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A Wyoming power of attorney is a legal document that serves as the authorization for an individual, known as an agent or the attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting this authority. A Wyoming POA is most often used as an estate planning tool, but there are other times when it is also very useful.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or attorney-in-fact.
A Wyoming power of attorney is a power of attorney form that complies with Title 3 Chapter 5 of Wyoming state law. These laws specifically outline the parameters of a legally enforceable power of attorney and ensure that the form, as well as its duties, are protected under the law. Here are some of the State’s power of attorney requirements:
The principal has the right to designate which powers the agent does and does not have within the body of the POA. The principal also retains the ability to revoke the document as long as they are considered competent.
A power of attorney is also revoked when:
There are many reasons why someone would use a Wyoming power of attorney form to give someone else the authority to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s power of attorney needs may vary. Thankfully, there are several types of power of attorney documents. Before you decide to use a power of attorney, you should seek legal advice. Ask about the best POA to suit your needs as well as how to revoke a power of attorney should it become necessary. Here are the most common Wyoming powers of attorney.
General Power of Attorney
A general power of attorney grants an agent the power to make decisions on behalf of the principal.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited power of attorney is also known as a special power of attorney. It grants limited power to whatever the principal specifies.
Medical Power of Attorney
A medical power of attorney grants power to the agent to make important healthcare decisions on the principal’s behalf should they become incapacitated or unable to make such decisions.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the event that the parent or guardian may not be present during a medical emergency so that the child may see a healthcare provider.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney allows the agent who is usually a qualified individual, such as an accountant, to prepare and submit tax information to the Wyoming Department of Revenue on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney allows the agent to buy, sell, and handle the necessary paperwork with the Wyoming Department of Transportation on the principal's behalf.
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