New Power of Attorney Law in Wisconsin
2010-07/21 Patrick J. Bodden and Mark D. Munson

On May 12, 2010, Governor Doyle signed the Uniform Power of Attorney for Finances and Property Act (the Act), which becomes effective on September 1, 2010.  Under the Act, the laws in Wisconsin that address durable powers of attorney for finances and property will be significantly different from, and more comprehensive than, the current laws.  The new law provides detailed guidance for agents and persons who either accept or refuse to accept a power of attorney.  In addition, the new law contains an updated statutory power of attorney form.

Some key areas that are addressed in the new power of attorney law include:

• An expanded identification and explanation of an agent’s duties under a power of attorney.

• The powers that can be granted only if they are specifically referenced within a power of attorney.

• The effect of a divorce or separation on a power of attorney that names the ex-spouse (or soon-to-be ex-spouse) as an agent.

• An agent’s duty to keep a record of all transactions.

• The ability of an agent to make gifts on behalf of a principal.

• The powers granted to co-agents under a power of attorney.

• The effect of incapacity after execution of a power of attorney.

• When a power of attorney becomes effective.

If you have any questions or would like to have a power of attorney reviewed, please contact Attorneys Patrick J. Bodden or Mark D. Munson, who prepared this article, or any of the following attorneys within the Trusts & Estates Practice Group of Ruder Ware:

© 2010 Ruder Ware, L.L.S.C. Accurate reproduction with acknowledgment granted. All rights reserved.
This document provides information of a general nature regarding legislative or other legal developments. None of the information contained herein is intended as legal advice or opinion relative to specific matters, facts, situations, or issues, and additional facts and information or future developments may affect the subjects addressed.