You can use these legal tools to grant the ability to perform many financial tasks on your behalf. This includes managing your bank accounts, applying for benefits, changing insurance or retirement plans, hiring lawyers and accountants, buying and selling real estate, filing taxes, and making investments, among others. Giving agents many powers is more so for long-term estate planning, and you should consider limiting the powers if you only need the agent to work on your behalf temporarily.
Wisconsin law does not permit the agent to make gifts with your property unless you specifically authorize this separately from the other financial topics. This law helps protect principals from financial abuse by making them thoroughly consider whether to grant agents the ability to give away their property. If you enable an agent to do so, the Wisconsin Bar also recommends that you think carefully about how to limit the agent’s gifting ability.