There are quite a few sets of rules that affect your digital property, including federal privacy law, state probate law, and the law governing what requests for information custodians, such as Google, have to produce to. Additionally, there are multiple ways that a user of an account can either prohibit or allow disclosure of his/her account’s contents, such as through an online designation with the provider of the account, a trust or will, power of attorney, or an entirely separate consent instrument. What if a user has inconsistency between these disclosure options? Wisconsin’s Digital Property Act gives one of these options the final say – the “online tool.” [1]

An online tool is a setting that a custodian, like Google, provides to you which allows you, as the user, to “provide directions for disclosure or nondisclosure of digital property to a designated recipient”; it is separate and distinct from the terms of service, aka the “i agree to the terms and conditions” checkbox. [2]

1. Google’s Inactive Account Manager:

Google’s online tool is called the “Google Inactive Account Manager” and allows you to choose up to 10 people who can have access to your data after long periods of inactivity. You specify what the period of inactivity is in 3-month increments between 3-18 months. You can also specify which data your designated person/people have access to, including your log-in activity, calendar, Google Business Profile, Google Photos, Gmail, etc.

2. Facebook’s Legacy Contact:

Facebook’s Legacy Contact allows a user to convert their account to a memorialized profile or to permanently delete their account upon their passing. A memorialized profile has the word “Remembering” next to the user’s name and allows friends and family to share memorizes on the user’s page. The tool allows you to appoint a legacy contact who can accept friend requests, write a pinned post for your page (such as information for your memorial service), and request to delete your account, among other things.

If you choose to request that your account be permanently deleted upon your passing, you should share this information with your loved ones, as Facebook first needs proof of your death to do so. [3]

3. Apple’s Legacy Contacts:

Apple allows users to select multiple people as their legacy contacts who are then granted access to user-specified information, such as the user’s photos, messages, files, notes, apps, etc. When you choose someone as your legacy contact, they are then given an access key. Your legacy contact is not required to have an Apple account, however if they do, they may “accept” the key and digitally store a copy of it in their Apple account settings.

To activate the key, your contact must have a copy of your death certificate and the key, which then must be sent to Apple for verification. Upon verification, Apple will send your legacy contact their own special account that they can then use to access your designated information. Your information is then automatically deleted from the legacy contact’s account after 3 years from the date the account was activated. [4]

4. Microsoft:

Interestingly, Microsoft does not offer an online tool. Microsoft states that if you know the decedent’s log-in credentials, you may use those to cancel the decedent’s subscriptions and account. If you do not know the decedent’s log-in credentials, then the account is automatically deleted after two years of inactivity. If you would like to request a decedent’s digital property held by Microsoft, then you must serve the company with a court order or subpoena, which may or may not result in the company producing the decedent’s digital property. [5]

Schedule a consultation with Wynn at Law, LLC today to discuss the estate planning process

Planning for the disposition of your digital property upon your passing is only one aspect of the estate planning process. For assistance with ensuring that you have a comprehensive estate plan in place, contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

[1] Wis. Stat. 711.04

[2] Wis. Stat. 711.03(18)

[3] https://www.facebook.com/help/103897939701143?helpref=faq_content

[4] https://support.apple.com/en-us/102631

[5] https://support.microsoft.com/en-us/account-billing/accessing-outlook-com-onedrive-and-other-microsoft-services-when-someone-has-died-ebbd2860-917e-4b39-9913-212362da6b2f

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Planning for Pets While Living – Power of Attorney and Trust

Before delving into how to plan for your pet’s care once you pass, it is also worth considering how to plan for your pet while you are still living, but may be unable to care for them, such as during an unexpected hospital stay. This can be done via a Durable Power of Attorney aka a Financial Power of Attorney. This type of Power of Attorney allows you to designate someone as your agent so that they may handle different types of property you have. Yes, pets are considered property under the law, but at Wynn at Law, LLC, we know pets are so much more, a beloved family member, which is why we enjoy assisting people who want to plan for caring for a pet.

Most Financial Powers of Attorney give your agent power to handle your “personal” property and according to Wisconsin law, a pet counts as personal property. A general Financial Power of Attorney may be sufficient in a pinch, but at Wynn at Law, LLC, we can assist you with a better option. If the care of your pet is one of your primary concerns or if your pet has medical issues, we can aid you in additional language that should be included in your Power of Attorney to ensure that your agent will be able to seamlessly care for your pet. We specifically address your agent’s authority to board your pets, to authorize veterinarian care, and compensation for these endeavors, for instance.

If you have a trust and become incapacitated, your successor trustee may need to step in to help care for your pet. In this case, Wynn at Law, LLC can assist you in drafting specific language in your trust for caring for a pet. This will allow your trustee to step in and immediately care for your pet.

Life Care Centers for Pets

If you prefer to leave the care of your pet to an organization rather that an individual, you may want to consider a pet life care center. These are organizations that will agree to provide care for your pets after your passing. Some of these organizations require you to leave them a minimum cash gift via your estate plan in order to fund your pet’s care. This is an attractive option for many pet owners. Some organizations even offer grief therapy for your pet and agree to find your pet a new loving home.

If you would like to arrange for your pet’s care via one of these organizations upon your passing, you should first, research and consult with the organization of your choice to obtain their requirements. Second, meet with an attorney at Wynn at Law, LLC and we will assist you in memorializing your request pursuant to the organization’s requirements.

Diet and Medication Lists

One of the greatest gifts you can give to your pet’s future caregiver is clarity. Proactively maintaining a comprehensive diet and medication lists ensures that your pet’s caregiver can provide seamless continuity of care during an already stressful transition. This list should be as specific as possible and include things such as:

• precise dosages and delivery methods of medications if your pets take any,

• brand names and measurements of your pet’s food,

• known food allergies,

• preferred treats,

• vet information and copies of recent vaccinations, and

• microchip info if applicable.

Schedule a consultation with Wynn at Law, LLC today to discuss the estate planning process for you and your pet.

Planning for your pet’s care upon your passing is only one aspect of the estate planning process. For assistance with ensuring that you have a comprehensive estate plan in place, contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

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A Financial Power of Attorney (FPOA) also known as a “property power of attorney” or a “durable power of attorney” is a document that gives a specified person power over your finances while you are living. The person creating the FPOA is the “principal” and the person who is given power over the principal’s finances is the “agent”.

When Does a Financial Power of Attorney Become Effective?

• Option 1 – Springing Financial Power of Attorney

You can either have your FPOA become effective upon a future date or immediately. Financial powers of attorney that become effective upon a future date are often termed “springing powers of attorney” and can be triggered either upon:

• An uncertain date, such as incapacitation, or
• a specific date that you know you may be unavailable.

In Wisconsin, incapacitation is the legal term for when a health care power of attorney becomes effective and it means that an individual is “unable to receive and evaluate information effectively or to communicate decisions to such an extent that the individual lacks the capacity to manage his or her health care decisions.”[1] Therefore, a financial power of attorney that becomes effective upon incapacitation essentially allows someone to handle your finances while you are in the hospital or experiencing a medical event that rises to the level of incapacitation.

Creating a FPOA to be effective upon a specific date that you know you will be unavailable for is a tool often used for real estate closings, allowing someone to sign on your behalf. These types of Financial Powers of Attorney are often called “limited” as they are intended for one specific purpose and terminate after that purpose has been fulfilled.

• Option 2 – Financial Power of Attorney That Becomes Effective Immediately

Alternatively, you can make your FPOA effective immediately. This is a great option for spouses who name each other as the other’s FPOA agent. It allows your spouse to handle a host of issues for you that can unexpectedly or expectedly arise. For example, your FPOA can give your spouse power to handle the filing of your income taxes for you if you were unable, or to even handle any government benefits you may be eligible for, such as Social Security and Medicare.

What Are the Pros and Cons of a Financial Power of Attorney?

The largest benefit of a FPOA is that having one in place can avoid court intervention. For example, suppose you end up in the hospital after a car accident and need some expensive surgeries, but to pay for the surgeries, you would benefit from leasing your home while you stay with a family member to recover. Having a FPOA in place would allow your agent to handle the leasing of your home for you (as long as your FPOA gives your agent the power to manage your real estate) and use the lease proceeds to continue paying your mortgage and avoid foreclosure.

Some other benefits of a FPOA include avoidance of delays in handling your finances (and the costly mistakes or interest charges that can follow) and overall convenience.

However, a FPOA can have some disadvantages if not thought out or misused. The largest risk of a FPOA is naming an agent who either mishandles or abuses your finances. While there are legal remedies available for a principal in these situations, beginning a court proceeding to pursue these remedies can be quite the headache. Another risk of a FPOA is failing to keep it up to date, which can result in a financial institution refusing to accept it.

While these risks exist, perhaps the biggest risk is failing to have a FPOA in place until its too late, as you can only have one done while you are of sound mind. The risk associated with naming an agent who mishandles or abuses your finances can be mitigated by choosing someone you trust and if that trust is ever extinguished, by revoking the document entirely.

The best practice when creating a FPOA is to have an attorney draft and explain the document to you. An attorney can cater the document to your specific situation and advise you on the best way to use the document. It is common practice for attorneys to offer FPOAs in conjunction with a will or trust plan, as your will or trust allows for the disbursement of your assets when you pass, whereas a FPOA allows for the flexibility of handling your assets while living.

[1] Wis. Stat. §155.01(8)

Schedule a consultation with Wynn at Law, LLC today to discuss the estate planning process

Whether you already have an estate plan in place in need of review, or would like to start from scratch, our attorneys are here to assist. Contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

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1. Naming Minors as a Direct Beneficiary of a Financial Account

Naming a minor child as a direct Payable On Death (POD) beneficiary of a financial account or as an insurance beneficiary could result in the money either going directly to the child’s guardian, or to the child the minute , he or she turns 18. Many 18-year-olds who come into large sums of money spend it in ways that may not be in their best interest or a child’s guardian may not be the person you want controlling the money either (i.e. divorced spouses). Parents or grandparents of minors should consider other estate planning tools, such as a trust, to avoid this situation.

2. Adding a Child as a Joint User to a Bank Account

Aging parents often find it advantageous to add one of their grown children to their bank accounts as a co-owner/ joint user so that their child can handle their finances. When the aging parent passes, the child on the bank account now owns those funds 100%. Parents with multiple children may not have anticipated this or assumed that the child would voluntarily share the funds with their siblings. In most cases, the child on the bank account does not share the funds with their siblings, and legally, they have no obligation to do so. Even if that child were to share the funds, unintended gift tax consequences can arise. Aging parents in this situation should consider using a Financial Power of Attorney to allow a child to manage their finances during their lifetime.

3. Improper Spousal Ownership of Real Estate

What happens in Wisconsin to real estate when one spouse passes? Does the surviving spouse automatically own the real estate? The answer lies in the way the spouses took ownership on the deed and the type of real estate owned. Simply having both spouses listed on the deed as owners (such as “Jack Doe and Jane Doe”) is not enough to avoid probate in most cases. Special consideration must be taken when titling real estate to ensure that a probate is not required between the spouses when one spouse passes. Having an attorney review your deed and fix any unintended titling mistakes can help prevent costly mistakes that can arise with what is often our biggest asset – the home! An attorney can also advise on options for passing down real estate when both spouses pass and common mistakes that can arise with these transfers and how to avoid them.

Schedule a consultation with Wynn at Law, LLC today to discuss the estate planning process

Whether you already have an estate plan in place and need to review it, or you would like to start from scratch, our attorneys are here to assist you. Contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

The post Top Three Estate Planning Mistakes appeared first on Wynn at Law, LLC.

There is a common misconception that you can simply tell a trusted friend or family member that they are the person you would like to take care of your children in the event of your death. Unfortunately, a conversation like this is not enough to ensure that your wishes will be fulfilled. Rather, you should have your decision explicitly written in a legal document. Two options are a Will or a Revocable Trust.

Using a Will to Appoint a Guardian for Your Child in the Event of Your Death:

A. Biological versus Stepparents

Appointing a guardian to take care of your minor child in the event of your death is a smart way of ensuring that your wishes are clearly communicated. However, it must be noted that Wisconsin law presumes that biological parents are the natural guardians of their children. Thus, if you are in a subsequent marriage and would instead prefer that your spouse (your child’s stepparent) be selected as a guardian in the event of your death, you should state your reasons as to why you believe your child’s biological parent should not be guardian in addition to appointing your desired guardian. Some examples of reasons for non-appointment include substance abuse, lack of contact with the child, abuse, unsafe conditions, stability, etc.

When a Will with such guardian designations is admitted to probate, there is no certainty that the court will respect your wishes and name a stepparent rather than a biological parent as guardian. However, clearly spelling out your reasons will increase the chance of the court appointing your desired guardian.

B. Children 14 and older

Another thing to consider is the age of your child. Wisconsin statute §54.15 allows children who are 14 years or older to choose their own guardian and the court will approve the appointment so long as it is in the child’s best interest. Children 14 and older can also object to a guardian that is proposed by the court or in a Will, even if that guardian is a biological parent. The child’s objection is another factor the court must consider when naming a guardian.

C. The Personal Representative’s Job over Minors:

Every Will should name a person who may act as Personal Representative (also known as Executor) of the estate. The Personal Representative’s job is essentially to collect all assets, pay all debts and taxes, and then distribute the remainder to the beneficiaries of the Will. If one of the beneficiaries of a Will is a minor, then the Personal Representative will distribute the minor’s assets to the minor’s guardian, rather than directly to the minor.

Using a Trust to Appoint a Guardian for Your Child in the Event of Your Death:

A. Age limits in a Will versus a Trust

Trusts are often drafted in conjunction with a Pour-Over Will, which is used to transfer to the Trust any forgotten property that was not originally put in Trust. Thus, a parent can appoint a guardian in a Pour-Over Will just as he or she can do in a simple Will. However, in a simple Will, the child’s guardian will cease to act once the child reaches adulthood, resulting in the child officially taking possession of the assets left to him/her in a Will at age 18. Some parents cannot imagine their 18-year-old child responsibly using such assets.

As an alternative to a simple Will, parents can choose to draft a Trust with a provision requiring the child to reach a certain age of majority before taking possession of the assets. With a Trust, the Trustee will manage the property that your child is intended to inherit until your child reaches the age of majority. The age of majority is entirely up to the parent drafting the Trust; however, many Trusts set the age of majority at 25, 30 or 35 years old.

B. Trustee management of a child’s property

A person called a Trustee, which is selected by the Parent and named in the Trust, is in charge of managing your child’s inheritance until he/she reachs the age of majority and is required to distribute the inheritance as specified in the Trust. Typically, Trusts allow the Trustee to distribute a part of the inheritance to your child for their health, education, maintenance, and support. What constitutes health, education, maintenance, and support is typically up to the Trustee’s discretion. However, the parent or Grantor of the Trust may get more specific and narrow the distribution to the child, for instance, educational distributions can be limited to a specific field or specialty or study.

Conclusion

Choosing whether to provide for your minor child in the event of your death via a Will or with a Trust is a serious decision and often requires a complete overview of your assets and goals. Meeting with an estate planning attorney to determine which option is best for you is the first step in making sure your minor children are cared for in the future. Contact Wynn at Law, LLC today to set up an appointment with an estate planning attorney who can assist you in choosing which document to draft and make sure your wishes are carried out.

Schedule a Consultation with Wynn at Law, LLC to Assist with the Will or Trust Drafting Process

Contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

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Intestate Succession:

When someone who lived in the state of Wisconsin dies without an estate plan, they are said to have died “intestate” and are thus entitled to the state’s laws of intestate succession. In other words, the state decides what to do with the decedent’s property. This is why consulting an estate planning attorney is important if you would like to have a say in where your assets go after you pass.

Intestate succession is often referred to as “probate” which also refers to the distribution of the decedent’s estate. However, intestate succession refers more specifically to the pattern of distribution of the decedent’s estate to their heirs and who qualifies as an heir.

There is a common misconception that the property of those who die without a Will goes entirely to the state. This is only true in rare circumstances; Wisconsin uses this as a last resort when the state cannot identify any of the decedent’s heirs or family members. Part of the reason why this is so rare is because the state can usually identify at least one heir – even if that person is a distant cousin the decedent never met. The next paragraph outlines how Wisconsin identifies which heirs inherit.

Who receives my property and in what order do they receive it, if I die without a Will?

The pattern of intestate succession in Wisconsin starts with spouses – if you die without a Will, but you are married, then your surviving spouse receives everything. This is true even if you die with both a surviving spouse and surviving minor children, as the state presumes that your surviving spouse will use the inherited assets for the benefit of the children. This could result in an unfortunate situation in which your surviving spouse does not share the estate with your surviving children, leaving your children with no inheritance and no legal remedy.

If you pass with no surviving spouse nor surviving children, then the State of Wisconsin looks up your family tree to find your next heirs, which are your parents and/or your siblings. However, if you pass with no surviving parents nor siblings, then your estate will be distributed to your surviving grandparents. The probate process will continue along your family tree until a relative, no matter how distinct is found. Finally, if the state cannot identify any of your family members, then your entire estate will “escheat” or “go to” to the State of Wisconsin and will be added to the Wisconsin’s school fund.

Throughout this entire pattern, there are quite a few nuances. For one, the “issue” (legal term for children) of your heirs can inherit a deceased heir’s share by “right of representation.” For example, if you pass with no surviving spouse, children, or parents, but you have a surviving brother and a deceased sister who has a surviving child (this would be your niece or nephew), then your niece/nephew can inherit your sister’s share by right of representation. In this scenario, your niece/nephew  would receive half your estate and your surviving brother would receive the other half of your estate.

Other nuances to consider include: children from a previous marriage, children who have been adopted by an heir, and many other family relationship questions. The unpredictability of the intestate succession process can result in the deceased’s assets going to a family member that the decedent has not spoken to in years or may have never even met.

What is included in the probate estate:

Another nuance to intestate succession regards what property is even included in the probate estate. Probate property is all property the decedent owned solely or as a tenant in common at the time of passing. Property owned jointly is not included in the probate estate because it transfers to the surviving joint owner. Non-probate property includes any of the decedent’s assets that have a payable on death or transfer on death designation, such as life insurance, retirement accounts or bank accounts.

How does the intestate succession process start?

For the intestate succession process to begin, someone must open a probate case. To do so, it must first be decided whether an informal or a formal probate will be opened. This is a legal decision that should be made with the assistance of an attorney as the decision can depend on numerous factors. Examples of factors to consider include the size of the estate, the number of claims or creditors against the estate, the ease of contacting interested parties, and the ease of determining who the heirs are.

Schedule a Consultation with Wynn at Law, LLC to Assist with the Probate Process

Contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

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First, a word about probate. Probate is a court process that oversees the administration and distribution of the assets of a deceased person. As part of the process, the court system validates a person’s Last Will and Testament, if they have one. While the probate process is not “scary,” it can eat up a lot of time and money. That is all the more reason to turn to an experienced Estate Planning attorney for help in how to avoid that unnecessary cost and delay.

A Trust skips the probate process

How does a Trust skip the probate process? A Trust is an entity separate from you that holds your assets while your alive and sets forth how you want your assets handled after your passing. Since a Trust is a separate entity from personally, when you pass away your Trust continues. Since a Trust cannot “pass away” anything titled in the name of the Trust would not be subject to the probate process. Properly titling assets in the name of a Trust, often referred to as “funding,” avoids probate on those assets. This is why an experienced attorney will talk you through the process of retitling assets into your Trust.

Listing assets, changing titles

After the Trust is set up, the Trust ‘owns’ the property. A Trust is only worth the assets that are titled into it. This is the step that trips up many who don’t use an attorney for the trust. For many things – jewelry or collections as examples – the trust simply lists the assets in detail. Real estate is a bit different in that the deed or title (see related article) has to be changed to list the trust as the actual owner of the property. This isn’t complicated. Still, when this step is overlooked, your assets could end up in probate.

Avoid double counting and under counting

Your retirement plans and insurance policies already have beneficiaries. This money doesn’t end up in probate, but the assets also don’t flow into a trust, unless you’ve set the trust as the beneficiary. That tactic can seem confusing, but it points out the importance of looking at beneficiaries of things like life insurance and IRAs at the same time as the trust is created. You might have even forgotten who you listed as the beneficiary over the years since opening the IRA or policy.

In the last article, we covered the Pourover Will. The pourover helps you take care of assets you may have overlooked by sweeping them into a trust. In our next article, we’re going to cover Powers of Attorney that will help you take care of yourself.

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There are three types of wills about which you should give some thought. The Last Will and Testament is what most people know about and refer to generally as a “Will.” In addition to the Last Will and Testament, there is also a Living Will and a Pourover Will.

The Last Will and Testament

There are dozens of online templates that suggest you can do this yourself. The problem with that is simple: How many have you done? An experienced attorney will help you create a legally binding document that specifically suits your needs, expresses what your final wishes are, and is tailored to Wisconsin law. That’s so important, because the tool speaks for you after you pass on, directing how you want assets divided and appointing who will be in charge of acting on your estate’s behalf.

The Living Will

The Last Will and Testament becomes effective at your passing, while the Living Will speaks for you when you are unable to speak for yourself due to injury or illness. This document makes known your wishes regarding life prolonging medical treatments. This tool, also called an advanced directive, is every bit as important as the Last Will and Testament. However, a University of Pennsylvania Philadelphia study found that less than a third of adults have a Living Will.

The Pourover Will

We’re covering Trusts next in this series, but you should know that this particular tool can save the day for your loved ones. When you forget or neglect to add all property into your planning documents over the years– and people do forget to go back and revise their estate plan when circumstances change – this tool puts the forgotten property into a Trust. This tool got its name because any assets you failed to title into your trust prior to your passing will “pour over” into the trust after you are gone.

Stay up to date

You’re going to want to review all of these Wills and your wishes periodically, too, because ‘life happens.’ In the following two articles on the Estate Planning Toolbox, Wynn at Law, LLC, guides you through Trusts and Powers of Attorney.

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A lot can happen between one year’s holiday celebrations and the next. Some people pass, little ones are added to the family, sometimes relationships change for the better or worse. The value of your assets could change, too – hopefully upward. Your will, trust, insurance policy beneficiaries, gifts, and ownership interests, as a result, could change as well.

Use your best resource

Everyone should consider having an experienced estate planning attorney assist them in drafting or changing these estate planning documents. For example, Wynn at Law, LLC has worked on wills and trusts for single clients and couples in all stages of life, even couples or grandparents seeking to take care of minor children.

Estate planning is a broad, sometimes intimidating term. But it’s simply about caring. You decide how your assets are to be passed on to others. So, estate planning is about generosity first and foremost. It’s also about consideration of your family’s time, as well, because you can avoid questions, fights, and even probate by clarifying your wishes. A third objective also shows your caring and forethought by minimizing state and federal taxes your heirs may face.

Why you won’t delay

Often times, people will think about the changes they will want to make in beneficiaries once they’ve been reminded by seeing everyone over the dinners and celebrations. They are the clients who make appointments for January.

But, it’s very easy to sit down with an attorney before and during the holidays because the family is gathered near. Sometimes signatures might be required. A Power of Attorney might need to be appointed or changed. Is there a better time than when loved ones are gathered together? Ensure your loved ones are taken care of in the future this holiday season.

Elena Shashkina image, used with permission

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A Power of Attorney for Healthcare designates someone to represent you when you are unable to make decisions or unable to communicate decisions about your healthcare. This healthcare “agent” will be someone you trust to make all necessary medical decisions on your behalf and respect your wishes regarding life support, religion, and personal choices.

Why You Need a Healthcare Power of Attorney

A Power of Attorney for Healthcare covers situations that a living will does not. A living will takes affect if you are terminally ill, in a permanent vegetative state, or other similar condition defined by Wisconsin law. What happens if you are only temporarily in a coma or temporarily unable to communicate? This is where a Power of Attorney for Healthcare is used.

Power of Attorney for Finances

A Power of Attorney for Finances authorizes someone to represent you in financial matters. This “agent”, acting on your behalf, will have the authority to perform financial tasks, such as withdrawing money from your bank account or signing documents. A Power of Attorney for Finances can be effective immediately or after a future event.

Why You Need a Financial Power of Attorney

A Financial Power of Attorney is useful immediately if a person is leaving town and cannot be present for an important transaction, such as the sale of real estate. Most people design their Power of Attorney for Finances to be in effect upon a future event. This future event is usually if a person becomes mentally or physically unable to make important decisions. For instance, if you develop dementia or become comatose, someone would need access to your business and/or personal bank accounts to pay bills, etc.

Your “agent” must be at least eighteen years of age and of sound mind. Choose someone you trust. The authority your “agent” has is totally up to you. You may grant your “agent” the authority to only sign a single document during a single transaction or you may grant your “agent” the authority to act on your behalf regarding all your financial matters.

Speak with our Walworth County Estate Planning Attorney

Our Walworth County Estate Planning Attorney can design a Power of Attorney for Healthcare and/or Finances encompassing your wishes and ensuring the State of Wisconsin’s legal requirements. You should always be prepared in case of an emergency or accident. Contact our Walworth County Estate Planning Attorney by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has estate planning law offices located in Lake Geneva, Delavan, Salem, and Muskego.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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