Wisconsin Statutes 702.311 – Disposition of unappointed property under released or unexercised nongeneral power of appointment
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To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment, all of the following apply:
Terms Used In Wisconsin Statutes 702.311
- 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, the unappointed property passes to the permissible appointees if all of the following apply:
1. The permissible appointees are defined and limited.
2. The terms of the instrument creating the power do not manifest a contrary intent.
(b) 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.