Understanding General Durable Power of Attorney for Property and Finances
This document allows an individual, known as the principal, to designate another person, called the agent, to manage their financial affairs. It is effective immediately and remains valid even if the principal becomes incapacitated or disabled. This power of attorney specifically grants the agent broad authority to handle property and financial matters on behalf of the principal.
Situations that call for this form
This form is typically used in various situations, including:
- When an individual wants to ensure their financial matters are managed in case of incapacity.
- During long-term travel or extended absences where personal management of finances is not possible.
- When an individual wishes to delegate financial responsibilities to a trusted person.
Who can use General Durable Power of Attorney for Property and Finances
This form is suitable for:
- Individuals planning for future incapacity.
- Those who want to appoint someone to handle their financial affairs.
- People who are managing complex financial situations and need assistance.
Main sections of this form
The form includes several important sections, such as:
- Principal Information: Name and address of the individual granting authority.
- Agent Information: Name and address of the appointed agent.
- Powers Granted: A detailed list of financial and property management powers given to the agent.
- Signature Section: Required signatures of the principal and witnesses to validate the document.
Completing the General Durable Power of Attorney for Property and Finances
Follow these steps to fill out the form:
- Identify the Parties: Enter your name and address as the principal. Then, provide the name and address of your chosen agent.
- Specify Powers: Clearly outline the financial powers you are granting to your agent. This may include managing bank accounts, selling property, or handling investments.
- Complete Additional Fields: Fill in any optional sections, such as alternate agents or special instructions regarding the management of assets.
- Review and Sign: Carefully check all entries for accuracy, then sign the document in the presence of witnesses.
- Store Safely: Keep the signed document in a secure location and provide copies to your agent and any relevant financial institutions.
Requirements that vary by state
This power of attorney form complies with Wisconsin state laws, which govern its validity and execution. It must be signed by the principal and witnessed to ensure its legal enforceability. Additionally, the agent's authority is effective immediately, and this document remains valid even if the principal becomes incapacitated.
Benefits of completing the form online
Accessing this form online offers several advantages:
- Convenience: Download and complete the form at your own pace, from anywhere.
- Editability: Easily make changes and updates as needed before finalizing the document.
- Legal Reliability: Ensure that the form meets current legal standards and requirements.
