Most people do not think about needing a power of attorney until they are nearing the end of their life. However, those people also do not understand everything a power of attorney can do before and after your death. An elder law attorney Sarasota residents trust can dive into the details on the responsibilities of a power of attorney, but you should have a foundational knowledge before getting into the nitty gritty and appointing someone—even if you are not dying.
Types of Power of Attorneys
A power of attorney is someone appointed to handle financial matters on behalf of the person they represent. There are two types of power of attorneys and the type you need will depend on your unique circumstances. An elder law attorney Sarasota law firm can help you choose the appropriate power of attorney for your situation.
Durable- A durable power of attorney is permanent and allows for the power of attorney to make decision and act on behalf of the person in cases of incompetence.
Non durable- If a non durable power of attorney is appointed, this person can only make decisions on someone else’s behalf so long as the person is still competent.
Both types of power of attorneys immediately terminate when the person they represent dies. Power of attorney agreements can also have predetermined expiration dates if someone is not incompetent or near death but temporarily cannot make financial decisions for themselves.
Both types of power of attorneys also must always act within the best interests of the person they represent and there are several statutes in Florida that outline exactly what a power of attorney can or cannot do.
Some clients of elder law attorney Sarasota firms know exactly who they want their power of attorney to be. Other clients need some guidance on making the best decision. The most common people appointed are children, spouses, parents, or siblings. Good friends and long-term partners can also be chosen, and financial institutions that handle trust accounts are also available. Multiple power of attorneys can also be named with provisions of power assigned to each.
If you need help setting up a power of attorney, call The Law Office of Kimberly K. Muenter at 941-845-6412.