700.27 Disclaimer of transfers during life.

426 words·~2 min read·/wi/chapter-700/700-27-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.

(b)Partial disclaimer. Property transferred under an inter vivos governing instrument may be disclaimed in whole or in part, except that a partial disclaimer of property passing by an inter vivos governing instrument or by the exercise of a power of appointment may not be made if partial disclaimer is expressly prohibited by the inter vivos governing instrument or by the instrument exercising the power of appointment.

(c)Spendthrift provision. The right to disclaim exists notwithstanding any limitation on the interest of the disclaimant in the nature of a spendthrift provision or similar restriction.

(d)Disclaimer by a guardian or conservator. A guardian of the estate or a conservator appointed under ch. 880 , 2003 stats., or ch. 54 may disclaim on behalf of his or her ward, with court approval, if the ward is entitled to disclaim under this section.

(e)Disclaimer by an agent under power of attorney. An agent under a power of attorney may disclaim on behalf of the person who granted the power of attorney if all of the following apply: