A Wyoming durable power of attorney empowers an agent to manage financial matters on behalf of a principal. The principal needs to choose a trusted agent since the authority will persist even if the principal can no longer make decisions for themselves.
The principal has the flexibility to grant complete or partial control over their financial matters. Once executed, the document becomes effective immediately without the need for registration with any government body, simplifying the process for the agent to begin their duties.
Laws
- Statute: Title 3, Chapter 9 (Uniform Power of Attorney Act).
- Presumed Durable: Yes (§ 3-9-104).
- Signing Requirements: Signature required. Witnesses are not mandated by law (§ 3-9-105 and § 3-9-302).
- Notarization: A signature is considered authentic if signed before a notary public or other authorized official.
- Statutory Form: Yes (§ 3-9-301).
Definitions
Durable – Durable means that the document doesn’t become ineffective when the principal becomes incapacitated (3-9-102(a)(ii)).
Power of Attorney – Power of attorney means a writing or document that permits an agent to act in the principal’s place even if the principal doesn’t expressly use the term “power of attorney” (3-9-102(a)(vi)).
Specific Powers and Limitations
Restrictions on Gifts and Transfers
According to § 3-9-217, agents should think about the types of gifts they can grant and review special considerations:
Types of Gifts
- To an individual: An agent can make a gift directly to an individual of any of the principal’s property. The amount per recipient shouldn’t go over the annual dollar limits of the federal gift tax exclusion, regardless of whether the exclusion applies to the gift.
- For an individual’s benefit: An agent may make a gift for an individual’s benefit, which includes any gift to a 529 prepaid tuition plan, a 529 tuition savings account, a trust, or an account under the federal Uniform Transfers to Minors Act.
- To create a split gift: An agent must first obtain the principal’s spouse’s permission to create a split gift. With this permission in tow, the agent can consent to split a gift, effectively doubling the principal’s annual federal gift tax exclusion.
Considerations
- The principal’s objectives (if known by the agent).
- The nature of the principal’s property and the relevant value.
- The principal’s potential commitments and maintenance needs for the property.
- The principal’s past behavior when it comes to making or joining in on gifts.
- Reduction strategies for various taxes.
- The principal’s eligibility for state or federal assistance.
Agent’s Authority Limitations
An agent can complete any of these actions for the principal or with the principal’s property if they have explicit permission from the principal and no other agreement or instrument bans the action (§ 3-9-201):
- Give a gift.
- Disclaim property.
- Implement fiduciary powers.
- Create, terminate, amend, or revoke an inter vivos trust.
- Change or make a beneficiary designation or rights of survivorship.
- Delegate authority that the principal granted them.
- Renounce the principal’s right to benefit from a joint and survivor annuity.
Even if an agent has received authority to perform the above actions, they can’t grant themselves or someone they must support any interest in the principal’s property unless the agent is a descendant, spouse, or ancestor of the principal.
Revocation and Termination
Termination
Termination of the DPOA or an agent’s authority isn’t effective until the agent has actual knowledge of the termination. Therefore, if the agent acts in good faith without knowing about the termination, the act is still valid (§ 3-9-110).
Here are some circumstances in which the document terminates:
- The principal dies.
- The principal revokes the agent’s authority.
- The principal revokes the DPOA.
- The agent resigns.
- The agent dies.
- The agent becomes incapacitated.
Here are some circumstances in which the agent’s authority terminates:
- The agent resigns.
- The agent dies.
- The agent becomes incapacitated.
- The document terminates.
- The principal revokes their authority.
- An action is filed for the annulment or dissolution of the agent’s marriage (if the agent and principal are married).
Revocation
Unless the form states otherwise, any DPOA executed before January 1, 2018, may be revoked in the same manner as a document executed on or after the same date. The principal can also record an instrument of revocation, ensuring to attach a true copy of the original, in the county clerk’s office where the principal resides (§ 3-5-103). A notary public should acknowledge the revocation.
Please distribute copies of the revocation form to your agent, informing them to keep it in a safe place so they can reference it in the future. You may also issue copies to relevant financial institutions with whom you conduct your finances.
Creating a new DPOA may revoke the old one if it’s clear that the new document will supersede the former one.
Costs and Fees
- Notary fees: Ranging from $5 to $10 per signature.
- Recording fees: Ranging from $20 to $50 per revocation document recorded.
Safekeeping and Registration
You don’t have to record a DPOA in a specific location if the powers you granted deal with general financial affairs.
However, if you permit an agent to conduct real estate matters on your behalf, you must file your document at the county clerk’s office in the county where you live. This way, the office can acknowledge your agent’s powers if your agent ever needs to transfer, mortgage, or sell real estate on your behalf.
Additional Resources
- Equal Justice Wyoming: Provides information on various aspects of DPOAs.
- Legal Aid of Wyoming: Offers free civil legal help to low-income individuals.
