Wyoming Power Of Attorney Form Template – Forbes Advisor

A power of attorney is a legal document where one person, referred to as the principal, gives another person, known as the “attorney-in-fact,” authority to make decisions for them. The attorney-in-fact doesn’t need to be an actual attorney, but it should be someone the principal trusts to make important choices on their behalf.

Powers of attorney can be “durable,” which means they are still in effect if the principal becomes incapacitated or is otherwise unable to make decisions. A durable power of attorney will typically remain in force until the principal’s death. A general power of attorney that is not durable is no longer effective if the principal becomes incapacitated.

In most states, a power of attorney must be notarized to be effective.

Anyone who wishes to allow another person to make certain financial, healthcare or other decisions on their behalf should strongly consider a power of attorney. They can be an especially useful estate planning tool to protect your wealth in the event that you’re no longer able to manage your finances.

There are a few requirements needed to draft a Wyoming power of attorney. If you have any doubts, be sure to consult with an experienced estate planning attorney in your state. The requirements typically are that:

• The principal is of sound mind and can make decisions for themselves
• There is an actual written document
• The document includes the name of the attorney-in-fact, their powers and duties, and the principal’s signature, properly notarized.

Store the original in a safe place and regularly recheck your power of attorney as circumstances change. You may also want to consider sending copies of your signed power of attorney to your attorney-in-fact, financial institution and important family members.

Principals can choose from several types of powers of attorney. But, generally speaking, there are two different categories of powers of attorney, which include:

• those based on mental soundness and capacity
• those based on the scope of what they do and don’t cover

Capacity-Based Powers of Attorney

Protecting assets if someone becomes incapacitated is one of the main reasons for creating powers of attorney. That’s why many POAs are designed based on the capacity of the principal.

• Durable Power of Attorney. Here, the principal intends for the authority granted to the agent to continue even after they become incapacitated. Durability is presumed in Wyoming, which means a POA automatically remains effective if the principal becomes incapacitated or disabled unless there is express language to indicate that the powers are to end upon the incapacity of the principal.
• General Power of Attorney. A general (or “non-durable”) power of attorney can only be created when the principal is competent. If the principal becomes incapacitated, the POA is no longer effective.
• Springing Power of Attorney. Here, the POA only takes effect if the principal becomes disabled or incapacitated. It’s also sometimes called a “standby” power of attorney.

Scope-Based Powers of Attorney

These powers of attorney are confined to a specific task or situation. They can be as narrow as a POA to sell a specific piece of property or asset. They can also be as broad as granting the agent the power to act in all financial matters for the principal.

The medical power of attorney is perhaps the best-known scope-based power of attorney. This document grants the agent the power to make medical decisions on behalf of the principal. Typically, this is when principals cannot make those decisions themselves.

Nearly anyone can serve as an attorney-in-fact. They do not need to be an actual attorney. They do, however, need to be a legal adult and not otherwise incapacitated.

Ensure that the attorney-in-fact is someone you trust. Note that principals may also select backup attorneys-in-fact, in case the primary is unreachable.

Signing requirements for a power of attorney differ across states. When you consider the broad powers a POA can grant, the strict requirements make sense. In Wyoming, for example, the principal is required to sign the POA in the presence of a notary public or other person who is authorized to take acknowledgements in the state.

You don’t need a lawyer to create a power of attorney in Wyoming. However, you should seek the help of a trusted attorney to finalize your document to ensure it’s legally sound and that it confers the right authority to the right person at the right time.