A power of attorney is vital for effective estate planning. A power of attorney is a legal tool that delegates authority from one person (the “principal”) to another (the “agent”). This legal document allows your agent to act in your legal capacity. It gives the person you trust the ability to make certain decisions for you. Having a proper power of attorney in place is crucial in the event you cannot manage your own financial or legal decisions due to illness, age, absence, or unforeseen circumstances.
The scope of your agent’s authority is dependent on the language included in your power of attorney. It is important to make sure the terms of your power of attorney meets your specific circumstances.
A limited power of attorney gives your agent the ability to conduct a specific act on your behalf without granting them broader decision-making authority. For example, a limited power of attorney can be useful when selling property in a different state. You can give your agent the ability to handle the closing on your behalf.
In Florida, specific language is required to create a durable power of attorney. A durable power of attorney allows an agent to act on your behalf even if you become incapacitated. If you lose the capacity or ability to manage your own affairs, a durable power of attorney grants the person of your choosing to help with your financial and legal decisions. Without a durable power of attorney, it may become necessary for a court to appoint a guardian if you become incapacitated. To avoid guardianship proceedings, which can be long and expensive, it is important to execute a durable power of attorney.
Section 709.2105, Florida Statutes, outlines the execution of a power of attorney. A power of attorney must be signed by the principal and two subscribing witnesses. It also must be acknowledged by the principal before a notary public.
A power of attorney is a valuable tool to safeguard your interests and preferences. When executing a power of attorney, it is crucial to meet with an attorney to ensure your legal documents are valid and suits your specific needs. An experienced lawyer can ensure you have the appropriate documents in place for your individual circumstances and desires. With years of experience in estate planning, the Rice Law Firm is well-equipped to provide knowledgeable counsel in these matters and other legal concerns you may have. If you would like to consult with an attorney on these issues and other legal matters, please give us a call at 386-257-1222.
