A power of attorney (POA) allows you to designate an agent to make financial or healthcare decisions for you when you are incapacitated or cannot fulfill some obligation. You will want to consider adopting certain POAs soon, because if you wait until you are of unsound mind, the court will do it for you through guardianship. Our trusted estate planning attorney could provide the knowledge and skill to accomplish this.
To retain control of your life decisions, you can delegate an agent now, called an attorney-in-fact, although your agent does not need to be a licensed attorney. Someone you trust can manage your bank accounts, investments, daily needs, expenses, and medical decisions. To explore whether a POA is right for you, consult with a Coral Gables power of attorney lawyer.
Powers of attorney are either general or durable. General POAs extinguish when the maker becomes mentally unable to comprehend decisions. Durable POAs kick in when the maker signs it and continues even if the maker becomes incapacitated and can be for general or limited duties. Powers for both POAs are vast and involve financial decisions, including banking, purchasing and selling real estate, managing rental properties, tending to the maker’s everyday needs, and representing the maker in government actions. The agent, under Florida Statute § 709.2201, cannot enter into or revoke the maker’s will, vote in elections in the maker’s place, or swear in affidavits to a maker’s personal knowledge of a subject.
Limited powers of attorney are created for a specific purpose and time frame, terminating once the objective is reached.
If a person is not able to make medical decisions, a special healthcare POA will allow the agent to make them, including treatment and care after an accident, whether to conduct surgery, and end-of-life decisions if the person did not execute a living will, which specifies final instructions in a separate document. Turn to a Coral Gables lawyer to discuss assigning a power of attorney.
Under Fla. Stat. § 709.2109, a POA terminates when the maker, also known as the principal, dies. It also terminates if the POA is general but not durable when the maker is deemed mentally unsound or there is a termination clause in the document. If the purpose of a limited power of attorney is satisfied, it also terminates.
POAs must be drafted according to Florida laws or problems will arise. For example, some powers cannot be assumed and must be granted in writing. It is important to find an attorney with significant experience in estate planning and advising financial professionals, from bankers to CPAs and wealth management teams, to ensure POAs reflect the needs and goals of their makers.
Powers of attorney contain lists of some powers that must be initialed or separately signed by the maker to be enforceable. According to Fla. Stat. § 709.2202, some of these powers include:
To learn more about the powers created by acknowledging some provisions, talk to a Coral Gables POA lawyer.
You may not believe you will become incapacitated, or you may believe you will always be able to handle your affairs, but life can take unexpected turns. The best way to handle these possibilities is to plan for them.
Powers of attorney can help you in the short term, with financial management and healthcare matters when you are unable. You can always terminate a POA when its purpose is served. A Coral Gables power of attorney lawyer could explain why you need this helpful document as part of your estate plan. Call now for your comprehensive consultation.
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