Powers of attorney can be some of the most important documents to include as a part of an estate plan. These designations allow another person to act on behalf of the creator or principal. While some powers of attorney go into effect immediately, others take effect only when the principal is incapacitated. While some POAs grant authority for medical decisions, others allow for financial management decisions. In addition, others allow the named attorney-in-fact to handle both of these and other key issues. POAs can be critical in case of a severe accident or injury that leaves a Florida resident incapacitated and in the hospital.
At the same time, some estate owners may be concerned about creating a document that gives another person so much power. This is especially true if the principal’s relationship with the attorney-in-fact changes after the POA has already been created. However, principals always have the right to revoke a power of attorney so long as they remain competent. There are several ways that POAs can be terminated. While most are created to be durable, some POAs have a built-in end date. In all circumstances, POAs end upon the death of the creator.
In most cases, the grantor can revoke a durable power of attorney by writing a revocation and delivering it to the attorney-in-fact. Notification is an essential part of an effective revocation, and this can be accomplished by sending regular mail, certified mail or even texts and emails.
When creating a POA, it’s wise to consult with an estate planning attorney. A lawyer could help a client draw up many important documents, including wills, trusts and powers of attorney.
