Blog

Importance of a Durable Power of Attorney

May 27th, 2016

Posted in Asset Protection,Estate & Personal Planning,General Practice

While we are happy to assist clients with creating wills to ensure assets are distributed according to clients’ wishes at their death, we offer a much broader service to clients.  In addition to revocable trusts which can allow for control over assets titled in the name of the trust during lifetime, one of the most important documents that we draft for clients is a durable power of attorney.

A durable power of attorney can be very general and provide for a trusted individual (“agent”) to step in and help with various tasks.  These tasks may include, but are not limited to managing your assets, filing your tax returns, communicating with financial institutions regarding your accounts, and ensuring proper maintenance and repairs on your real property.

If you do not have a durable power of attorney and you become incapacitated, your loved ones may have to go through a public court process in order manage your assets, obtain authorization to speak to financial institutions and act on your behalf.  We recommend that you have a plan in place to avoid this costly process and have control over who is named to manage your affairs.

An attorney can discuss the nuances of the power of attorney including the duties your agent would have to you, consequences of any abuse by the agent, and further details of consequences of not having a durable power of attorney based on your individual circumstances.  You should always consider contacting a qualified Florida attorney or lawyer to assist you with creating a durable power of attorney to fit your needs.

Share Button