700.27 Disclaimer of transfers during life.
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/wi/chapter-700/700-27-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
700.27 Disclaimer of transfers during life.
(1)Definitions. In this section:
(a)“Beneficiary under an inter vivos governing instrument” includes any person who receives or might receive property under the terms or legal effect of an inter vivos governing instrument.
(b)“Extrinsic evidence” has the meaning given in s. 854.01
(1).
(c)“Inter vivos governing instrument”:
1. Means a gratuitous deed, inter vivos trust instrument, insurance policy, contract, inter vivos instrument that creates or exercises a power of appointment, or any other dispositive, appointive, or nominative instrument that transfers property other than a governing instrument as defined in s. 854.01
(2).
2. Includes an inter vivos gift that is not subject to a written instrument.
(d)“Power of appointment” has the meaning given in s. 702.102
(15).
(2)Right to disclaim.
(a)In general.
1. In this paragraph, “person” includes a person who is unborn or whose identity is unascertained.
2. A person who is a recipient of property or beneficiary under an inter vivos governing instrument, donee of a power of appointment created by an inter vivos governing instrument, appointee under a power of appointment exercised by an inter vivos governing instrument, taker in default under a power of appointment created by an inter vivos governing instrument, or person succeeding to disclaimed property created by an inter vivos governing instrument may disclaim any property, including contingent or future interests or the right to receive discretionary distributions, by delivering a written instrument of disclaimer under this section.