Wisconsin Statutes 702.406 – Power to contract: power of appointment not presently exercisable
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A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if all of the following apply:
Terms Used In Wisconsin Statutes 702.406
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(1) The powerholder is also the donor of the power.
(2) The powerholder reserved the power in a revocable trust.