When people think of creating an estate plan, their primary focus typically revolves around protecting assets and planning for their death. However, individuals who truly prepare for all contingencies will also create a power of attorney (POA) that allows an agent to act on their behalf when they can no longer make their own decisions. However, there are various other reasons a person may designate a POA. That’s why this legal document can be so complex, and it’s exactly why you should speak with a power of attorney lawyer in Tampa to ensure your best interests are being served.
At Decker Legacy Law, LLC, our team of legal professionals understands that Florida law regarding estate planning can be complex. That’s why we work one-on-one with each of our clients to ensure that major decisions remain their own. Perhaps you’ll need someone to make your medical wishes known after a major accident, or maybe you simply need to designate someone to make business decisions while you’re out of the country. Whatever your specific legal needs, our Tampa power of attorney law firm can assist. Contact us today to schedule your confidential consultation.
Do You Need A Power Of Attorney?
Many people wonder if they need a power of attorney. This is particularly the case if they have beneficiaries who can access bank accounts and an advanced directive for healthcare decisions. However, both of these situations leave broad areas of unexpected outcomes uncovered. For instance, an advanced directive can name a specific action you’d want to be performed in certain medical situations. Not wanting to be kept alive on machines after brain function has ceased is one common decision. However, there are many contingencies that the directive may not cover. A POA can let you designate someone to make such decisions.
Clearly, medical power of attorney documents can prove invaluable once the principal’s signature is on them. This is also true of financial power of attorney arrangements. While designating beneficiaries on bank accounts and having a valid will in place is important, a Florida power of attorney is still an important document for decisions that are not covered through common estate plan strategies. The simple fact is that you never know when you may become incapacitated, and in some cases, this can happen even when injuries or medical conditions are not life-threatening.
Clearly, everyone can benefit from this legal document. That’s why you should speak with a power of attorney lawyer in Tampa today. Contact us at Decker Legacy Law, LLC.
What Are The Types Of Financial Power Of Attorney?
While a medical power of attorney is an important and complex legal tool, many of the provisions are straightforward. You choose someone to make certain healthcare decisions, and they’re able to make them on your behalf. However, a financial POA can be more complex — and there are even different types you should understand.
General Power Of Attorney
This type of POA grants the agent (i.e., an attorney in fact) very broad authority to make decisions on any legal or financial matters. This can include managing bank accounts, selling assets, filing taxes, and more. Authorized activities must be designated within the legal document.
Limited Power Of Attorney
Limited power of attorney documents place certain restrictions on a POA. For instance, they may only grant agent authority over retirement accounts but not personal banking transactions. This POA can also specify a certain period of time the arrangement will remain in effect.
Durable Power Of Attorney
General power of attorney documents expires when someone becomes incapacitated. This makes them suitable only in certain situations. A durable power of attorney — sometimes known as a general durable power of attorney — will last even if the principal becomes incapacitated.
How Can A Tampa Power Of Attorney Lawyer Help?
One of the most common questions we hear is whether people actually need a lawyer to assist with the power of attorney documents. After all, there are plenty of do-it-yourself websites out there that promise to simplify a variety of legal matters. However, a POA that is not properly executed will be invalid. Sadly, many people never figure this out. That’s because they experience an incapacitating event before anyone discovers that the document is invalid. This can make a tragic event even worse.
Legal experts warn against using DIY legal websites because they’re unreliable. They cannot account for your unique situation. And since the agent you choose may have control over real estate transactions, accounts at financial institutions, and health care decisions, it’s important that you understand all possible implications before signing. This is a powerful legal document that should not be taken lightly, so don’t hesitate to reach out to our power of attorney lawyers in Tampa today.
Contact A Power Of Attorney Lawyer In Tampa Today
A power of attorney often grants broad powers to the agent chosen by the principal, and this is why some people are scared to utilize the legal arrangement. However, this fear is typically based on a misunderstanding of what POA documents actually allow. Put simply, you remain in control even when you give someone else the power to make medical and financial transactions on your behalf. That’s because you choose who has this power — along with how much power they actually have. And since Florida and many other places in America will recognize an out-of-state POA as valid, these documents can last as long as you desire.
At Decker Legacy Law, LLC, our goal is to ensure our clients fully understand their rights, and that we always have their best interests in mind. Florida statutes can be complex — especially if you don’t work in the legal arena — but we’re here to help. Whether someone wants a durable power of attorney, an arrangement for a short period, or even to rescind a POA, we can assist and continue to provide guidance long after the principal signs the document. Contact us today by calling 813-437-4465 to schedule a confidential consultation. Our power of attorney lawyers in Tampa are here to help.