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New Power of Attorney rules take effect Sept. 1, 2010

By Johns, Flaherty & Collins on Monday, August 30th 2010

A new law in Wisconsin clarifies rules governing durable powers of attorney for finances, also known as a “POA.”

“In the past, some banks and other financial institutions had their own forms they wanted you to use even if you prepared a document with an attorney,” said attorney Greg Bonney. “Now there is a new statutory form allowing you to appoint a person to handle financial matters for you and rules determining when a bank or other financial institution may refuse to recognize a POA.”

Under the law:

 

  • The POA may be effective immediately or activated at some point in the future, such as upon incapacity.
  • Banks and other financial institutions cannot refuse to recognize a POA simply because it was signed many years ago or because it is not their own form.
  • The authority granted under the POA continues until you die or revoke it.
  • Co-agents may be named with the authority to act independently.
  • The POA is revoked upon a divorce, legal separation or termination of a domestic partnership if your relationship with the agent has ended.


For more information on estate planning, contact Greg Bonney at 608-784-5678. 

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