When you create a power of attorney, you grant another individual the right to act on your behalf. The law allows for the scope of these powers to vary. You could give someone broad control over your life for an extended period of time, or you might not want to hand over that degree of decision-making to someone else. That is where limited powers of attorney in Coral Gables can be valuable.
These documents can help you meet your needs without exceeding a level of shared authority that you are uncomfortable with. If you are curious about your options, let a skilled estate planning attorney advise you.
Coral Gables residents could have a variety of reasons to obtain a limited power of attorney. Instead of broadly granting this authority, a person has the option to limit these powers to a set amount of time or even a specific transaction.
Often, these documents are used for important business transactions. For example, a person might sign a power of attorney for the limited purpose of closing on a real estate deal when they are outside of Florida on business at the time of closing. The document can be specific enough to only authorize signing off on that single transaction on one given day.
Other people use these documents when they are receiving treatment for an injury or illness. If they are concerned with becoming incapacitated due to their condition, they might sign over the right to pay bills or handle other important household transactions if they are temporarily unable to do so.
Limited powers of attorney are known for their flexibility. They give the principal—the person creating the document—numerous options for achieving their goals without giving someone overly broad power to impact their life.
It is vital that these documents are drafted with as narrow scope as possible. One careless paragraph could radically change the meaning or even render it unenforceable.
Creating a limited power of attorney is a process that starts long before any legal documents are drafted and signed. First, the principal needs to decide the scope of powers they want to award and identify an agent, which is the individual appointed to act on their behalf.
Next, an attorney can draft the paperwork according to the specifications of the principal. For it to be valid, they must be at least 18 years of age and of sound mind. There are formalities that must be observed, including signing in front of two witnesses and a notary in most cases. While this process can be difficult without help, the right attorney could ensure every detail is considered when drafting a power of attorney.
Whether you are going under anesthesia or need someone to act on your behalf in a real estate transaction, there are countless reasons to rely on limited powers of attorney in Coral Gables. To get the best result, you could benefit from relying on the experienced legal counsel of Veliz & Associates, P.A. Call our attorney right away to discuss your options during a confidential consultation.
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