(1) A personal representative, trustee, or other fiduciary who holds property subject to a power of appointment may administer that property as if the power of appointment was not exercised if the personal representative, trustee, or other fiduciary has no notice of the existence of any of the following within 6 months after the death of the powerholder: (a) A document purporting to be a will of the powerholder if the power of appointment is exercised by the will. (b) Other documentation of the powerholder purporting to exercise the power of appointment if the power of appointment is exercisable other than by a will. (2) A personal representative, trustee, or other fiduciary who acts in good faith is not liable to any person for administering property as if a power of appointment was not exercised as provided in sub. (1).
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