What Happens if I Give Power of Attorney to My Adult Child Before I Become Incapacitated?

If you are approaching your twilight years and your adult child is trying to convince you to create a power of attorney in Stuart, you might wonder whether this is truly a good idea. What could go wrong? Why do you even need a power of attorney in the first place? Can your adult child control your life and your finances with this estate planning tool? This may be a conversation worth having with an experienced estate planning lawyer.

What Type of Power of Attorney Is Your Child Suggesting?

The first step is to understand what specific type of power of attorney your adult child is suggesting. The options include a “general” power of attorney and a “durable” power of attorney. A general power of attorney does not have any legal enforceability after you become incapacitated. On the other hand, a durable power of attorney remains in effect after you become incapacitated.

There is also a third type of power of attorney (POA) called a “springing” POA. This POA only goes into effect after you become incapacitated. Before this happens, the POA has no legal authority. However, springing POAs are not allowed in Florida.

You Can Revoke a General POA at Any Time

If your child has suggested a general POA, you should know that even if you sign, you can revoke this POA at any time. As long as you have the mental capacity to do so, you can simply cancel your agent’s decision-making authority. If you become incapacitated, the POA loses legal authority automatically anyway.

Why would you need a general power of attorney anyway? If your adult child wants you to create this estate planning tool, they may want to manage your finances and make certain decisions on your behalf. If you’re not comfortable with this, you should not consent. If you feel that your adult child is simply trying to make your life more convenient, you may decide to agree.

A Durable Power of Attorney Is Often Advisable for Elderly Individuals

If you believe that you could lose mental capacity in the near future, a durable power of attorney keeps decision-making power in the family. For example, you might develop dementia. With a durable power of attorney, your adult child could potentially sell your home to pay for your treatment. You must trust your adult child if you want to go down this route, as a durable POA gives them complete control over your finances and aspects of your estate plan.

Can an Estate Planning Lawyer in Stuart Help Me?

An estate planning lawyer in Stuart may be able to help you gain a more complete understanding of how powers of attorney work. If your adult child is pressuring you to sign on the dotted line, you should know that you always have the right to say “no.” A power of attorney is not something you should take lightly, and it has major implications. Continue this conversation by contacting Kitroser Lewis & Mighdoll.

Source: 

flsenate.gov/Laws/Statutes/2012/0709.2110