In our practice, we work diligently to address your individual needs, ensuring that you and your loved ones are taken care of well into the future. Inevitably, unexpected circumstances arise that are not planned for. Have you ever thought about what would happen if you suddenly lost the ability to take of yourself or make your own decisions? We work with you to develop unique planning strategies designed to reach your goals and provide a sense of security for those unfortunate situations.
Our goal is to help you understand the estate planning options that are available to you. Creating a durable power of attorney is one such option. A power of attorney can designate a close friend or family member as an agent with authority to make decisions on your behalf, in the event you become unable to make them for yourself. Typically, these decisions relate to your real property, finances, and elder care decisions.
We want you to be as informed as you can be so you can choose an estate plan that best fits your needs. Let us share a few of the benefits of establishing a Florida durable power of attorney.
1. You have the power to choose your own agent.
A primary benefit of setting up a durable power of attorney is the authority it gives you to appoint your own agent. You can choose whomever you wish, however, it is important to keep in mind that this person will be responsible for making important decisions for you and should be someone you trust completely. Your agent may apply for Medicaid on your behalf, access all of your accounts, open and respond to your mail, and may even be given the authority to create an emergency estate plan for you. Remember, you are only able to create this document as long as you have the capacity.
2. You can protect your assets.
It is not feasible to prepare for all possible scenarios, but it is possible to have your durable power of attorney drafted in such a way that provides some degree of asset protection for you. Certain situations, for example, moving to a nursing home to receive care, can make your assets vulnerable. Creditors may try to subject your property to payment for the cost of care. However, you can plan for this in your Florida durable power of attorney document. Be sure to discuss this option with your estate planning attorney.
3. You can put your loved ones’ worries at ease.
Your incapacity, whether it is temporary or permanent, will affect your loved ones. Having your wants and needs documented in a durable power of attorney document may help alleviate some of their worries. If you leave certain responsibilities unassigned, your loved ones may be forced to seek court-approved guardianship of you. This means that the court will designate a person or entity to handle your affairs after finding you incapacitated. Outlining your wishes can help ensure you avoid this lengthy and costly proceeding.
These are just some of the benefits of creating a Florida durable power of attorney. We know you may have more questions. Do not hesitate to contact us with your durable power of attorney questions because we are here to be a resource for you.