Wisconsin Statutes 702.02 – Definitions
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As used in this chapter, unless the context indicates otherwise:
Terms Used In Wisconsin Statutes 702.02
- Donee: means the person in whom the power of appointment is created or reserved. See Wisconsin Statutes 702.02
- Donee: The recipient of a gift.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
- General power of appointment: 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 also exercisable in favor of others. See Wisconsin Statutes 702.02
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Power of appointment: means a power to appoint legal or equitable interests in real or personal property. See Wisconsin Statutes 702.02
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
(1) “Appointee” means the person to whom an interest is appointed.
(2) “Creating instrument” means the will, trust agreement, or other document which creates or reserves the power of appointment.
(3) “Donee” means the person in whom the power of appointment is created or reserved.
(4) “Donor” means the person who creates or reserves the power of appointment.
(5) “General power of appointment” 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 also exercisable in favor of others. A power to appoint to any person or a power of appointment that 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.
(6) “Power of appointment” means a power to appoint legal or equitable interests in real or personal property. A power of appointment is created or reserved by a person having property subject to his or her disposition which enables the donee of the power of appointment 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. A power of appointment does not include a power of sale, a power of attorney, a power of revocation, or a power exercisable by a trustee, a directing party, as defined in s. 701.0103 (7), another fiduciary in his or her fiduciary capacity, or a trust protector, as defined in s. 701.0103 (31).
(7) “Special power of appointment” means a power of appointment that is not a general power of appointment.