702.02 Definitions. As used in this chapter, unless the context indicates otherwise: (1) “Appointee” means the person to whom an interest is appointed. (2) “Creating instrument” means the will, trust agreement, or other document which creates or reserves the power of appointment. (3) “Donee” means the person in whom the power of appointment is created […]
702.03 Manifestation of intent to exercise a power of appointment. (1) Unless the person who executed it had a contrary intention, if a creating instrument creates a power of appointment that expressly requires that the power of appointment be exercised by any type of reference to the power of appointment or its source, the donor’s […]
702.05 Exercise of a power of appointment. (1) Capacity to exercise a power of appointment. A power of appointment can be exercised only by a person who would have the capacity to transfer the property covered by the power of appointment. (2) Kind of instrument and formalities of execution. A donee can exercise a power […]
702.07 Power of appointment to be construed as exclusive. The donee of any power of appointment may appoint the whole or any part of the appointive assets to any one or more of the permissible appointees and exclude others, except to the extent that the donor specifies either a minimum share or amount to be […]
702.08 Disclaimer of a power of appointment. The donee of any power of appointment may disclaim all or part of the power of appointment as provided under s. 700.27 or 854.13. History: 1977 c. 309; 1997 a. 188; 2005 a. 216; 2013 a. 92.
702.09 Release of a power of appointment. (1) Unless the creating instrument expressly provides that the power of appointment cannot be released or expressly restricts the time, manner, or scope of release, the donee of any power of appointment may do any of the following: (a) At any time completely release the donee’s power of […]
702.11 Irrevocability of creation, exercise and release of a power of appointment. The creation, exercise or release of a power of appointment is irrevocable unless the power to revoke is reserved in the creation, exercise or release of the power of appointment. History: 2013 a. 92.
702.13 Recording instruments relating to a power of appointment. (1) Any of the following instruments relating to a power of appointment is entitled to be recorded as a conveyance upon compliance with s. 706.05 (1): (a) An instrument, other than a will, exercising a power of appointment. (b) An instrument expressing consent to exercise. (c) […]
702.15 Disposition when a special power of appointment is unexercised. If the donee of a special power of appointment fails to exercise effectively the special power of appointment, the interests which might have been appointed under the special power of appointment pass in one of the following ways: (1) If the creating instrument contains an […]
702.17 Rights of creditors of the donee. (1) General policy: general power of appointment. If the donee has a general power of appointment, any interest which the donee has power to appoint or has appointed is to be treated as property of the donee for purposes of satisfying claims of the donee’s creditors, as provided […]
702.19 Matters governed by common law. As to all matters within the scope of those sections of ch. 232, 1963 stats., which have been repealed, and not within this chapter or any other applicable statute, the common law is to govern. This section is not intended to restrict in any manner the meaning of any […]
702.21 Applicability of chapter. The provisions of this chapter are applicable to any power of appointment existing on May 16, 1965, as well as a power of appointment created after such date. History: 2013 a. 92.
702.22 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under an instrument that creates or exercises a power of appointment. History: 1997 a. 188.
