Client drafting a power of attorney
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Power of attorney (POA) ensures that your financial, legal, and health-related needs will be taken care of if you are unable to manage them yourself. It also ensures that, in a crisis, someone you trust will have the authority to meet your responsibilities to your family. At Borakove Osman LLC, our experienced estate and business planning attorneys have drafted and executed numerous POAs for clients in Madison and throughout Wisconsin. Contact us today for a consultation to proactively secure your future and the future of your family.

As a responsible adult and possible business owner, now is the time to take the significant step of assigning someone the role of power of attorney (POA) to protect your personal interests, your assets, and those you love most. 

What Is a Power of Attorney?

Power of attorney is a legal tool that allows you to designate another person to make decisions on your behalf if you are unable to make them yourself, for example if you overseas, in combat, or become incapacitated. The person who creates the POA is known as the principal, while the person granted authority is the agent or attorney-in-fact. The scope of this authority can be broad or limited, depending on the principal’s needs and preferences.

Types of Power of Attorney in Wisconsin

In Wisconsin, there are several types of powers of attorney (POAs), each serving specific purposes and offering different levels of authority. Here’s a detailed look at each type:

General Power of Attorney

A general POA grants broad powers to the agent to manage a wide array of the principal’s financial, business affairs, and legal affairs. It is effective immediately upon signing and remains in effect until it is revoked by the principal or the principal becomes incapacitated, unless it is made durable.

Limited (or Special) Power of Attorney

This POA grants the agent authority to perform specific acts or manage specific matters for a limited time. It is typically used to manage a particular financial transaction, sell a particular property, or sign a specific contract when the principal cannot be present.

Durable Power of Attorney

A durable power of attorney remains in effect even if the principal becomes mentally incompetent or physically incapacitated. It can be drafted to include financial, legal, and health care decisions.

Health Care Power of Attorney

This POA grants the agent authority to make medical and health-related decisions on behalf of the principal when they are incapacitated and unable to make decisions themselves.

Springing Power of Attorney

This POA “springs” into effect upon the occurrence of a specified condition, usually the incapacity of the principal. The conditions under which it becomes active must be clearly described in the document, e.g. that a physician has declared the principal cognitively impaired.

Legal professionals like those at Borakove Osman LLC can provide the necessary guidance about which type of POA is most appropriate and useful in your case.

Situations in Which a Power of Attorney Is Invaluable

Depending on the type of power of attorney you have executed, the POA can take over if:

  • You are unavailable to close an urgent business deal due to serious illness.
  • You have been catastrophically injured and cannot communicate your wishes about a surgical procedure or an experimental treatment.
  • You need someone to manage your business while you recuperate from surgery or recover from a serious accident.
  • You are incapacitated, your family needs money for household and medical expenses, and checks must be cashed, investments liquidated, or property sold.

Why Not Having a Power of Attorney Is Risky

Without a power of attorney, you risk having no control over who will manage your affairs if you become incapacitated. This can lead to time-consuming and expensive court proceedings in which a judge appoints a guardian or conservator. In such a case, the absence of a POA can also lead to delays, added stress for your family during an already difficult time, and decisions that may not align with your wishes or intentions.

Choose Borakove Osman for Your Power of Attorney Needs

Establishing a power of attorney is not just a legal formality; it’s a crucial step in protecting your legacy and ensuring your wishes are respected. Borakove Osman LLC is uniquely positioned to help you with this essential element of estate and business planning. Our detailed understanding of Wisconsin law, combined with a personalized approach to your unique circumstances, ensures that your POA precisely meets your needs and goals. Contact us today to let Borakove Osman LLC provide you with the security and peace of mind you deserve.

Borakove Osman, LLC is your trusted partner for your power of attorney needs in Wisconsin. Serving all of Wisconsin, including Madison and Dane County, we are dedicated to providing high-quality legal advice and representation to help you secure your family’s future.