September 1, 2010
Wisconsin enacted a new law for Financial and Property Power of Attorney documents effective as of September 1, 2010. Chapter 244 of the Wisconsin Statutes has been enacted and is now effective. This new law for Financial and Property Powers of Attorney, including Durable and Non-Durable Power of Attorneys, has important ramifications for how new Power of Attorney documents should be drafted.
Many of the provisions will be helpful in obtaining the consent of banks and other organizations in the acceptance of properly drafted Power of Attorney documents. In addition, sanctions can result against the institution, bank or broker, if an attorney properly drafts and certifies the Power of Attorney but an institution refuses to accept the documents for reasons such as the “document is too old” or not on the institutions “approved” form.
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A properly crafted estate plan can give you peace of mind, knowing your assets and family are well protected. Our estate planning lawyers will help you get there.
There are also many other changes that can effect how a Power of Attorney is interpreted, including the powers of co-agents, a spouse’s powers in the event of divorce, the durability of the Power of Attorney, and a domestic partners rights. It is important that your attorney is up to date on all of the provisions contained in the new Chapter 244.
Our experienced and knowledgeable attorneys can help you review your old Power of Attorney and update or create a new Power of Attorney if necessary or advisable. For a review of your Power of Attorney or to create a new one, or for a general review of your Estate Planning, please contact us.