702.01 Definitions. - Wisconsin Statutes

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702.01

702.01 Definitions. As used in this chapter, unless the context indicates otherwise:

702.01(1)

(1) "Creating instrument" means the will, trust agreement or other document which creates or reserves the power.

702.01(2)

(2) "Donor" means the person who creates or reserves the power; "donee" means the person in whom the power is created or reserved; and "appointee" means the person to whom an interest is appointed.

702.01(3)

(3) "General power" means a power exercisable in favor of the donee, the donee's estate, the donee's creditors or the creditors of the donee's estate, whether or not it is exercisable in favor of others. A power to appoint to any person or a power which is not expressly restricted as to appointees may be exercised in favor of the donee or the donee's creditors if exercisable during lifetime, and in favor of the donee's estate or the creditors of the donee's estate if exercisable by will.

702.01(4)

(4) "Power" means a power of appointment over legal or equitable interests in real or personal property. A power of appointment is a power created or reserved by a person having property subject to his or her disposition which enables the donee of the power to designate, within such limits as may be prescribed, the transferees of the property or the shares or the interests in which it shall be received; it does not include a power of sale, a power of attorney, a power of revocation or a power exercisable by a trustee or other fiduciary in his or her fiduciary capacity.

702.01(5)

(5) "Special power" means a power exercisable only in favor of one or more persons not including the donee, the donee's estate, the donee's creditors or the creditors of the donee's estate and, when exercisable in favor of a class, so limited in size by description of the class that in the event of nonexercise of the power a court can make distribution to persons within the class if the donor has failed to provide for this contingency.

702.01(6)

(6) "Unclassified power" means a power which is neither a general power nor a special power as defined in this section.

702.01 - ANNOT.

History: 1971 c. 66; 1983 a. 189; 1993 a. 486.

State Codes and Statutes

Statutes > Wisconsin > 702 > 702.01

702.01

702.01 Definitions. As used in this chapter, unless the context indicates otherwise:

702.01(1)

(1) "Creating instrument" means the will, trust agreement or other document which creates or reserves the power.

702.01(2)

(2) "Donor" means the person who creates or reserves the power; "donee" means the person in whom the power is created or reserved; and "appointee" means the person to whom an interest is appointed.

702.01(3)

(3) "General power" means a power exercisable in favor of the donee, the donee's estate, the donee's creditors or the creditors of the donee's estate, whether or not it is exercisable in favor of others. A power to appoint to any person or a power which is not expressly restricted as to appointees may be exercised in favor of the donee or the donee's creditors if exercisable during lifetime, and in favor of the donee's estate or the creditors of the donee's estate if exercisable by will.

702.01(4)

(4) "Power" means a power of appointment over legal or equitable interests in real or personal property. A power of appointment is a power created or reserved by a person having property subject to his or her disposition which enables the donee of the power to designate, within such limits as may be prescribed, the transferees of the property or the shares or the interests in which it shall be received; it does not include a power of sale, a power of attorney, a power of revocation or a power exercisable by a trustee or other fiduciary in his or her fiduciary capacity.

702.01(5)

(5) "Special power" means a power exercisable only in favor of one or more persons not including the donee, the donee's estate, the donee's creditors or the creditors of the donee's estate and, when exercisable in favor of a class, so limited in size by description of the class that in the event of nonexercise of the power a court can make distribution to persons within the class if the donor has failed to provide for this contingency.

702.01(6)

(6) "Unclassified power" means a power which is neither a general power nor a special power as defined in this section.

702.01 - ANNOT.

History: 1971 c. 66; 1983 a. 189; 1993 a. 486.

State Codes and Statutes

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State Codes and Statutes

Statutes > Wisconsin > 702 > 702.01

702.01

702.01 Definitions. As used in this chapter, unless the context indicates otherwise:

702.01(1)

(1) "Creating instrument" means the will, trust agreement or other document which creates or reserves the power.

702.01(2)

(2) "Donor" means the person who creates or reserves the power; "donee" means the person in whom the power is created or reserved; and "appointee" means the person to whom an interest is appointed.

702.01(3)

(3) "General power" means a power exercisable in favor of the donee, the donee's estate, the donee's creditors or the creditors of the donee's estate, whether or not it is exercisable in favor of others. A power to appoint to any person or a power which is not expressly restricted as to appointees may be exercised in favor of the donee or the donee's creditors if exercisable during lifetime, and in favor of the donee's estate or the creditors of the donee's estate if exercisable by will.

702.01(4)

(4) "Power" means a power of appointment over legal or equitable interests in real or personal property. A power of appointment is a power created or reserved by a person having property subject to his or her disposition which enables the donee of the power to designate, within such limits as may be prescribed, the transferees of the property or the shares or the interests in which it shall be received; it does not include a power of sale, a power of attorney, a power of revocation or a power exercisable by a trustee or other fiduciary in his or her fiduciary capacity.

702.01(5)

(5) "Special power" means a power exercisable only in favor of one or more persons not including the donee, the donee's estate, the donee's creditors or the creditors of the donee's estate and, when exercisable in favor of a class, so limited in size by description of the class that in the event of nonexercise of the power a court can make distribution to persons within the class if the donor has failed to provide for this contingency.

702.01(6)

(6) "Unclassified power" means a power which is neither a general power nor a special power as defined in this section.

702.01 - ANNOT.

History: 1971 c. 66; 1983 a. 189; 1993 a. 486.