Wisconsin § 702.102 - Definitions.

§ 702.102. Definitions.

In this chapter: 702.102(1) (1) “Appointee” means a person to which a powerholder makes an appointment of appointive property. 702.102(2) (2) “Appointive property” means the property or property interest subject to a power of appointment. 702.102(3) (3) “Blanket-exercise clause” means a clause in an instrument that exercises a power of appointment and is not a specific-exercise clause. “Blanket-exercise clause” includes a clause that does any of the following: 702.102(3)(a) (a) Expressly uses the words “any power” in exercising a power of appointment the powerholder has. 702.102(3)(b) (b) Expressly uses the words “any property” in appointing any property over which a powerholder has a power of appointment. 702.102(3)(c) (c) Disposes of all property subject to disposition by the powerholder. 702.102(4) (4) “Broad limited power of appointment” means a power of appointment exercisable in favor of anyone other than the powerholder, the powerholder’s estate, the powerholder’s creditors, or the creditors of the powerholder’s estate. 702.102(5) (5) “Donor” means a person that creates a power of appointment. 702.102(6) (6) “Exclusionary power of appointment” means a power of appointment exercisable in favor of one or more permissible appointees to the exclusion of the other permissible appointees. 702.102(7) (7) “General power of appointment” means a power of appointment exercisable in favor of the powerholder, the powerholder’s estate, a creditor of the powerholder, or a creditor of the powerholder’s estate. 702.102(8) (8) “Gift-in-default clause” means a clause that identifies a taker in default of appointment. 702.102(9) (9) “Impermissible appointee” means a person that is not a permissible appointee. 702.102(10) (10) “Instrument” means a writing. 702.102(11) (11) “Nongeneral power of appointment” means a power of appointment that is not a general power of appointment. 702.102(12) (12) “Permissible appointee” means a person in whose favor a powerholder may exercise a power of appointment. 702.102(13) (13) “Person” means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. 702.102(14) (14) “Powerholder” means a person in which a donor creates a power of appointment. 702.102(15) (15) “Power of appointment” means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. “Power of appointment” does not include a power of attorney. 702.102(16) (16) “Presently exercisable power of appointment” means a power of appointment exercisable by the powerholder at the relevant time. “Presently exercisable power of appointment” includes a power of appointment that is not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time, and only after the occurrence of the specified event, the satisfaction of the ascertainable standard, or the passage of the specified time, but does not include a power exercisable only at the powerholder’s death. 702.102(17) (17) “Specific-exercise clause” means a clause in an instrument that specifically refers to and exercises a particular power of appointment. 702.102(18) (18) “Taker in default of appointment” means a person that takes all or part of the appointive property to the extent the powerholder does not effectively exercise the power of appointment. 702.102(19) (19) “Terms of the instrument” means the manifestation of the intent of the maker of the instrument regarding the instrument’s provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding. 702.102 History History: 2023 a. 127 .