Important Things To Know About Your Durable Power Of Attorney
A durable power of attorney (POA) is a legal document that gives someone you trust the authority to manage your property, finances, and legal affairs. Unlike other types of powers of attorney, a durable POA remains in effect even if you become incapacitated. After creating a durable POA the agent, or person with the authority to make decisions, can pay your bills, sell your property, and give gifts even if you are unable to do so. Before drafting a durable POA, there are important things to know about these documents. Our Daytona Beach power of attorney lawyer explains what these are below.
Durable Powers of Attorney Require Updating
It is recommended that you update your durable power of attorney every ten years. There are many reasons for this and they include:
- Changes to the law: Estate planning laws change quite frequently. The last major change to durable powers of attorney in Florida was in 2011, but a change could occur at any time.
- Cooperation of financial institutions: Banks and other financial institutions view older documents negatively and may not cooperate with the agent if a document is out of date.
- Reconsider your agent: Over time, your wishes may change or the agent you initially chose may be unable or unwilling to perform their duties. Reviewing and updating your POA allows you to reconsider your agent and name someone else, if necessary.
You Should Trust Your Agent Implicitly
This factor should go without saying but it is of such critical importance that it is worthwhile to take the time to mention it. When you name someone as your agent, you are giving them an immense amount of power over every aspect of your life. To ensure that they will act in your best interests, and not their own, it is essential that you trust them implicitly.
Spouses Should Name Co-Agents
It is not uncommon for spouses to name each other as agents in their durable powers of attorney. This makes sense, as most spouses convey their wishes with each other and trust each other implicitly. However, naming a spouse as your only agent can also create issues. For example, if you and your spouse both suffer from dementia at the same time, they will not have the legal capacity to make decisions on your behalf. Other loved ones may have to go to court so a guardian can be appointed and the person the court chooses may not align with your wishes.
To prevent this from happening, it is important that spouses name at least one co-agent in their durable power of attorney, such as a child. It is also important to include a provision that co-agents can act independently, in the event that one co-agent does not have the capacity to make decisions. This can ensure that your wishes are respected and that someone you trust handles your affairs.
Our Power of Attorney Lawyer in Daytona Beach Provides Sound Legal Advice
When drafting a power of attorney, or any other estate planning document, you need sound legal advice. At Bundza & Rodriguez, our Daytona Beach power of attorney lawyer can provide it and ensure your documents are executed properly so you are 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
