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A Durable Power of Attorney allows your agent to act even if you become incapacitated or incompetent. If you do not have a Durable Power of Attorney and you become incompetent, it may be necessary for your family to ask the court to appoint a guardian for you.
Most Power of Attorney for Health Care documents provide that the document becomes ?activated? when two physicians or one physician and one psychologist personally examine the principal and then sign a statement certifying that the principal is incapacitated.
A power of attorney (PoA) is a document that gives another person the legal authority to act on your behalf as per the terms mentioned in the document. In the case of a demat account, the PoA gives the online broker the legal authority to take certain decisions on your account.
With a non-durable POA, your agent's authority ends as soon as you become incapacitated. If you have a durable POA, your agent can continue to make decisions for you even after you become unable to make them yourself.
A Wisconsin durable statutory power of attorney form is used to authorize a person (?agent?) to handle the financial affairs of someone else during their lifetime. The person giving power (?principal?) is recommended to choose a trusted person to be their agent such as a spouse, family member, or close friend.
There are two types of POAs ? one for health care, and one for finances. In Wisconsin, these must be drafted and executed as separate instruments; one document cannot serve as both a financial and health care POA.
Most Power of Attorney for Health Care documents provide that the document becomes ?activated? when two physicians or one physician and one psychologist personally examine the principal and then sign a statement certifying that the principal is incapacitated.
There are two types of POAs ? one for health care, and one for finances. In Wisconsin, these must be drafted and executed as separate instruments; one document cannot serve as both a financial and health care POA.