Signing Requirements
The principal must sign before a notary public. The agent must also sign in the presence of a notary public on the Agent Certification if the form is used and attached to the power of attorney.[1]
Powers Granted
The principal can grant the agent, either specifically or broadly, the power to manage their affairs. This can include:[2]
- Real property;
- Digital property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operation of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Gifts.
Certain things, including making gifts of the principal’s property and changing a trust, require the principal to expressly grant that power to the agent.[3]
“Durable” Definition
“Durable power of attorney” means a power of attorney that is not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used.[5]
Revocation
A power of attorney terminates when any of the following occurs:[6]
- The principal dies.
- The principal becomes incapacitated, if the power of attorney so provides.
- The principal revokes the power of attorney.
- The power of attorney provides that it terminates.
- The purpose of the power of attorney is accomplished.
- The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide otherwise.
An agent’s authority terminates when any of the following occurs:
- The principal revokes the authority.
- The agent dies, becomes incapacitated, or resigns.
- The principal and agent divorce or legally separate, unless the power of attorney otherwise provides; or
- The power of attorney terminates.
Statutory Form
Yes, the State of Wisconsin’s has a statutory durable power of attorney.[7]