Wisconsin Statutes 702.309 – Capture doctrine: disposition of ineffectively appointed property under general power
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To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment, all of the following apply:
Terms Used In Wisconsin Statutes 702.309
- Donor: The person who makes a gift.
- 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
- Property: includes real and personal property. See Wisconsin Statutes 990.01
(1) The gift-in-default clause controls the disposition of the ineffectively appointed property.
(2)
(a) If there is no gift-in-default clause or to the extent the gift-in-default clause is ineffective, the ineffectively appointed property passes to one of the following:
1. If the powerholder is a permissible appointee and living, the powerholder.
2. If the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee.
(b) If there is no taker under par. (a), the ineffectively appointed property passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.