Seminole Power of Attorney
Many Seminole residents mistakenly believe that your estate plan involves little more than creating a will. But a will only deals with how to dispose of your property after death. What happens if you are incapacitated while you are alive and need someone to manage your affairs? This is where a power of attorney comes into play.
A Florida power of attorney is a critical estate planning document that can protect you against unforeseen circumstances. Our Seminole power of attorney lawyer can assist you in this area. Knudsen Law is a full-service Florida estate and probate firm that advises clients on preparing powers of attorney and other important legal documents affecting the management of their financial affairs.
Why You Need to Know About a Florida Power of Attorney
A power of attorney is a legal document where you, as the “principal,” delegate authority to an “agent” over your property. The authority you grant your agent may be limited to certain specific subjects. Or it can broadly authorize your agent to manage all aspects of your estate and property.
Some common uses of a power of attorney include:
- allowing your agent to access your bank accounts;
- authorizing your agent to sell your home or other real property; and
- directing your agent to sign legal documents on your behalf.
There are some restrictions imposed by Florida law on an agent’s authority under a power of attorney. For example, an agent may not vote on your behalf in a public election or make or revoke a will on your behalf. Nor can an agent act as your attorney in a legal capacity–i.e., represent you in court–unless they are a member of the Florida Bar.
It is also important to understand the difference between a regular power of attorney and a “durable” power of attorney. A power of attorney normally terminates when the principal becomes incapacitated. A durable power of attorney, in contrast, can remain in effect during such incapacity. This makes a durable power especially useful in estate planning, as it ensures that your agent can continue to manage your affairs during a period when you can no longer act for yourself.
Finally, you can generally appoint any legally competent adult to serve as your agent under a power of attorney. Many people choose a spouse or close family member. But you can also designate an attorney or even a financial institution in certain cases. Also keep in mind you have the right to amend or revoke a power of attorney at any time, provided you still have the legal capacity to do so. A power of attorney also terminates automatically upon your death.
Contact Our Seminole Power of Attorney Lawyers Today
Having a power of attorney can give you peace of mind that your financial affairs will be in good hands should the worst happen to you. Our Seminole power of attorney will be happy to advise you on this or any other estate planning subject. Contact Knudsen Law today at (727) 398-3600 to schedule a consultation.
