A power of attorney (POA) is a legal instrument that can have a tremendous impact on a person’s estate plan. It allows you to select someone to make important decisions on your behalf, either on a limited basis or with broad discretion.
If you have questions about durable powers of attorney in Coral Gables, it may be time to discuss your options with legal counsel. A dedicated POA lawyer could help you understand what is involved and advise you on how best to proceed.
When a power of attorney is considered “durable” in Coral Gables, it goes into effect the moment it is created. Once in place, it will remain effective until it is terminated, or the creator passes away. There is no way for a power of attorney to last beyond the lifetime of the person who creates it, meaning it cannot serve as the replacement for a last will and testament.
At one time, Florida law allowed for something known as a “springing” power of attorney. Instead of going into effect the moment it was created, the authority given under the power of attorney would remain dormant until a specific event, usually a person’s incapacitation. Once the requirements were met, the document would spring into effect, immediately empowering the attorney-in-fact. However, this option has not been available since 2011.
These documents are relatively informal. They do not require court approval, and a person can create or terminate one at any time. However, a person could take legal action to challenge the validity of the power of attorney in court. For example, a person must be mentally competent at the time the durable power of attorney is executed for it to go into effect.
Although power transfers to the agent the moment the document is formalized, it is helpful to remember that there is some flexibility in the language. The creator can limit the actions of the attorney-in-fact in a number of ways.
Some durable powers of attorney available to individuals in Coral Gables come with a set time limit. The right for an agent to act on someone else’s behalf will cease on that date. Others might only last long enough for the attorney-in-fact to make a specific decision or meet a certain milestone.
There can also be limitations on the scope of an agent’s powers. The creator has tremendous flexibility in this regard. They can give broad control over aspects of their life to someone else, or they might limit the powers of their attorney-in-fact to a single business transaction.
Many people include language requiring the agent to accept some form of accountability when making these important decisions. They may be asked to keep a record of expenditures or transactions on the creator’s behalf. If their power involves handling real assets or a safe deposit box, they may be required to keep an inventory of everything they handle.
Whether you are concerned about the prospect of an upcoming medical procedure or would like knowledgeable assistance with a business transaction, a durable power of attorney in Coral Gables could make sense for you. Reach out to us as soon as possible to learn more during a private consultation with a member of our team.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917