Powers of Attorney Create Security and Peace of Mind by Assuring Your Wishes are Respected
As part of a comprehensive estate plan, you want to consider scenarios where you are unable to make certain decisions directly and define who will make those decisions for you, should you become incapacitated. Planning for such potential incapacity and deciding whom to trust with your personal affairs and decisions requires serious consideration and formal legal documentation to provide a clear path in the event of “what if “.
Attorney Gregory W. Kabel is highly skilled and experienced in helping his clients choose and create the most appropriate Florida Power of Attorney documents they need as an integral part of their personal estate plans.
How Are Powers of Attorney Used?
Powers of Attorney are used to delegate certain personal decisions to other trusted parties. Depending upon the type, the Power of Attorney can grant that party decisioning ability over financial, medical or legal issues, the sale of property, access to financial accounts or even make gifts and pay bills on your behalf. Powers of Attorney can be created to be very broad or very limited in scope. The grantor of a Power of Attorney is referred to as the “principal”, while the receiver is an “agent” or “attorney in fact”.
What Are the Different Types of Powers of Attorney in Florida?
There are several types of Powers of Attorney available under Florida law, and their individual purposes are aimed at granting specific decision capabilities to the agent and can include a specified time period.
General Power of Attorney: As its name suggests, this type of Power of Attorney allows the agent broad discretion to decide on financial and legal matters on the principal’s behalf. However, those matters must be individually identified within the general power of attorney document itself.
Limited Power of Attorney: The principal allows the agent to act on their behalf for a specified purpose. For example, allowing the agent to sell the principal’s home or other property, or to manage their finances while they are traveling for an extended period. This type of power of attorney expires when the designated task is completed.
Medical or Health Care Power of Attorney: This type of Power of Attorney is one of the Advance Directives each of us needs to have as part of a well-documented estate plan. The designation of a Health Care Surrogate (or Proxy) authorizes the agent to make health care decisions on the principal’s behalf, in the event of mental or physical incapacity.
Durable Power of Attorney: These can be general or specific in nature as to the powers of attorney granted to the agent. A durable power of attorney is effective upon executing and remains in effect after the principal becomes incapacitated. In spirit it is anticipated that the agent will not exercise the power until the principal is unable to act for themselves. However, since the power is effective upon execution, careful consideration needs to be made as to the identity of the agent. Durable Powers of Attorney end upon the death of the principal.
Powers of Attorney, Advance Directives and Estate Planning involve complicated and very personal decisions. You want to work with an attorney who will listen to your particular needs and help you develop the personalized plan that will provide you and your loved ones the security and peace of mind you deserve.
Attorney Kabel offers more than 33 years of experience providing his clients the sound legal counsel to make those complex decisions easier. Call 954 761 7770 or contact us online to schedule a consultation.
Fort Lauderdale Estate Planning Attorney, Gregory W. Kabel, serves Wilton Manors, Oakland Park, Plantation, Pompano Beach, Hollywood, Tamarac and all of Broward County, Palm Beach County and South Florida.