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Durable Power Of Attorney To Make Your Financial Decisions
A durable power of attorney will arrange for someone to make financial decisions for you if you become incapacitated and are unable to do so yourself. Not only will this give you the assurance that comes with knowing that your money will be handled in the way you want it to be, but also gives a great gift to your loved ones who would be thrown suddenly into the position of handling your affairs.
Who Will Control Your Money If You Can't
When you execute a power of attorney, you give someone legal authority to act on your behalf. This person is called your "agent" or "attorney-in-fact." In order to make sure that this person can act on your behalf if you become incapacitated, you need to make sure that the power of attorney is a "durable" power of attorney. Otherwise, a power of attorney ends if you become incapacitated.
Worth its Weight in Gold
A Durable Power of Attorney can be worth its weight in gold. Creating one means that your family will not have to go through a guardianship process in the event of your incapacity. The guardianship process is not easy, is very expensive and is avoidable in many situations by having the correct power of attorney in place.
Not Every Power of Attorney is Equal
A power of attorney may be more important than a will or trust. You and your family should not leave this document up to a form from the internet. We see many, many inadequate powers of attorneys cross our desk. These can leave families worse off because they may rely on it until too late.
We pride ourselves with frequent changes and modifications to our power of attorney document so that it can be the best it can, leaving our clients with the best possible options to preserve their estate, avoid probate and also avoid problems.
Choosing Your Attorney-In-Fact
Choosing the person to serve as Attorney-In-Fact or durable power of attorney should not be taken lightly. You need to be sure that they are a person who is responsible and follow any instructions that you leave. It is quite common to choose your spouse to be your power of attorney, but even in the case of a spouse, you should make sure that he or she is capable of making sound financial decisions.
Food For Thought: What Your Power Of Attorney Can and Can't Do
As of October 1, 2011, the Florida Power of Attorney statute changed greatly. Importantly, the new law does not affect previously created powers of attorney, but we still advise the creation of a new document for practical reasons: once the Act has been in existence for a while, third persons (i.e., financial institutions) relying on a power of attorney will be accustomed to the requirements of the new Act. If a pre-October 1, 2011 power of attorney is presented in the not too distant future, it will likely come under heightened scrutiny, making it more difficult to have it honored by third persons. This would undermine the reason to have a power of attorney in the first place
Don't Miss Anything - Consult Your Attorney
The preparation and execution of a durable Attorney-In-Fact is one of the most important legal tasks you may face. It takes considerable planning, knowledge of the law, and a thorough assessment of your situation. It is also one of the greatest gifts you can offer those who survive you. A power of attorney that is carefully planned, well executed, and thoughtful saves time, expense, and anguish for loved ones. If you have questions about an existing will or need to draft a will, contact us at DeLoach & Hofstra, P.A. We'll be happy to help you.