If you are planning your will and establishing beneficiaries of your estate as assets, you might have heard the term “power of attorney” used a few times. All of the legal jargon can become confusing if you are not familiar with the terms, but this is an important piece of the puzzle if you would like to plan your will in Florida.
Though the requirements and rules fluctuate from state to state, a power of attorney is accepted in all 50 states. A power of attorney gives one or multiple people the power to act on your behalf if you are absent or unable to act. This is a very important component in lifetime planning.
A power of attorney may be limited or free. An example of a limited power of attorney would be one that was given the authority to sell a home for you and nothing else. The power of attorney would not be of any use beyond that action.
This action could take place as soon as the paperwork is drawn up, or it might start if you ever become mentally disabled. This is especially useful for those who are suffering from conditions that will eventually lead to incapacitation or those who are approaching an elderly age. Giving someone power of attorney will give them the power to ensure that your life wishes are fulfilled even when you are unable to make choices.
The person who holds the power of attorney is commonly known as the “agent.” This person is charged with ensuring that the wishes of the client are fulfilled successfully. Power of attorney is often given to a spouse, child or another family member, but any person could be your power of attorney. If you have additional questions, speaking with an experienced estate planning attorney could be beneficial.