Section 702.310 - Disposition of unappointed property under released or unexercised general powerTo the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust, all of the following apply:
(1) The gift-in-default clause controls the disposition of the unappointed property.(2)(a) If there is no gift-in-default clause or to the extent the gift-in-default clause is ineffective, except as otherwise provided in par. (b), the unappointed property passes to any of the following: 1. If the powerholder is a permissible appointee and living, the powerholder.2. If the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee.(b) To the extent the powerholder released the power, or if there is no taker under par. (a), the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.Added by Acts 2023 ch, 127,s 118, eff. 3/23/2024.