What Happens If I Become Disabled Without a Durable Power of Attorney?
Put your mind at ease by including a Durable Power of Attorney in your estate plan. This way, you will know that someone you know and trust – not the courts – will handle your affairs on the chance that you become incapacitated.
Without a properly drafted Durable Power of Attorney, loved ones will face obstacles when they try to deal with your bank, brokerage, insurance companies, utility companies, and anyone with whom you do business. You could even become the subject of a costly and intrusive court guardianship.
Florida currently recognizes two types of Durable Power of Attorney:
- Immediate Power of Attorney: This allows your agent to immediately begin handling your affairs.
- Springing Power of Attorney: Enables your agent to act only when you are incapacitated.
What Powers are Conveyed by a Durable Power of Attorney?
Your Florida Durable Power of Attorney is a powerful legal tool, but it does not automatically give your agent the ability to do anything you could do yourself. You must identify the specific powers you want to give to your agent. These powers must be considered within the goals of your estate plan.
For example, if you anticipate doing Medicaid planning, you will likely want to empower your agent to make gifts on your behalf in order to reduce your assets and hasten your Medicaid eligibility for nursing home care. Additionally, your Durable Power of Attorney should include appropriate restrictions on your agent, so that you are protected from possible financial abuse.
To Whom Should I Grant a Durable Power of Attorney?
Many people believe that the person with the most financial sophistication is the best choice, but that is not always the case. It is more important your agent be trustworthy, have common sense, and have the time required to assist you with your affairs. if you are naming co-agents, you must decide if those individuals will have the ability to act alone, or if you want them to act together.
Should you have questions about Durable Power of Attorney or any other estate planning need, do not hesitate to call our offices for straightforward clear answers.
