Four Important Considerations For Your Durable Power Of Attorney
No one wants to think about it, but there may come a time when you become incapacitated and cannot make important decisions for yourself. A durable power of attorney can help in these situations. Durable powers of attorney are legal documents that designate someone, known as your agent, to make these important decisions. These legal documents have many benefits. They allow you to retain control over what happens to you, your finances, and your property. They also help your loved ones avoid confusion and disputes in the event that you are ever unable to make important decisions.
While a durable power of attorney does have many benefits, there are important factors to consider when drafting yours. Below, our Daytona Beach power of attorney explains some of the most important of these.
Your Durable Power of Attorney Should Be Updated
Just like any other part of your estate plan, you should update your durable power of attorney periodically. Generally speaking, every five or ten years is a good timeframe to review your document and ensure it still reflects your wishes. For example, you may no longer speak to the agent you originally chose, or they may have passed away before you. Ensuring you review the document regularly ensures it is still enforceable. Additionally, banks and other financial institutions are reluctant to enforce the provisions within a durable power of attorney when it is not current and was drafted many years beforehand.
Make Sure You Trust Your Agent Completely
It goes without saying that you should have full trust in your agent, the person who will act on your behalf. However, it is important to draw attention to this point because it is such a critical one. If your agent is untrustworthy, they may make decisions that do not reflect your wishes or your best interests. They may even steal property from you.
Couples Should Name Alternative Agents
If you have a spouse or longtime partner, it is natural to want to name them as your agent. After all, they likely know you better than anyone else and therefore, completely understand your wishes.
There is nothing wrong with naming your spouse or partner as your agent, but it is important to also name an alternative agent. This is particularly important for couples who are aging or people who suffer from certain medical conditions. It is more likely that these individuals will become incapacitated at some point and so, it is even more critical to have someone else in place who can take over these matters.
Work with a Power of Attorney Lawyer in Daytona Beach
You may be able to find a form online to create your power of attorney, or you may know a lawyer but they do not practice in estate planning. These are both mistakes that can render your power of attorney void and leave you unprotected. At Bundza & Rodriguez, our Daytona Beach power of attorney lawyer can draft your legal document and ensure it is enforceable so you are fully protected. Call us now at 386-252-5170 or contact us online to schedule a consultation and to get the legal help you need.
Source:
flsenate.gov/laws/statutes/2010/709.08
