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.
Full Article and Source:
Power of Attorney Act Awaiting Governor’s Signature