When Is a Power of Attorney Necessary?
Category : Estate Planning | Comments Off on When Is a Power of Attorney Necessary?
10th Jun 2021
You may have heard the term power of attorney used in both financial and health care contexts. Simply put, a power of attorney is a legal document that gives another person permission to make decisions on your behalf. A general power of attorney is generally limited in time and scope. An experienced elder law attorney provides their clients with a Durable Power of Attorney that has few limitations and only expires when you pass away. It is intended for use when you are unable to manage your day-to-day affairs or you become incapacitated.
What Does a Power of Attorney Do?
Often, an individual establishes a financial power of attorney (durable power of attorney) as part of the estate planning process. The durable power of attorney allows the agent you appoint to step in as needed and assist for a short period of time or a long period of time. The durable power of attorney is intended to change as your life needs change, without having to update with each life change.
If you become unable to make decisions about medical treatments, a health care power of attorney, also referred to in Florida as a Designation of Health Care Surrogate, provides authorization for your agent to do so for you. It is important to choose an appropriate agent that can make tough decisions and will adhere to your stated wishes about medical and end-of-life care when you are incapacitated. If you have a chronic medical condition, it makes sense to appoint a health care power of attorney in case of an emergency. Otherwise, your loved ones may have to make difficult decisions without your input and instruction if you become incapacitated.
While many people establish a power of attorney when they begin considering their needs in their elder years, younger individuals can also benefit from this type of document. For example, if you frequently travel nationally and internationally for business, you may want to create a financial power of attorney so a trusted person can pay bills or manage monetary affairs in your absence.
When Does a Power of Attorney Take Effect?
In Florida, a Durable Power of Attorney for your financial matters takes effect the moment you sign the legal document appointing the agent. The agent can only act if they have the original or signed copy of the legal document. The power of attorney for medical or designation of health care surrogate takes effect upon incapacity. You do have an option in Florida to provide additional authority for your agent to gather information or to make a medical decision prior to incapacity.
Rooth & Rooth Elder Law Attorneys can help you or a family member create a power of attorney that meets your needs. Call 727-397-4768 today to schedule a consultation at our Seminole office.