Durable Power of Attorney in Fort Myers, FL
If your health leaves you unable to make financial or business decisions, who would answer for you? A Durable Power of Attorney is a written document that enables an agent or person of your choice to manage your finances, real estate, and business. It is an important legal document to consider if you ever find yourself incapacitated or incapable of managing your own financial affairs.
Appointing someone to act as your agent in a Durable Power of Attorney is a big decision and one that should not be made lightly. It is important to discuss options with your attorney and consider the breadth of authority you want your agent to have. Also, if you are concerned about being eligible for Medicaid or Veterans Benefits in the future, meeting with an experienced elder law attorney about your Durable Power of Attorney is even more critical. Having no Durable Power of Attorney document or having a poorly drafted one is likely the costliest mistake we see people make in our practice.
What is Durable Power of Attorney?
There are different types of Powers of Attorney and each applies to different situations. A General Power of Attorney gives the person, persons or organization of your choice authority to act on your behalf. This agent has power to handle financial transactions on your behalf, but that authority ends if you become incapacitated. A Power of Attorney can be limited or general. A Limited Power of Attorney can be created so that someone else can accomplish a certain task for you. An example of this is signing a Limited Power of attorney for the purpose of selling your car. A General Power of attorney typically gives your agent broader authority to handle common financial transactions on your behalf. However, your agent’s authority ends if you become incapacitated. A Durable Power of Attorney allows your agent’s authority to exist even if you become incapacitated. No matter which Power of attorney option you choose, the authority of your agent ends the moment you die.
Many clients take advantage of the benefits of a Durable Power of Attorney to prepare for the possibility of illness or accidents in their later years. By organizing this power, they can rest assured that their estate and assets will be arranged according to their wishes. Clients across Fort Myers have opted to give this power to loved ones in preparation for worst case scenarios. The estate planning attorneys of Prather & Swank, P.A. can answer any questions you have about the process.
Contact Prather & Swank, P.A. to Learn More
The attorneys at Prather & Swank, P.A. can explain to you in detail how a Durable Power of Attorney works and why it is a critical part of your estate plan in Fort Myers, FL. Contact Prather & Swank, P.A. at 239-288-4315 or fill out our online form.