861.018 Definitions. In this subchapter:

(1) “Augmented deferred marital property estate" means the property under s. 861.02 (2).

(2) “Deferred individual property" means any property that satisfies all of the following:

(a) Is not classified by ch. 766.

(b) Was brought to the marriage or acquired while the spouses were married.

(c) Would have been classified as individual property under ch. 766 if the property had been acquired when ch. 766 applied.

(3) “Nonadverse party" means a person who has a power relating to a trust or other property arrangement but who does not have a substantial beneficial interest that would be adversely affected by exercise or nonexercise of that power, except that “nonadverse party" does not include a person who has a general power of appointment over property, with respect to that property.

(4) “Power" includes a power to designate the beneficiary of a beneficiary designation.

(5) “Power of appointment" includes a power to designate the beneficiary of a beneficiary designation.

(6) “Presently exercisable general power of appointment" means a power of appointment under which, at the time in question, the decedent held a power to create a present or future interest in himself or herself, his or her creditors, his or her estate or creditors of his or her estate and a power to revoke or invade the principal of a trust or other property arrangement, whether or not the decedent had the capacity to exercise the power at the time.

(7) “Property" has the meaning given in s. 851.27 and includes values subject to a beneficiary designation.

(8) “Right to income" includes a right to payments under a commercial or private annuity, an annuity trust, a unitrust or a similar arrangement.

(9) “Transfer" includes, but is not limited to, the following:

(a) An exercise or release of a presently exercisable general power of appointment held by the decedent.

(b) A lapse at death of a presently exercisable general power of appointment held by the decedent.

(c) An exercise, release or lapse of either of the following:

1. A general power of appointment that the decedent created in himself or herself.

2. A power under s. 861.03 (3) that the decedent conferred on a nonadverse party.

History: 1997 a. 188.

Wisconsin's New Probate Code. Erlanger. Wis. Law. Oct. 1998.