702.311 Disposition of unappointed property under released or unexercised nongeneral power of appointment.
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/wi/chapter-702/702-311A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
702.311 Disposition of unappointed property under released or unexercised nongeneral power of appointment. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment, 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, the unappointed property passes to the permissible appointees if all of the following apply:
1. The permissible appointees are defined and limited.
2. The terms of the instrument creating the power do not manifest a contrary intent.
(b)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.