Wisconsin Statutes 702.302 – Intent to exercise: determining intent from residuary clause
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Terms Used In Wisconsin Statutes 702.302
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(1) In this section:
(a) “Residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause.
(b) “Will” includes a codicil and a testamentary instrument that revises another will.
(2) A residuary clause in a powerholder’s will, or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent to exercise a power of appointment only if all of the following apply:
(a) The terms of the instrument containing the residuary clause do not manifest a contrary intent.
(b) The power of appointment is a general power of appointment exercisable in favor of the powerholder’s estate.
(c) There is no gift-in-default clause in the instrument creating the power of appointment or the gift-in-default clause in the instrument creating the power of appointment is ineffective.
(d) The powerholder did not release the power of appointment.