Our West Palm Beach Estate Planning Attorneys believe that a Florida power of attorney is a critical tool in the estate planner’s toolbox. This vehicle empowers an individual to serve as your “attorney-in-fact” or agent, in order to transact business, make decisions and perform a variety of other functions in the event of your incapacitation or inability to act on your own behalf. It is common for the person being appointed as the attorney-in-fact to be a close family member or trusted friend. A few of the main types of Florida powers of attorney are described below.
The Florida general POA is the most comprehensive empowering the appointed attorney-in-fact with all of the same rights and powers that you personally hold. As such, the attorney-in-fact can buy and sell assets, operate business interests and virtually anything else that you are able to do yourself. The powers granted to the attorney-in-fact in a general POA are terminated upon your passing or incapacitation. This document is included in most Florida estate plans.
The Florida durable power of attorney may be limited or general in the bundle of rights and powers in that it conveys to your agent and permits that individual to represent you after you have become incapacitated. This aspect of the durable POA sets it apart, in that your agent will not be permitted to act on your behalf in the event of your incapacitation if the agent’s power is predicated on a general or limited POA. Should you become incapacitated and you do not have durable POA, the court will be required to go through the process of appointing a conservator or guardian to represent your interests. This document is also typically included in most estate plans.
The Florida limited POA empowers your attorney-in-fact to act as your agent in the same way that a general POA does. However, the difference between the two is that the limited POA only gives your attorney-in-fact the right to act as your agent for a specific and limited purpose. A limited power of attorney may be given for the purposes of signing a legal document or managing real estate. Limited POAs typically terminate once the act in question has been completed.
Contact the experienced and knowledgeable West Palm Beach Estate Planning Attorneys at The Law Office of Ryan S. Shipp, PLLC, so that we can discuss your Florida estate planning needs and answer any questions that you may have. Our phone is 561.699.0399 and our office is conveniently located in Lantana, Florida. Our office serves West Palm Beach and South Florida.
Like this Blog? Please see below links to our other Wills, Trusts & Estates Blog Posts
- Is A Florida Pour-Over Will Different Than A Regular Will?
- What are the duties and obligations of a trustee under Florida Law?
- What is a Florida Revocable Trust and Why is it important?
- Why is a Florida Last Will and Testament Important?
- Florida Special Needs Trusts
- Different Types of Florida Powers of Attorney
- Persons Associated with Florida Trusts
- Revocable vs Irrevocable Trust Florida