SB254: Bill Text

SB254,7,18 _____ 7. SECURITIES: My agent may buy, sell, pledge and exchange securities of all kinds in my name; sign and deliver in my name transfers and assignments of securities; and consent in my name to reorganizations, mergers or exchange of securities for new securities.

SB254,7,22 _____ 8. INCOME TAXES: My agent may make and sign tax returns; represent me in all income tax matters before any federal, state, or local tax collecting agency; and receive confidential information and perform any acts that I may perform, including receiving refund checks and the signing of returns.

SB254,7,24 _____ 9. TRUSTS: My agent may transfer at any time any of my property to a living trust that has been established by me before the execution of this document.

SB254,7,25 GIFTS

SB254,8,3 Because of the significant and potentially serious consequences of the authority to make gifts, this provision should be read carefully and all blanks must be completed if the gift authority is granted.

SB254,8,4 Initials

SB254,8,6 _____ 10. GIFTS: My agent may make gifts to persons or entities that may not exceed the following limits:

SB254,8,7 a. [$....] in one year for any one person or entity.

SB254,8,8 b. [$....] in one year to all persons or entities.

SB254,8,10 My agent may make a gift to himself or herself only as expressly stated in the special instructions portion of this document.

SB254,8,13 (My agent may not make a gift unless both this line is initialed and maximum gift amounts are specified in both lines a. and b.)

SB254,8,14 Professional and Technical Assistance

SB254,8,15 Initials

SB254,8,19 _____ 11. LEGAL ACTIONS: My agent may retain attorneys on my behalf; appear for me in all actions and proceedings to which I may be a party; commence actions and proceedings in my name; and sign in my name all documents or pleadings of every description.

SB254,8,22 _____ 12. PROFESSIONAL ASSISTANCE: My agent may hire accountants, attorneys, clerks, workers and others for the management, preservation and protection of my property and estate.

SB254,8,23 General Authority

SB254,8,24 Initials

SB254,9,4 _____ 13. GENERAL: My agent may do any act or thing that I could do in my own proper person if personally present. The specifically enumerated powers of the basic power of attorney for finances and property are not a limitation of this intended broad general power except that my agent under this document may not:

SB254,9,5 a. Make medical or health care decisions for me.

SB254,9,6 b. Make, modify or revoke a will for me.

SB254,9,9 c. Other than a burial trust agreement under section 445.125, Wisconsin Statutes, enter into a trust agreement on my behalf or amend or revoke a trust agreement, entered into by me.

SB254,9,10 COMPENSATION

SB254,9,11 Initials

SB254,9,14 _____ 14. compensation. My agent may receive compensation only in an amount not greater than that usual for the services to be performed if expressly authorized in the special instructions portion of this document.

SB254,9,15 accounting

SB254,9,16 Initials

SB254,9,20 _____ 15. accounting. My agent may render an accounting (monthly) (quarterly) (annually) (CIRCLE ONE) to me or to .... (insert name and address) during my lifetime and a final accounting to the personal representative of my estate, if any is appointed, after my death.

SB254,9,21 Nomination of Guardian

SB254,9,22 Initials

SB254,9,25 _____ 16. GUARDIAN: If necessary, I nominate .... (name) of .... (address) as guardian of my person and I nominate .... (name) of .... (address) as guardian of my estate.

SB254,10,1 special instructions

SB254,10,2 Initials

SB254,10,3 _____ 17. SPECIAL INSTRUCTIONS:

SB254,10,5 ON THE FOLLOWING LINES YOU MAY GIVE SPECIAL INSTRUCTIONS REGARDING THE POWERS GRANTED TO YOUR AGENT.

SB254,10,19 TO ESTABLISH WHEN, AND FOR HOW LONG, THE BASIC POWER OF ATTORNEY FOR FINANCES AND PROPERTY IS IN EFFECT, YOU MUST INITIAL ONLY ONE OF THE FOLLOWING 3 OPTIONS. IF YOU DO NOT INITIAL ONE, OR IF YOU INITIAL MORE THAN ONE, THIS BASIC POWER OF ATTORNEY FOR FINANCES AND PROPERTY WILL NOT TAKE EFFECT.

SB254,10,20 Initials

SB254,10,23 _____ This basic power of attorney for finances and property becomes effective when I sign it and will continue in effect as a durable power of attorney under section 243.07, Wisconsin Statutes, if I become disabled or incapacitated.

SB254,10,25 _____ This basic power of attorney for finances and property becomes effective only when both of the following apply:

SB254,11,1 a. I have signed it; and

SB254,11,2 b. I become disabled or incapacitated.

SB254,11,5 _____ This basic power of attorney for finances and property becomes effective when I sign it but will cease to be effective if I become disabled or incapacitated.

SB254,11,10 I agree that any 3rd party who receives a copy of this document may act under it. Revocation of this basic power of attorney is not effective as to a 3rd party until the 3rd party learns of the revocation. I agree to reimburse the 3rd party for any loss resulting from claims that arise against the 3rd party because of reliance on this basic power of attorney.

SB254,11,11 Signed this .... day of ...., (year)

SB254,11,12 ....

SB254,11,13 (Your Signature)

SB254,11,14 ....

SB254,11,15 (Your Social Security Number)

SB254,11,16 State of ....

SB254,11,17 County of ....

SB254,11,19 This document was acknowledged before me on .... (date) by .... (name of principal).

SB254,11,20 ....

SB254,11,21 (Signature of Notarial Officer)

SB254,11,22 (Seal, if any)

SB254,11,23 (Title)

SB254,11,24 [My commission is permanent or expires: ....]

SB254,12,3 BY ACCEPTING OR ACTING UNDER THE APPOINTMENT, THE AGENT ASSUMES THE FIDUCIARY AND OTHER LEGAL RESPONSIBILITIES AND LIABILITIES OF AN AGENT.

SB254,12,4 ....

SB254,12,5 (Name of Agent)

SB254,12,6 ....

SB254,12,7 (Signature of Agent)

SB254,12,11 (2) Requirements. A Wisconsin basic power of attorney for finances and property is legally sufficient under this section if the wording of the form complies substantially with sub. (1), the form is properly completed, the signature of the principal is acknowledged and the signature of the agent is obtained.

SB254,12,13 (3) Copies. A copy of a completed Wisconsin basic power of attorney for finances and property form has the same force and effect as the original.

SB254,12,19 (4) Durable power of attorney. A Wisconsin basic power of attorney for finances and property that is legally sufficient under this section is durable to the extent that durable powers are permitted under s. 243.07 and the basic power of attorney for finances and property contains language provided under s. 243.07 (1) (a) showing the intent of the principal that the power granted may be exercised notwithstanding later disability or incapacity.

SB254,13,2 (5) Distribution of forms. The department of health and family services shall prepare and provide copies of the Wisconsin basic power of attorney for finances and property form under sub. (1) for distribution in quantities to financial institutions, health care professionals, hospitals, nursing homes, multipurpose senior centers, county clerks and local bar associations and individually to private persons. The department of health and family services may charge a reasonable fee for the cost of preparation and distribution of the forms.

SB254,13,6 (6) Relation to power of attorney for health care. The execution of a Wisconsin basic power of attorney for finances and property under this section does not confer on the agent any of the powers or duties conferred on a health care agent by the power of attorney for health care under ch. 155.

SB254,13,15 (7) Revocation and invalidation of basic power of attorney for finances and property. A principal may revoke a Wisconsin basic power of attorney for finances and property and invalidate it at any time by destroying it, by directing another person to destroy it in the principal's presence or by signing a written and dated statement expressing the principal's intent to revoke. If the agent under the Wisconsin basic power of attorney for finances and property is the principal's spouse and the marriage is annulled, or the agent and principal are divorced, after signing the document, the Wisconsin basic power of attorney for finances and property is invalid.

SB254,13,23 (8) Review of agent's performance. (a) An interested party may petition the court assigned to exercise probate jurisdiction for the county where a principal is present or the county of the principal's legal residence to review whether the agent is performing his or her duties in accordance with the terms of the Wisconsin basic power of attorney for finances and property executed by the principal. If the court finds after a hearing that the agent has not been performing in accordance with the terms of the Wisconsin basic power of attorney for finances and property, the court may do any of the following:

SB254,13,25 1. Direct the agent to act in accordance with the terms of the principal's Wisconsin basic power of attorney for finances and property.

SB254,14,2 2. Require the agent to report to the court concerning performance of the agent's duties at periods of time established by the court.

SB254,14,4 3. Rescind all powers of the agent to act under the power of attorney for finances and property.

SB254,14,7 (b) If the principal has designated an alternate agent and if the powers of the first-designated agent are rescinded under par. (a) 3., the alternate agent is the agent and is subject to par. (a).

SB254,14,8 (End)