(1)   

      (a)    A power of appointment is exercised only if all of the following apply:

         1.    The instrument exercising the power is valid under applicable law.

         2.    The terms of the instrument exercising the power do all of the following:

            a.    Manifest the powerholder’s intent to exercise the power.

            b.    Subject to s. 702.304, satisfy the requirements of exercise, if any, imposed by the donor.

      (b)    A power of appointment is exercised under par. (a) only to the extent the appointment is a permissible exercise of the power.

   (2)   If the donor requires the consent of the donor or any other person for the exercise of a power of appointment, the consent must be expressed in the instrument exercising the power of appointment or in a separate written instrument, signed in either case by the persons whose consent is required. If any person whose consent is required dies or becomes legally incapable of consenting, the power of appointment may be exercised by the powerholder without the consent of that person unless the terms of the instrument creating the power of appointment manifest a contrary intent.

   (3)   

      (a)    Except as provided in par. (b) and unless the terms of the instrument creating a power of appointment manifest a contrary intent, if a power of appointment is vested in 2 or more persons, the joint powerholders may only exercise the power of appointment unanimously.

      (b)    If a power of appointment is vested in 2 or more persons and one or more of the joint powerholders die, become incapable of exercising the power of appointment, or renounce, release, or disclaim the power of appointment, the power of appointment may be exercised unanimously by the other powerholders.