Having a Florida durable power of attorney in place can help you prepare for all eventualities. Planning for the future can be stressful but it doesn’t have to be! Read this article to see why you should include this critical strategy in your estate plan.
Setting up a durable power of attorney ensures that you have someone who can make decisions for you when you are not able to. There are three reasons to set up a durable power of attorney during estate planning, including decision making during incapacitation, having a choice of who represents you, and revoking it at any time.
What is a Durable Power of Attorney?
A power of attorney is a legal document that allows an appointed person to act in your stead. A Durable Power of Attorney is similar, but it lasts until you pass away and the estate is closed. It’s a good idea to set up this type of power if you’re going to be incapacitated due to injury or illness.
A Durable Power of Attorney is a legal document that gives someone you trust the power to help you manage your finances and other personal affairs if you become incapacitated. A Durable Power of Attorney can be used during the time leading up to death or when someone becomes incapacitated, so they are not reliant on their next of kin. The person that has been given this power will only have the authority to act when it is needed. It is important for people to set up a Durable Power of Attorney so they are prepared in advance for any situation that may come up.
3 Reasons to Set Up a Florida Durable Power of Attorney
- Entrust someone to make important decisions in your place.
- Having the choice of who represents you.
- Being able to revoke durable power of attorney during life.
1. Entrusting Someone to Make Decisions When You Can’t
If you are incapacitated for a period of time and cannot make decisions about your finances, who would take over? You could set up a durable power of attorney during estate planning with an agent who will have the authority to make decisions on your behalf. This person can also manage property you own or even start a lawsuit to protect your interests.
2. Having the Choice of Who Represents Your Interests
If you have a durable power of attorney, you can choose who will represent your interests in case something happens to you. This is good for those who are interested in preserving their assets and not making them vulnerable to family members that might take the money for themselves or to use it on things that you don’t approve of. It also gives the person chosen complete discretion as they know what your wishes are, and they will act accordingly.
3. Having the Power to Revoke It at Any Time
One of the most important benefits of a durable power of attorney is the ability to revoke it at any time. This allows people to change their minds and make changes in the future. Power of attorney can become difficult with some medical conditions or if one decides to move out-of-state.
How does it work?
The Durable Power of Attorney is a document that allows you to appoint someone to speak and act on your behalf, in the event that you can’t. This person, who is also called an “Attorney-in-Fact,” will be able to make all health care decisions for you if needed. They will also be able to manage your finances, including paying your bills and claiming your assets.
How can the power of attorney be revoked?
The power of attorney can only be revoked by the person who granted it. No one else can revoke it. A durable power of attorney is usually valid until the person who granted it dies or becomes incapacitated.
Conclusion
As you can see, there are many good reasons to set up a durable power of attorney during estate planning. It may be a difficult decision to make but it will give peace of mind knowing your loved ones will be cared for in the event something happens.
Are you interested in learning more about how a Florida durable power of attorney could protect your estate? Contact Casal & Moreno today to set up a free consultation.