(1) A power of appointment is created only if the instrument creating the power satisfies all of the following: (a) The instrument is valid under applicable law. (b) Except as provided in sub. (2), the instrument governs the disposition of the appointive property. (c) The terms of the instrument manifest the donor’s intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee. (2) Subsection (1) (b) does not apply to a power of appointment that is created by the exercise of a power of appointment. (3) A power of appointment may not be created in a deceased individual. (4) A power of appointment may be created in an unborn or unascertained powerholder.
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