Who Needs a Durable Power of Attorney?
What if an accident or illness made it impossible to manage your financial affairs? Would your loved ones have to go to the Dade County or Broward County courthouse to get the authority to handle your affairs? No one likes to consider such grim possibilities, but the truth is that almost every family will eventually face this kind of difficulty. Durable powers of attorney can certainly make life easier for you and your family if times get tough.
Florida Statute Section 709 provides that a durable power of attorney is a written document that remains valid even if you should later become unable to make your own decisions. It is often chosen as a way to plan for those times when you are incapacitated. With a durable power of attorney, you are able to appoint a person or an agent to manage your financial affairs, make health care decisions, or conduct other business for you during your incapacitation. You can give your agent the power to do every act which may legally be done by you, or you can give them limited power, for example, to only sell property, pay bills or make investments.
Choosing your agent is an important decision because the agent is the person you choose to carry out the duties you have outlined in the durable power of attorney. The agent should be someone you trust to carry out your wishes, someone who will not take advantage of you when you are incapacitated, and someone who is willing to serve as your agent. The agent can be a family member or a friend, but you can choose anyone.
If you choose to create a durable power of attorney, a lawyer can tailor your document to meet your needs. Taking the time to make these documents is well worth the small effort it will take.
If you, or someone you know, live in the West Palm, Fort Lauderdale, or Miami-Dade area and wish to create a durable power of attorney in order to provide for your financial and estate planning issues, the team at Chepenik Trushin will help you with any such estate planning needs. Please feel free to contact us for an initial first consultation.
