A durable power of attorney is a type of document that identifies and gives power to a person to make decisions for you in the case of incapacity. While a health care surrogate makes those decisions as related to medical and end-of-life care, an agent identified in a durable power of attorney document can grant access to financial assets, transfer assets, manage property, and, under some circumstances, sell or mortgage homestead property. The language used in the power of attorney determines what type of decisions the agent will make.
Choosing an agent for your power of attorney is an important decision. You might name a spouse, an adult child, or a trusted relative to manage your affairs. It is also possible to name an institutional nominee. Because of the numerous grants of authority, it is possible and advisable to have a health care surrogate designation and a durable power of attorney in your estate plan, often with different people in your life serving in different roles.
In contrast to Texas, which has a statutory durable power of attorney, Florida defines only two powers by statute: banking powers and investment powers. And for these powers to align with the statutory language, particular language needs to be contained within the power of attorney itself. Also, certain acts require very specific grants of authority; thus, the document should be carefully drafted. With all of these issues involved, McCreary Law Office recommends that Florida clients have a comprehensive power of attorney.
McCreary Law Office works with Florida clients to include appropriate powers of attorney as part of a comprehensive estate plan. The office also offers many online estate planning services. Contact McCreary Law Office in Florida at 904.425.9046, schedule an introductory call, or complete the online form.
© 2021 McCreary Law Office, PLLC