Wisconsin Statutes 702.310 – Disposition of unappointed property under released or unexercised general power
Current as of: 2024 | Check for updates
|
Other versions
To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust, all of the following apply:
Terms Used In Wisconsin Statutes 702.310
- 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 unappointed property.
(2)
(a) If there is no gift-in-default clause or to the extent the gift-in-default clause is ineffective, except as otherwise provided in par. (b), the unappointed property passes to any 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) To the extent the powerholder released the power, or if there is no taker under par. (a), the unappointed property passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.