Elder Law Attorney Serves Wauwatosa, Pewaukee, Brookfield, and the Greater Milwaukee Area, WI
Generally, people in the U.S. are living longer than ever before. Such longevity comes with the focus on quality of life concerns, which requires estate planning. A power of attorney (POA) is an estate planning tool in Wisconsin where you appoint a person, known as the agent, to manage your affairs. Typically, the POA is appointed to manage financial or medical matters when you cannot do so yourself because you are incapacitated by illness or injury.
In Wisconsin, there are two types of power of attorney:
1. Power of Attorney for Finances and Property
This POA for finances and property authorizes another adult (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property, including your finances (i.e., safe deposit boxes, business related decisions, and retirement accounts), whether or not you are able to act for yourself. Accordingly, when choosing a person to be your agent, be certain that you can trust the person to fulfill your wishes.
Generally, unless you specify otherwise, the agent's authority takes effect immediately and will continue until you die or revoke the POA or the agent resigns or is unable to act on your behalf.
2. Power of Attorney for Healthcare
This POA for healthcare makes it possible for Wisconsin adults to authorize other individuals (called healthcare agents) to make healthcare decisions on their behalf should they become incapacitated.
When is a Power of Attorney Necessary in Wisconsin?
A power of attorney is a useful tool for people who are planning their estate but who are losing the ability to understand the repercussions of their decisions and actions. By giving an agent the power to make those decisions, a principal can rest assured that someone is taking care of them.
A POA is common in the following situations:
- The principal is suffering from a worsening medical condition that impacts the principal's mental capacity, like Alzheimer's or dementia;
- The principal is physically disabled and cannot sign important documents; and
- The principal wants to give someone else the power to make specific decisions on the principal's behalf.
Contact My Office in Milwaukee Today
Prestige Law Office, LLC, can help you with your estate planning by creating an enforceable power of attorney for healthcare and/or finances and property. Schedule a consultation and take the first step in securing your future.