The Power of Protection: Why a Durable Power of Attorney is Crucial in Florida
The Power of Protection: Why a Durable Power of Attorney is Crucial in Florida
In the realm of elder law and estate planning, few documents hold as much significance as the durable power of attorney. Specifically tailored to the unique legal landscape of Florida, this document empowers individuals to make crucial decisions on behalf of others when they are unable to do so themselves. A well-crafted durable power of attorney is necessary for most Medicaid and VA Planning – to ensure assets are protected, while qualifying for public benefits to pay for long-term care.
Durable Power of Attorney
- A durable power of attorney allows you to appoint a trusted person(s) to act as your agent and a successor agent to make financial decisions, when you cannot.
- A durable power of attorney withstands incapacity – so even if you lose capacity, your agent may make financial decisions on your behalf.
- A durable power of attorney helps you avoid guardianship, as you have a person named to make your financial decision. This is a less restrictive and less costly option to guardianship.
- Florida Law changed on October 1, 2011 regarding what are commonly referred to as superpowers, specific powers which must be initialed. Many of the superpowers are powers your agent will need to complete Medicaid and VA Planning on your behalf in the future.
- An agent under a durable power of attorney is a fiduciary and must act in your best interest.
Why a DPOA is needed:
Without a durable power of attorney in place, the court may need to intervene through a guardianship proceedings to appoint someone to manage your financial affairs. This process can be time-consuming, expensive, and may result in decisions made by someone unfamiliar with your wishes.
Florida law allows for the customization of a durable power of attorney to suit your needs. The flexibility this provides enables you to specify the powers granted to your chosen agent to ensure that all of your current and future financial goals are met.
A durable power of attorney provides a seamless transition in the management of financial matters as mentioned previously. An appointed agent can step in immediately to pay bills, manage investments, and handle other financial responsibilities without disruption.
By designating a trusted individual as an agent under a durable power of attorney, the risk of exploitation and undue influence is minimized, in the event you lose capacity.
How to Create a DPOA:
Creating a durable power of attorney is a relatively straightforward process with the guidance of an experienced attorney. Having this document in place provides peace of mind for both you and your loved ones. It is important to work with an experienced attorney, especially if you would like to provide your agent the authority to complete Medicaid and VA Planning on your behalf to protect assets. Using a durable power of attorney form from the internet is normally insufficient for future planning and often requires a guardianship to be established, as such forms do not provide the superpowers to complete such planning.
In Florida, a durable power of attorney is a powerful tool for individuals seeking to protect their interests and maintain control over their affairs, even in the face of incapacity. At The Elder Law Center of Kirson & Fuller, our dedicated team of elder law attorneys is ready to guide you through the creation of a durable power of attorney tailored to your specific needs and preferences. Contact us today at 407-422-3017 to secure this vital document and ensure that your wishes are honored and your legacy protected.