When Do I Use a Power of Attorney
A power of attorney is a legal document where the you, as the principal, appoints another person, your agent, to act on your behalf. In the context of Estate Planning, a Power of Attorney is generally executed to allow a person to act on your behalf in the event you become incapacitated. As an experienced estate planning attorney, James Nici recommends at least one or more in an estate plan.
The two most common types of power of attorney in Naples are the financial power of attorney and healthcare power of attorney.Each type can be broad or limited in scope. When exactly you can use the power of attorney will depend on the specific type and the exact terms of the document.
What Can You Use a Financial Power of Attorney For in Naples?
A financial power of attorney allows your agent to handle your financial or business matters. Some examples of powers you can grant your agent include the authority to:
• Make real estate transactions;
• Engage in banking and financial transactions;
• Trade stocks, bonds, and other securities;
• Engage in retirement plan transactions;
• Operate a business;
• Receive government benefits; and
• File taxes.
In Florida, you cannot give an agent the broad power to perform any legal act on your behalf. You must include a specific list of activities your agent is authorized to perform.
What Can You Use a Healthcare Power of Attorney For in Naples?
A healthcare power of attorney allows your agent to make medical decisions on your behalf. Some examples of powers you can grant to your healthcare agent in Naples include the ability to:
• Decide your medical care (including surgery, medical treatments, medications, and home healthcare);
• Pick the facilities where you receive your medical care;
• Choose doctors and caregivers;
• Communicate with your doctors and other providers who oversee your medical care;
• Access your medical records; and
• Make decisions about long-term living arrangements.
Do I Need a Power of Attorney In My Estate Plan?
You should include a power of attorney in your Naples estate plan so you and your family are prepared in the event that you become incapacitated. Although the chance you become incapacitated grows as you age, anyone can become incapacitated at any time, whether due to illness or injury.
Without this tool, your loved ones may be forced to petition the court for a guardian. This process can be lengthy and expensive. Furthermore, the court will choose who to appoint as your guardian. Your guardian could easily end up being someone you would not want making decisions on your behalf.
Call A Naples Estate Planning Lawyer
If you have questions about power of attorney, you should contact Nici Law Firm. James R. Nici is an experienced Naples estate planning attorney with over 25 years of experience. He is well-versed in these issues and can create this document and others for your estate plan. Contact our office today at (239) 449-6150 or use our web form to set up a free consultation.
