A power of attorney can be an important tool to help you manage your affairs, allowing someone else to act on your behalf. You can make a power of attorney limited or broad. For example, you can appoint someone to perform a very specific act, such as buying a house on your behalf. Or you can appoint an agent to do anything on your behalf that you could do.
Durable Powers of Attorney in Wisconsin
In Wisconsin, we often use durable powers of attorney as part of a comprehensive estate plan. Under state law, you can enact a durable power of attorney appointing someone to act on your behalf, even if you become incapacitated. As part of your estate plan, you may want to enact durable powers of attorney covering your finances and health care.
A durable power of attorney will immediately take effect unless you specify when it will become effective. For example, it may go into effect only when you become incapacitated, allowing someone you trust to make financial or health care decisions on your behalf when you cannot do so. A durable power of attorney will remain in place until:
- You revoke it and are mentally competent to do so,
- No agent or successor agent is available, or
- A court invalidates it.
A court might invalidate a power of attorney if a judge determines that you were a victim of undue influence when you signed it or weren't mentally competent at the time.
Who Should I Appoint as My Agent in My Power of Attorney?
You can appoint anyone who is a competent adult to serve as your agent. But you should choose someone you trust who can be available when needed. You can appoint co-agents to act at the same time, but that can become a conflict-ridden process if they don't agree. However, appointing a successor who can take over if your first choice isn't available or must step down is a good idea.
How a Walworth County Trusts and Estates Attorney Can Help
The attorneys at Richard Steele Law work hard to protect her clients and their families through her estate planning practice. Our attorneys are well-versed in developing robust estate solutions for her clients. Contact Richard Steele Law, LLC today for a free consultation.