Why do I need a durable power of attorney? Well, there’s many reasons why a durable power of attorney is a necessary document.
First and foremost, a durable power of attorney is probably one of the most, if not the most, important estate planning document that you’ll utilize during your lifetime. And the reason that this is so is because a durable power of attorney allows you, in your lifetime, while you have capacity, to appoint an agent to act on your behalf to manage your affairs.
Also, it’s very important to know that the power of attorney statute in Florida did change in October 2011, where there are certain super powers, which now need to be specifically enumerated in your document as well as initialed in your document. These super powers include things such as the power to do banking transactions on your behalf, the power to do investment transactions on your behalf, create a Miller Trust on your behalf, even create, modify, or change a trust or a beneficiary designation. This is a lot of power that you’re giving this specific person that you’re appointing as your agent. Therefore, it’s very, very important that you choose somebody that you trust immensely, because this document will allow them to do many things on your behalf.
More importantly, a power of attorney is very important because it can prevent the necessity of a guardianship proceeding being instituted on your behalf in the event that you have an accident or you become incapacitated in your lifetime. Therefore, a durable power of attorney is a necessary document, whether you are in your 20s or whether you are in your 90s.
If you have any more questions about estate planning or a durable power of attorney, please give me a call here at Waller & Mitchell at (727) 847-2288.