§ 702.02 Definitions
§ 702.03 Manifestation of intent to exercise a power of appointment
§ 702.05 Exercise of a power of appointment
§ 702.07 Power of appointment to be construed as exclusive
§ 702.08 Disclaimer of a power of appointment
§ 702.09 Release of a power of appointment
§ 702.11 Irrevocability of creation, exercise and release of a power of appointment
§ 702.13 Recording instruments relating to a power of appointment
§ 702.15 Disposition when a special power of appointment is unexercised
§ 702.17 Rights of creditors of the donee
§ 702.19 Matters governed by common law
§ 702.21 Applicability of chapter
§ 702.22 Applicability of general transfers at death provisions

Terms Used In Wisconsin Statutes > Chapter 702 - Powers of appointment

  • Acquire: when used in connection with a grant of power to any person, includes the acquisition by purchase, grant, gift or bequest. See Wisconsin Statutes 990.01
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appointee: means the person to whom an interest is appointed. See Wisconsin Statutes 702.02
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Creating instrument: means the will, trust agreement, or other document which creates or reserves the power of appointment. See Wisconsin Statutes 702.02
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Donee: The recipient of a gift.
  • Donee: means the person in whom the power of appointment is created or reserved. See Wisconsin Statutes 702.02
  • Donor: The person who makes a gift.
  • Donor: means the person who creates or reserves the power of appointment. See Wisconsin Statutes 702.02
  • 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • in writing: includes any representation of words, letters, symbols or figures. See Wisconsin Statutes 990.01
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Officers: when applied to corporations include directors and trustees. See Wisconsin Statutes 990.01
  • Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
  • Personal representative: means a person, however denominated, who is authorized to administer a decedent's estate. 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
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Probate: Proving a will
  • Promulgate: when used in connection with a rule, as defined under…. See Wisconsin Statutes 990.01
  • Property: includes real and personal property. See Wisconsin Statutes 990.01
  • Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • seal: includes the word "seal" the letters "L S" and a scroll or other device intended to represent a seal, if any is affixed in the proper place for a seal, as well as an impression of a seal on the instrument. See Wisconsin Statutes 990.01
  • Special power of appointment: means a power of appointment that is not a general power of appointment. See Wisconsin Statutes 702.02
  • State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
  • Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01