St. Petersburg Power of Attorney
One challenge with aging is handling our daily affairs, in particular financial transactions. At some point, an individual might become so confused or incapacitated that their children begin fighting over who can cash their parent’s checks or sell a home.
This is where a solid power of attorney comes in. A durable power of attorney is a legal document which individuals use to delegate powers to another person, called the agent. The agent is then empowered to make these important financial decisions, which are entirely legal. With a properly drafted power of attorney, our clients take control of their financial future by spelling out what powers their agent should have. Call to speak with a St. Petersburg POA attorney at Fisher & Wilsey, P.A.
The Role of a Durable Power of Attorney in Your Estate Plan
Florida recognizes many different types of power of attorney (POA), but the most relevant for estate planning is the durable power of attorney. Typically, a power of attorney became ineffective when the creator lost capacity. However, a durable POA remains in force even in the event of incapacity. In fact, having this document for possible incapacity is precisely the reason so many clients create it.
Creating a POA presents many challenges:
- Identifying the ideal person to serve as agent. Ideally, the agent should live near you, know you very well, and be highly organized. An agent should also be reliable with money and trustworthy.
- Deciding what powers to delegate. You decide what powers to give your agent. Some of our clients prefer a narrow delegation, while others want their agent to be able to perform a wide variety of financial transactions.
- Revising a POA after divorce. Many people name their spouse as their agent, but this designation is revoked if you divorce. Other situations calling for revision include the death of your agent or if you have recently moved to St. Petersburg.
With a solid POA, many people reap an immediate peace of mind, secure in the knowledge that their finances will not fall apart.
How Much Power Should You Delegate?
A critical consideration is what powers to give your agent. The agent is limited to only the powers spelled out in the document, such as:
- Cash checks
- Pay bills
- Sell real estate, including the home
- Change investment allocations
- Withdraw investments or increase
- File taxes
Not every creator wants to delegate every power to their agent. For example, you might provide for how your home will pass at death with a will, so you do not want an agent to have any power to dispose of your home. Let us discuss what powers you wish to delegate and why.
Reach Out to Create a St. Petersburg Power of Attorney
Fisher & Wilsey, P.A., will guide our clients toward creating the best possible POA for their needs. Our firm has deep experience discussing possible agents and drafting a document with precise delegations. Give us a call to speak with a St. Petersburg POA lawyer.
