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What Rights Are Conveyed in a Power of Attorney?

Posted on in Estate Planning

Florida power of attorney lawyerThere is significant confusion and misinformation surrounding the effects of a power of attorney. Many people hesitate to execute these critically important emergency documents out of fear that they may surrender personal or financial rights to the agent named in a power of attorney. This is not the case unless you wish it to be so. A power of attorney is given only what limited rights and powers you intentionally grant them in your documents. Powers of attorney are highly flexible and customizable documents. It is not advisable to use a standard-form power of attorney obtained from an online source. The most secure way to obtain precisely the powers of attorney you want and need in this moment is to work closely with an attorney who can draft a customized document for your protection. An attorney can include only such powers as you are willing to convey, to take effect upon the circumstance or event of your choosing. 

What Is a Springing Power of Attorney?

A springing power of attorney is one that takes effect only when a specific event has occurred, most commonly the incapacity of the principal. Many individuals who sign powers of attorney are not prepared to grant immediate powers or privileges of any type to their agent, regardless of the level of trust between them. This goal can be accomplished using a springing power of attorney. Written in a manner as to have no effect until the principal has become incapacitated, there is little risk in executing such a power of attorney.

Powers of attorney are often discussed in the larger context of incapacity planning for this reason. A springing power of attorney is used as more of a contingency document, granting no powers or permissions whatsoever until the principal has been formally deemed incapacitated. 

What Powers May Be Granted by a Power of Attorney?

One of the most celebrated features of a power of attorney is its flexibility. Principals are not required to grant any one specific power using these documents. Rather, you should discuss with your attorney which particular actions you would or would not want your agent to undertake on your behalf. 

For example, in a healthcare power of attorney you may specifically bar your agent from consenting to any life-prolonging care on your behalf in the event of terminal illness. You may also specifically give them the power to move you into a care home should it become unsafe for you to remain at home. Or, in a financial power of attorney, you may grant your agent the power to access your bank account to pay bills on your behalf while explicitly barring them from selling the family home. 

Your powers of attorney are highly customizable and may be written in a way as to conform to your personal wishes. 

Contact a Broward County Attorney for Powers of Attorney

Law Office of Miller & Miller, P.A. is skilled at customizing powers of attorney for each individual client. Our knowledgeable Oakland Park powers of attorney lawyers will prepare each document according to your personal desires. Call 954-981-9301 for a free consultation. 

 

Source:

https://www.investopedia.com/articles/personal-finance/101514/power-attorney-do-you-need-one.asp

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