Wisconsin § 702.502 Creditor claim: general power not created by powerholder.

Wisconsin Statutes

§ 702.502 — Creditor claim: general power not created by powerholder.

Wisconsin § 702.502

Ch. 702Uniform powers of appointment act

Subch.subch. V of ch. 702 SUBCHAPTER V

RIGHTS OF POWERHOLDER’S CREDITORS IN APPOINTIVE PROPERTY

This text of Wisconsin § 702.502 (Creditor claim: general power not created by powerholder.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wis. Stat. § 702.502 (2026).

Text

702.502 702.502(1) (1) Except as otherwise provided in sub.

(2), appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of any of the following: 702.502(1)(a) (a) If the power of appointment is a presently exercisable power of appointment, the powerholder to the extent the powerholder’s property is insufficient. 702.502(1)(b) (b) If the power of appointment is exercisable at the powerholder’s death, the powerholder’s estate or revocable trust, subject to the right of a decedent to direct the source from which liabilities are paid, but only to the extent of the powerholder’s exercise of that general power of appointment and only to the extent that the claim of the creditor has been filed and allowed i

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702.502
702.502(1) (1) Except as otherwise provided in sub. (2) , appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of any of the following:
702.502(1)(a) (a) If the power of appointment is a presently exercisable power of appointment, the powerholder to the extent the powerholder’s property is insufficient.
702.502(1)(b) (b) If the power of appointment is exercisable at the powerholder’s death, the powerholder’s estate or revocable trust, subject to the right of a decedent to direct the source from which liabilities are paid, but only to the extent of the powerholder’s exercise of that general power of appointment and only to the extent that the claim of the creditor has been filed and allowed in the powerholder’s estate or filed with and approved by the trustee of a revocable trust but not paid because the assets of the estate or revocable trust are insufficient. For purposes of this paragraph, a revocable trust is a trust that is revocable, as defined in s. 701.0103 (22) , by the powerholder or jointly by the powerholder and the powerholder’s spouse.
702.502(2) (2) Subject to s. 702.504 (3) , a power of appointment created by a person other than the powerholder that is subject to an ascertainable standard relating to an individual’s health, education, support, or maintenance within the meaning of 26 USC 2041 (b) (1) (A) or 2514 (c) (1), is considered for purposes of this subchapter as a nongeneral power of appointment.
702.502(3) (3) If during the powerholder’s lifetime, the powerholder exercises a general power of appointment created by a person other than the powerholder, a creditor of the powerholder can reach the appointed interests to the same extent that under the law relating to fraudulent conveyances the creditor could reach property that the powerholder has owned and transferred during the powerholder’s lifetime.