Uniform Durable Power of Attorney Act

Today, Governor Doyle of Wisconsin signed Assembly Bill 704 into law. The new law creates a new chapter 244 in the Wisconsin Statutes and adopts the Uniform Power of Attorney Act in Wisconsin. This new law broadly affects the creation and use of financial powers of attorney. Among other changes, the new law makes clear that unless a financial power of attorney specifically provides a gifting power, the agent under the power of attorney does not have authority to make gifts for the person who created the power of attorney.

Further, under prior law, it was unclear in Wisconsin whether a person could appoint two or more persons to act as co-agents under a power of attorney. Section 244.11 of the new law provides that a person may appoint two or more persons to serve as co-agents under a financial power of attorney. However, unless the power of attorney provides otherwise, each co-agent may act independently, which may be precisely what the creator of the power of attorney did not want to happen. This new law must be taken into consideration by banks, credit unions and other financial institutions regarding the validity and usage of powers of attorney in Wisconsin. Although the new law permits a person to name co-agents, Vogel Law Firm, Ltd., does not advise clients to name persons to act as co-agents under a financial or health care power of attorney.

Finally, lawyers in Wisconsin need to make certain that the powers of attorney they are drafting for their clients comply with the new Chapter 244 of the Wisconsin Statutes. Vogel Law Firm, Ltd., has implemented changes to its power of attorney language to make certain that all financial powers of attorney created by our firm comply with the new law.