The Wyoming power of attorney is an important and frequently used legal document that allows a person, known as the principal, to authorize a person, called an agent, to act on their behalf when they are unable to do so for some reason.
The agent can perform various tasks on behalf of the principal, such as managing finances, making medical decisions, and conducting legal transactions. It is important to note that the agent must act in the best interest of the principal and follow their wishes as outlined in the power of attorney.
A power of attorney can be tailored to meet the specific needs of the principal. This includes specifying the duration of the agent's authority, defining the scope of the agent's powers, or designating a successor agent in the event the first agent is unable to act.
Types of Power of Attorney in Wyoming
Wyoming Durable (Statutory) Power of Attorney Requirements
This type of power of attorney in Wyoming is designed to remain in effect even if the principal becomes incapacitated. It is an important estate planning tool, as it allows the principal to appoint someone they trust to make decisions on their behalf in case they are no longer able to do so themselves. (3-9-104)
Wyoming General (Financial) Power of Attorney Requirements
By using a general (financial) power of attorney, the principal grants the agent the authority to manage their financial affairs. The agent can perform various tasks on behalf of the principal, such as paying bills, managing investments, and filing taxes.
Wyoming Limited (Special) Power of Attorney Requirements
This type of power of attorney is typically used for a specific purpose, such as selling a piece of property or managing a specific investment. The agent's authority is limited to the specific tasks outlined in the power of attorney document.
Wyoming Parental (Minors) Power of Attorney Requirements
The Wyoming parental power of attorney is often used when a parent or legal guardian is unable or not present to make decisions on behalf of a minor child.
The agent can make decisions related to the child's education, medical care, and other important matters. A power of attorney is valid for a specific period of time and can be customized to meet the specific needs of the child and their family.
Wyoming Medical Power of Attorney Requirements
The agent named in this type of power of attorney is authorized to make medical decisions on behalf of and in the best interests of the principal. This includes consenting to or refusing medical treatments, deciding on end-of-life care, and choosing medical providers.
Wyoming Springing Power of Attorney Requirements
The Wyoming springing power of attorney is a specific type of power of attorney that only goes into effect under certain conditions, such as the principal's incapacitation or the occurrence of future events. In this case, a physician or a court typically determines the mental state of the principal, which then activates the Wyoming springing power of attorney and makes it effective. (3-9-109 (b, c))
Wyoming Vehicle Power of Attorney Requirements
The Wyoming vehicle power of attorney authorizes the agent to act on behalf of the principal for matters related to their vehicle, such as registering, titling, and selling the vehicle.
Wyoming Revocation Power of Attorney Requirements
This type of document allows the principal to revoke a previously executed power of attorney. The revocation must be in writing and signed by the principal, and a copy must be provided to the agent and any relevant third parties.
Wyoming Tax Power of Attorney Requirements
By using this form, the principal allows the agent to represent them before the Wyoming Department of Revenue for tax-related matters. This includes filing tax returns, negotiating tax settlements, and providing information to the Department of Revenue.
Wyoming Real Estate Power of Attorney Requirements
This power of attorney form empowers the agent to perform actions related to the principal's real estate properties. Such actions may include buying or selling real estate, signing contracts, and making decisions related to the property.
Legal Requirements for a Power of Attorney in Wyoming
To be considered legally binding, a power of attorney must meet the following legal requirements:
Age and mental capacity. The principal must be at least 18 years old and mentally competent to fully understand the significance and implications of granting authority to the agent to act on their behalf.
Written form and signature. A power of attorney in Wyoming must be in writing and signed by the principal or a person authorized to put the principal's signature on the document. (3-9-105)
Who Can Be an Agent for a Power of Attorney in Wyoming?
To be an agent for a power of attorney in Wyoming, a person must have the legal capacity to act as an agent, possess any necessary qualifications, be trustworthy, and be willing to act in the principal's best interests.
How to Create a Wyoming Power of Attorney
Power of Attorney in Wyoming
#1. Decide on Which Type of Document to Use
The first step in creating a power of attorney in Wyoming is to decide which type of document to use. As mentioned previously, there are different types of power of attorney documents, and each serves a different purpose.
#2. Select an Agent
Once you have decided on the type of power of attorney, the next step is to select an agent. Your agent should be someone you trust to act in your best interests and who is willing and able to carry out the responsibilities of being your agent.
#3. Define the Agent’s Powers
After selecting an agent, you will need to define their powers. This involves specifying what types of decisions they can make on your behalf and under what circumstances.
#4. Download & Fill in Our Form
The next step is to download and fill out the Wyoming power of attorney form. You can find these forms on our website.
#5. Get It Signed & Notarized
Wyoming does not require notarization, but you can choose to have the document notarized if you prefer. However, you and your agent will need to sign the document. You should both sign in the presence of witnesses who are not related to you or your agent.
#6. Safely Store the Original Copy
It is important that you keep the original copy of the power of attorney in a safe and secure location and notify family members about its location.
#7. Provide Copies to Relevant Parties
You should also provide copies of your power of attorney to relevant parties, such as your agent, your doctors, and your financial institutions.
#8. Update the Document as Needed
Finally, make sure to keep your power of attorney document up to date. Because of this, you may need to update the document to reflect recent events.
How Long Does a Power of Attorney Last in Wyoming?
Depending on what the principal writes in the document, a power of attorney in Wyoming can go into effect right after it is signed, at a future date, or when a future event or circumstance happens. (3-9-109 (a))
A power of attorney can also become effective upon the principal's incapacity, and in this case, the principal can authorize a person to determine whether they are incapacitated. (3-9-109 (b))
On the other hand, a power of attorney in Wyoming terminates upon:
Reasons for Termination
The principal's death
The principal's incapacitation (if the power of attorney is not durable)
Revocation initiated by the principal
Termination as specified in the document
Accomplishment of the purpose of the power of attorney
The agent's death, incapacitation, or resignation if the power of attorney does not provide for another agent to act.
Wyoming Power of Attorney FAQ
A power of attorney is used when a person wants to appoint someone to act on their behalf in legal, financial, or medical matters. It can be used in situations where they are unable to make decisions for themselves due to illness, injury, or other circumstances.
A power of attorney gives someone else the authority to make legal, financial, or medical decisions on a person's behalf.
Notarization is not required for a power of attorney to be valid in Wyoming. However, it can be helpful to have the document notarized to ensure its authenticity and prevent any disputes or challenges to its validity.
Yes, principals still need a will, even if they have a power of attorney. A will is a legal document that outlines how they want their property and assets distributed after their death, while a power of attorney is only effective during the principal's lifetime.