Durable Powers Of Attorney
How We Can Help
Imagine if tomorrow you were in a car accident or overcome by an illness and unable to communicate… What would your family do? A Durable Power of Attorney will help!
You must have someone (with alternates) to call your insurance company, write checks, pay bills or communicate on your behalf.
This must be done BEFORE an illness or injury! Everyone over 18 years old must designate their “agents” to act on their behalf.
Believe me, I have sat on the edge of too many hospital and/or rehab beds dealing with distraught family members.
Protecting Your Family And Your Future
Many of my new clients initially believe prior to our first meeting that they may only need a “simple will,” without further Estate Planning.
But, your biggest concern should not be what your family will do when you pass away; but what your family can do for you RIGHT NOW!
The Power of Attorney document that we prepare for our clients is extremely effective. Take a look at this great article that shows Bank of America’s responsibilities in failing to accept a “POA.” The bank had to pay $64,000 to a family because Bank of America failed to act reasonably.
This isn’t a case I handled, but it demonstrates the strength of the document prepared under Florida Law and the penalties that can be imposed against institutions.
The POA I prepare has “teeth” and allows for your ability to make sure it is used effectively and provides for Judicial Relief if a bank acts unreasonably.
Bank Pays Price for Refusing to Honor Request Made Under a Power of Attorney
The top 10 reasons why everyone needs an attorney-prepared POA!
- Allows your Agent to speak for you if you cannot speak yourself.
- Avoids the necessity of a Court-Appointment guardianship.
- Provides immediate access to critical assets.
- Allows your family to ensure you are receiving the proper care.
- Allows your Agent to make sure your bills are being paid and to pay them if not.
- Protects you and your family from claims of financial abuse.
- Prevents questions about intent.
- Allows your agents to talk to others for you! Banks, professionals, insurances, deeds, etc…
- Allows Agents to help you plan and make you eligible for public benefits if necessary.
- Prevents delays in financial and asset protection planning
What is a Power of Attorney
A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint — your “attorney-in-fact” or “agent” — to act in place of you — the “principal” — for financial purposes when and if you ever become incapacitated due to dementia or some other reason. The agent under the power of attorney can quickly step in and take care of your affairs.
But in order to execute a power of attorney and name an agent to stand in your shoes, you need to have capacity. Regrettably, many people delay completing this vital estate planning step until it’s too late and they no longer are legally capable of doing it.
Be Very Careful using an Online Power of Attorney
As an attorney, I make sure that these mistakes do not occur. An online form is just a piece of paper, and if any mistakes are made, the family will feel it for years to come. Take a look at my post regarding POAs and the top 10 reasons you need an attorney to prepare one!
Bank Pays Price for Failing to Honor a Power of Attorney
A durable power of attorney (POA) allows the person creating the POA, called the “principal,” to name a trusted agent who can act on his behalf in almost any situation. But because of the risk of abuse, many banks will scrutinize a POA carefully before allowing the agent to act on the principal’s behalf, and…
Warning: you must have a Power of Attorney!
Imagine if tomorrow you were in a car accident or overcome by an illness and unable to communicate… What would your family do? I have sat on the edge of too many hospital and/or rehab beds dealing with distraught family members. You must have someone (with alternates) to call your insurance company, write checks, pay…
Execute a Power of Attorney Before It’s Too Late
A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint — your “attorney-in-fact” or “agent” — to act in place of you — the “principal” — for financial purposes when and if you ever become incapacitated…
How to Handle Sibling Disputes Over a Power of Attorney
A power of attorney is one of the most important estate planning documents, but when one sibling is named in a power of attorney, there is the potential for disputes with other siblings. No matter which side you are on, it is important to know your rights and limitations. A power of attorney allows someone…
Tailoring a Will and Power of Attorney for Multiple States
If you own property — whether houses, bank accounts, or vehicles — in more than one state, do you need estate planning documents for each state? The answer is probably no, but you need to do some planning if you want to avoid going through probate in each of the states. A lawyer can generally…
“Leave A Legacy, Not A Mess”
Emerald Publications – September, 2007