702.309 Capture doctrine: disposition of ineffectively appointed property under general power.
145 words·~1 min read·
/wi/chapter-702/702-309-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
702.309 Capture doctrine: disposition of ineffectively appointed property under general power. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment, all of the following apply:
(1)The gift-in-default clause controls the disposition of the ineffectively appointed property.
(a)If there is no gift-in-default clause or to the extent the gift-in-default clause is ineffective, the ineffectively appointed property passes to one of the following:
1. If the powerholder is a permissible appointee and living, the powerholder.
2. If the powerholder is an impermissible appointee or deceased, the powerholder’s estate if the estate is a permissible appointee.
(b)If there is no taker under par.
(a), the ineffectively appointed property passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.