Do you have plans set in place in the event you become incapacitated and unable to manage your affairs? Mann Law can assist you in preparing a power of attorney, ensuring someone you trust has the ability to make important decisions regarding your health care needs, financial matters, and legal issues.
Personal Law: Power of Attorney
What is a Durable Power of Attorney?
A durable power of attorney gives your appointee the right to act on your behalf in the event you become physically or mentally incapacitated. Your appointee is called your attorney-in-fact or agent. This individual has the legal right to make decisions for you when you are unable to manage them on your own. Here at Mann Law, we recommend that you select a primary as well as an alternate agent for this purpose.
What is a Power of Attorney?
A power of attorney refers to the legal document giving a person of your choosing the ability to make decisions and perform certain responsibilities for you.
What is a Limited Power of Attorney?
Many of our clients consider the skill set of their agents before determining which tasks to delegate to them. For example, an adult child with experience in financial matters is well-suited to handle monetary issues. Likewise, a spouse is often the ideal choice for the health care agent. In both cases, the document used to delegate a specific person to manage particular scenarios is known as a limited power of attorney.
Who Should You Select?
In many cases, spouses select each other as their agents. They often choose an adult child, if one is available, as the alternate. When no adult children exist, a sibling is often selected as the alternate agent.
The most important element of choosing an agent for your power of attorney is to select someone you trust. After all, this individual is going to be responsible for managing your legal, financial, and health care affairs.
Florida's Requirements: Florida law dictates that a power of attorney include each of the following:
– The signature of the principal (the person initiating the document)
– Two witnesses to the principal’s signature
– A notary to witness and acknowledge the principal’s signature
Updating Older Versions
Even though older versions remain valid, power of attorneys created prior to 2011 should be updated to a newer version. Most financial institutions and banks prefer the newer forms in which the legal responsibilities are clearly delegated to the attorney-in-fact.
A Look at the Intricacies of a Power of Attorney
The full scope of powers granted in this type of document depends on the terms listed in it. They can be limited or broad in scope. It is important to determine exactly which legal powers you want to give to the people you choose as agents. Mann Law’s attorneys understand the intricacies of this legal document. They are ready to guide you to a good decision. Please call if you have any questions or would like to schedule a free consultation.