Does a Power of Attorney Apply to All Future Decisions?
A power of attorney is a popular estate planning tool in Tampa, and it allows you to designate an “agent” who can make decisions on your behalf. However, decisions come in many forms, including legal, financial, and medical choices. Can a power of attorney apply to all of these various decisions? Or do you need to create a separate document for each “category?” This is a conversation you might want to have with an experienced estate planning attorney in Tampa.
You Can Give a Power of Attorney “Medical Powers”
It is possible to roll all three duties into one power of attorney. In other words, you can designate an agent who will make legal, financial, and medical decisions on your behalf. Normally, a power of attorney can make both financial and legal decisions on your behalf, so those two duties are already combined. However, you can also create a “medical power of attorney” by giving your agent “medical powers.” In order to assign these responsibilities, you will need to use very specific language in your POA document, ideally under the guidance of an experienced estate planner.
You Can Also Create Separate Powers of Attorney for Each Category
Another option is to go the complete opposite route and create a separate power of attorney for each category. For example, you might create one power of attorney for legal matters, one power of attorney for financial decisions, and a third POA for medical decisions. In this situation, however, it would probably make more sense to create something called a “healthcare surrogate” rather than a medical POA.
A healthcare surrogate designation functions in the same general way as a POA but applies specifically to medical decisions. These forms are standardized across Florida’s healthcare system and are easy to fill out.
What Are the Benefits of Creating Separate POAs?
You may experience various advantages when creating a separate POA for each area of responsibility. First, it makes sense to choose individuals who have experience or knowledge in their assigned areas. For example, someone with legal experience may perform well as an agent under a legal POA, while a financial professional may be more effective when serving as an agent under a financial POA.
A healthcare surrogate allows you to choose an agent or surrogate who may have a deep understanding of your unique values, preferences, and medical history. Speak with an experienced lawyer to determine the most appropriate way to set aside decision-making power.
Can a Seminole Estate Planning Lawyer Help Me?
A normal power of attorney should have authority over both legal and financial decisions. In terms of medical decisions, you may need a separate document called a healthcare surrogate. There are also different types of POAs to consider, including “durable” and “general” options. Speak with an experienced estate planning lawyer in New Port Richey to determine which option is most appropriate for your unique needs. Contact Knudsen Law today at 727.398.3600 to continue this dialogue.
Source:
fhcp.com/documents/forms/Advanced-Directives-Designation-of-Health-Care-Surrogate.pdf
