702.310 Disposition of unappointed property under released or unexercised general power.
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/wi/chapter-702/702-310-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
702.310 Disposition of unappointed property under released or unexercised general power. To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust, all of the following apply:
(1)The gift-in-default clause controls the disposition of the unappointed property.
(a)If there is no gift-in-default clause or to the extent the gift-in-default clause is ineffective, except as otherwise provided in par.
(b), the unappointed property passes to any 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)To the extent the powerholder released the power, or if there is no taker under par.
(a), the unappointed property passes under a reversionary interest to the donor or the donor’s transferee or successor in interest.