Power of Attorney
An Essential Estate Planning Tool
Planning for the future goes beyond just drafting a will or establishing a trust. A crucial element of estate planning is the creation of a power of attorney (POA). This legal document allows you to designate someone you trust to act on your behalf if you become incapacitated or unable to manage your personal or financial affairs. Having a clear and comprehensive POA provides peace of mind, knowing your best interests will be protected.
What Is a Power of Attorney?
A power of attorney is a legal document that grants an individual—referred to as the “agent” or “attorney-in-fact”—the authority to make decisions on your behalf. The scope of this authority can vary depending on the type of POA, covering decisions related to financial matters, healthcare, or specific transactions.
Life is unpredictable, and there may come a time when you cannot handle your affairs due to illness, injury, or absence. A power of attorney ensures that your wishes are carried out by someone you trust, avoiding delays, confusion, or costly court proceedings. Without a valid POA, your loved ones may need to petition the court to appoint a guardian, which can be time-consuming and expensive.
Types of Powers of Attorney in Florida
Florida law recognizes several types of powers of attorney, each serving unique purposes based on your needs:
General Power of Attorney
A general power of attorney grants broad authority to your agent, allowing them to manage nearly all your financial and legal affairs. This can include managing bank accounts, buying or selling property, paying bills, and filing taxes. Typically used for short-term situations, such as when traveling abroad, a general POA will terminate if you become incapacitated. For estate planning, it’s essential to pair a general POA with a durable provision to ensure it remains effective during incapacity.
Healthcare Power of Attorney
A healthcare power of attorney enables your designated agent to make medical decisions on your behalf if you cannot communicate your wishes. This includes decisions about treatments, medications, surgeries, and even end-of-life care. In Florida, a healthcare POA is often paired with a living will, which outlines your preferences for medical treatment, ensuring your healthcare decisions align with your values.
Special Power of Attorney
A special power of attorney, or limited power of attorney, grants your agent authority to act in specific situations or handle particular tasks. For example, you can empower your agent to sell a piece of property or manage a business transaction while you are out of the country. This type of POA is ideal when you need to delegate certain responsibilities without granting broad powers.
Durable Power of Attorney
A durable power of attorney remains in effect even if you become mentally or physically incapacitated. This feature is particularly valuable in estate planning, ensuring your agent can continue to manage your affairs without the need for court intervention. You can create a durable POA for both financial and healthcare decisions. In Florida, it’s crucial to explicitly state that the POA is durable; otherwise, it will terminate upon incapacitation. A “springing” provision can also be included so that the POA only goes into effect upon your incapacitation.
At Kitroser Lewis & Mighdoll, we take a personalized approach to estate planning, assisting clients throughout Martin and Palm Beach County in establishing powers of attorney tailored to their specific needs. We ensure your POA is drafted with precision, outlining the scope of your agent’s authority and aligning with your broader estate planning goals.
Whether you need a general POA for financial matters, a healthcare POA for medical decisions, or a durable POA to protect you in the event of incapacity, our experienced attorneys are here to guide you every step of the way. Contact our office today at 561-721-0600 or reach us online to discuss your estate planning options and secure your future.