December 9, 2019
Types of Florida Powers of Attorney
There might come a time for many people when they lose their ability to manage their financial affairs. Remembering to pay bills, making sound investment decisions, or even conducting basic math can become challenging as someone ages and possibly develops a mental disorder. It is important for everyone to have a document called a power of attorney, which designates who can manage your affairs should this happen. The following are types of powers of attorney in Florida – to discuss your specific situation, contact a Florida power of attorney lawyer at The Legacy Law Firm directly.
- General Power of Attorney: This document gives authority to someone else to manage financial accounts and personal financial needs for the principal. However, if the principal becomes incapacitated or passes away, this type of power of attorney is terminated.
- Durable Power of Attorney: This is similar to a general power of attorney, though it “endures” even after the principal becomes incapacitated, terminating only if the principal dies or revokes the document. This is the most common power of attorney for estate planning purposes.
- Limited or Special Power of Attorney: This gives someone the authority to conduct certain specified business on behalf of the principal. For example, the power of attorney might not be able to access bank accounts and conduct everyday financial transactions for the principal, though they might have the authority for specific tasks, such as selling a piece of real estate.
- How a Power of Attorney Works: You should always discuss your options for power of attorney documents with an experienced estate planning attorney in Florida. All documents must be properly drafted and executed under the law to be valid. An attorney can help you select the right type of power of attorney for your situation and ensure that your documents are effective and tailored to your needs and goals. You should carefully choose who you designate to handle your affairs. It should not only be someone you trust, but who also has the ability and willingness to take care of your finances and legal matters without being self-serving. A power of attorney has a fiduciary duty, though, in too many situations, the wrong individual might try to take advantage of the situation. Florida law no longer allows “springing” durable powers of attorney, which would only go into effect when you became incapacitated or upon another designated event. Now, a power of attorney will immediately give the agent authority as described in your documents. You should discuss your needs and plans with your chosen power of attorney, so they know what you do or do not expect until you need assistance.
Consult with a Florida Power of Attorney Lawyer as Soon as Possible
The Legacy Law Firm regularly drafts power of attorney documents for a variety of needs of our clients. This is an important aspect of an estate plan, and we can ensure that your power of attorney is valid and suits your situation. 954-999-9683. or contact us online for more information.