Powers of attorney is an essential document that every estate planning individual should have. With POA, you can choose an agent who then manages your assets on your behalf, especially when you’re unable to control them yourself.
This agent also has the power to pay your bills, manage your investments, apply for any government benefits and control your property or real estate. Depending on your agreement, your agent may also have the power to create will and trust to care for your family members.
However, everything isn’t the same with the Florida laws. According to the October 1, 2011 regulations, the new POA imposes several changes. Also you don’t need a lawyer every time to develop your power of attorney. It gives you the ability to create one by yourself, provided you follow the requirements needed as per Florida Statutes Sec 709.21405. But, you’d still want to consult your lawyer.
Why would you need a Florida Power of Attorney?
To Ensure the Continuity of Your Operations
You may be running your business or real estate programs. Still, for some reason, critical issues like health deterioration may come your way. However, you don’t need to bury your interest or stop running your businesses.
That said, you can hire an agent to help keep your business going. The agent would be responsible for every business. They’ll be choosing what’s needed or essential for the progress of your operations. One thing, protect your business interests so that the agent doesn’t act against you.
It Ensures Your Financials and Legal Matters Are Covered
When your real estate is not adequately managed, you could lose your property. But, POA gives your agent the power to manage all your legal and financial affairs even if you’re incapacitated.
However, POA would only help if you specified or designated what an agent is allowed and what they aren’t allowed to handle. Therefore, ensure you specifically mention your agreements in the POA form. Any poorly written facts may cause you lose all your assets, resources, and finances.
Ensures the Protection of Your Assets
There are situations where there could be asset protection delays, or you may get incapacitated. In such cases, your savior would be POA. If well-drafted, power of attorney would ensure your agent protects your assets, reducing your chances of financial loss.
Also, POA would ensure nothing happens to your assets, including your banks, real estate, and retirement accounts. Even if you’re incapacitated, you can still be able to check and pay all your mortgages.
Offers Protection against Financial Abuse Claims
Apart from ensuring the protection of your asset plan and goals, POA is also significant in preventing any financial abuse claims against agents. Even better, it provides proper guidelines through which adequate assets protection can be conducted. This, too, help save the agents in cases where the owners are turning against the earlier decisions.
Finally, in choosing a POA agent, ensure you select a trusted person who can also make your health and medical decisions on your behalf.
Don’t struggle to create a Florida power of attorney form, download a free POA template here from this website.