WE RESPOND TO YOUR NEEDS 414-271-1440
Milwaukee Lawyers for Power of Attorney for Finances
Estate Planning Attorneys in Milwaukee, Green Bay and Waukesha
If your health is declining or you are suffering from a debilitating condition, managing your finances can be burdensome. By using the power of attorney for finances, an agent can act on your behalf in handling your financial accounts and property. Unlike the power of attorney for health care, the power of attorney for finances can start before you become incapacitated. The agreement also allows your agent to retain authority if you are unable to make decisions.
Our estate planning attorneys at Gimbel, Reilly, Guerin & Brown, LLP, can construct your power of attorney for finances agreement and customize it to handle your unique financial needs.
Creating Power of Attorney for Finances
Wisconsin has official documents to fill out in order to grant the power of attorney for finances. The document will ask you to:
- Designate your agent and any successor agents;
- Select which financial subjects your agent will have the authority to act on; and
- Give special instructions for the agreement.
The power of attorney for finances will be active as soon as you sign it, unless you specify otherwise in the agreement. Wisconsin considers the document to be durable, meaning it will remain valid in most situations. The agent can lose authority if:
- You die;
- You terminate the agreement;
- You revoke the agent's power; or
- The agent is your spouse and you divorce.
While you may want to name a family member as your agent, it is important to identify which person you most trust to make financial decisions that you agree with. Our attorneys at GRGB can help you decide who your agent will be and what special instructions to include.
What the Power Entails
The power of attorney for finances does not take away your right to make financial decisions. Your agent acts as a surrogate who can communicate with financial institutions and legally sign documents on your behalf. The agent can make decisions but must act in good faith to benefit you and not him or herself. The agreement does not allow your agent to make health decisions for you, which must be separately established in the power of attorney for health care.
Your agent will have the power to act on a broad array of financial interests, unless you specify otherwise. Your agent can buy, sell and manage your:
- Real, digital and personal property;
- Estates and trusts;
- Stocks, bonds, commodities, and options;
- Bank and financial accounts;
- Business interests;
- Benefits, insurance and retirement plans; and
- Personal and family maintenance plans.
When you grant an agent the power of attorney for finances, you are trusting your agent to be responsible. At GRGB, we can include safeguards in your agreement to prevent an agent from abusing your finances. To learn more about the power of attorney and other forms of estate planning, schedule a consultation today by contacting our Milwaukee office at 414-271-1440.
