The Wisconsin Legislature has passed a new power of attorney act, which now awaits the governor’s signature.
The Uniform Power of Attorney for Finances and Property Act [Assembly Bill 704 (2009), hereinafter AB 704] will replace Wisconsin’s current statute, including the statutory form.
Sections 243.07 and 243.10 of the Wisconsin Statutes will be replaced with a new chapter 244. The Act is intended to provide greater protection for persons who wish to use durable powers of attorney and more detailed guidance for agents, as well as guidance and protection for third parties who are asked to accept powers of attorney.
The Act consists of two subchapters. Subchapter II contains the optional statutory form and miscellaneous provisions dealing with the Act’s general application and repeal of certain prior law.
Subchapter I includes definitions and general rules. Of particular note is the definition of “incapacity,” found at section 244.02(7), which replaces the term “disability” used in current law. AB 704, at 6. The Act’s definition of “incapacity” is consistent with the standard for appointment of a guardian under Wis. Stat. chapter 154.
Another significant change is the default rule in section 244.04 that makes a power of attorney durable unless the document provides otherwise. AB 704, at 8. This change from current law reflects the view that most principals prefer their powers of attorney to be durable as a hedge against the need for guardianship.
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Power of Attorney Act Awaiting Governor's Signature
6 comments:
I am still deciding if this is a good Act or a TRAP?
Who is sponsoring this bill? Follow the $ signs.
I know cases where Durable Power of Attorney continued to GUARDIANSHIP!
And, keep in mind, the unknowing person will not be able to REVOKE the DPOA, why? Incapacitated - then what?
TRAPPED in a horrible situation with no way out.
Hmmmmm, that's something to think about Sue.
I think many people think if they give a PoA, that they're covered if they become incapacitated. They don't realize the PoA must be durable. This act might help more than it might hurt.
i think this is a 50 / 50 split so depending on how the fiduciary is proceeding it could be a good thing or a bad thing or it can be real ugly which in my opinion is not a safe place to be with Sue bringing up a good point no option to revoke means its a contact til death do us part which could be longer than most marriages last
Old folks have the money saved and the government wants it back.
The fact that disabled was replaced by incapacitated is good.
Auto durable is also good.
The question now is: What happens when a corrupt judge decides to ignore or override the document?
Will the drafting attorney stand up and do the right thing?
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