ensures that we are closely attuned to our clients' needs and the communities we serve.

“This move places a proven leader into a key role that will enable us to stay on our strategic roadmap and maintain our positive momentum,” continued Reilly. “We are confident that Victor will deliver on our business objectives and create a sustainable value proposition for the customers we serve."

Waukesha State Bank created Prairie Financial Group® nearly 40 years ago and it has grown to serve clients throughout the United States. Its clients include individuals, businesses, non-profits and academic institutions. Services include: trust and trustee services, retirement services, investment management, estate services, financial planning, enhanced cash management, planned giving and more. Prairie Financial Group® also includes an Advisor Friendly Alliance that works with financial advisors in providing customers seamless trust and qualified plan services that integrate with and enhance their product offerings. For more information on Prairie Financial Group, visit www.PrairieWealth.com.

Waukesha State Bank is one of the largest locally-owned and independent banks in Wisconsin, with full-service offices in Brookfield, Delafield, Mukwonago, Muskego, New Berlin, Oconomowoc, Pewaukee, Sussex and Waukesha. For more information, visit the company’s website at www.WaukeshaBank.com.

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Media Contact: Traci Huntemann-Piatt, Waukesha State Bank (262-549-8540)