Consequences Of Not Executing A Power Of Attorney
The foundation of many estate plans is a Last Will and Testament. While this is an important estate planning document, there are others that can also protect your best interests. Although many of these are not effective until you pass away, others may become effective during your lifetime. A durable power of attorney in Florida designates another person to make decisions regarding your personal property in case you ever become incapacitated. The power of attorney outlines your instructions and the agent you designate has a duty to follow them.
Failing to execute a power of attorney has many consequences not only for you, but for your loved ones, as well. Below, our Daytona Beach power of attorney lawyer explains what these are.
Your Loved Ones Will Go to Court
If you are not able to make decisions and manage your property yourself and you have not designated a power of attorney, no one will have the authority to do this for you. A legal guardian will have to be appointed for you to manage your affairs and to do this, your loved ones will have to go to court. Depending on the schedule of the court, this can take many weeks. During that time, no one can manage your home or other personal property.
Additionally, filing and legal fees can be very expensive. All of these consequences can be avoided if you draft a power of attorney while you have the mental capacity to execute legal documents.
Delays Due to Disputes
In the majority of cases, it takes just a few weeks for the courts to appoint a guardian. However, if a dispute arises, this could take much longer. If more than one of your loved ones wants to act as your guardian, there is a greater opportunity for disputes to arise. Typically, the court will schedule a hearing and all interested parties will need to appear. After hearing from all interested parties, the judge will then make the final decision. This increases the time it will take for a guardian to be appointed and it could even take several months.
You Will Not Have a Say
Even if a guardian is appointed, they will not have any instructions or directions from you. With a guardianship, your guardian will usually have general authority over you. A power of attorney, on the other hand, outlines specific instructions about how you want them to manage your property. With a power of attorney you can direct your agent to sell certain property if it is necessary to make investments, pay for your medical care, or otherwise manage your affairs.
Our Power of Attorney in Daytona Beach Can Execute Your Document
It is important to draft a power of attorney, but it is just as important to ensure it is executed properly. At Bundza & Rodriguez, our Daytona Beach power of attorney lawyer can draft your document and ensure it is enforceable so you and your family are protected. Call us now at 386-252-5170 or contact us online to schedule a meeting with one of our attorneys and to learn more about how we can help.
Source:
flsenate.gov/laws/statutes/2010/709.08
