Chapter 702

702.503(2)(b) (b) The amount referenced in section 2503 (b) of the Internal Revenue Code for each individual other than the beneficiary who makes a transfer to the trust or who is considered to make a transfer to the trust pursuant to an election to split gifts under section 2513 (a) of the Internal Revenue Code.

702.503 History History: 2023 a. 127.

702.504 702.504 Creditor claim: nongeneral power of appointment.

702.504(1) (1) Except as otherwise provided in subs. (2) and (3), appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate.

702.504(2) (2) Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of the law relating to fraudulent conveyances.

702.504(3) (3) For purposes of this subchapter, if the initial gift in default of appointment is to the powerholder or the powerholder’s estate, a nongeneral power of appointment is treated as a general power of appointment.

702.504 History History: 2023 a. 127.

702.505 702.505 Third parties in good faith protected. Any person acting without actual notice of claims of creditors under this subchapter incurs no liability to those creditors for transferring property that is subject to a power of appointment or that has been appointed. A purchaser without actual notice and for a valuable consideration takes an interest in property, legal or equitable, and takes the interest free of any rights that a powerholder’s creditor may have under this subchapter.

702.505 History History: 2023 a. 127.

subch. VI of ch. 702 SUBCHAPTER VI

MISCELLANEOUS PROVISIONS

702.601 702.601 Recording instruments relating to a power of appointment.

702.601(1) (1) Each of the following instruments relating to a power of appointment is entitled to be recorded as a conveyance upon compliance with s. 706.05 (1):

702.601(1)(a) (a) An instrument, other than a will, exercising a power of appointment.

702.601(1)(b) (b) An instrument expressing consent to exercise a power of appointment.

702.601(1)(c) (c) A disclaimer.

702.601(1)(d) (d) A release.

702.601(2) (2) If a power of appointment is exercised by a will, a certified copy of the will and of the certificate of probate thereof may be recorded.

702.601 History History: 2023 a. 127.

702.602 702.602 Uniformity of application and construction. In applying and construing this section, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

702.602 History History: 2023 a. 127.

702.603 702.603 Relation to electronic signatures in global and national commerce act.

702.603(1) (1) Except as provided in sub. (2), this chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 USC 7001, et seq.

702.603(2) (2) This chapter does not modify, limit, or supersede 15 USC 7001 (c) or authorize electronic delivery of any of the notices described in 15 USC 7003 (b).

702.603 History History: 2023 a. 127.

702.604 702.604 Applicability.

702.604(1) (1) 

702.604(1)(a) (a) This chapter applies to a power of appointment created before, on, or after March 23, 2024.

702.604(1)(b) (b) This chapter applies to a judicial proceeding concerning a power of appointment commenced on or after March 23, 2024.

702.604(1)(c) (c) This chapter applies to a judicial proceeding concerning a power of appointment commenced before March 23, 2024, unless the court finds that application of a particular provision of this chapter would interfere substantially with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision of this chapter does not apply and the superseded law applies.

702.604(1)(d) (d) A rule of construction or presumption in this chapter applies to an instrument executed before March 23, 2024, unless there is a clear indication of a contrary intent in the terms of the instrument.

702.604(1)(e) (e) Except as otherwise provided in pars. (a) to (d), this chapter does not apply to an action taken before March 23, 2024.

702.604(2) (2) If a right is acquired, extinguished, or barred on the expiration of a prescribed period that commenced under a law of this state other than this chapter before March 23, 2024, the law continues to apply to the right.

702.604 History History: 2023 a. 127.