This document is also sometimes called a “POA”, “DPOA”, “Power of Attorney”, "Durable Power of Attorney or Financial Power of Attorney.
The Power of Attorney typically designates a person(s) to manage finances for you in the event you become incapacitated. This person is called “The agent”, “The attorney-in-fact”, “The Power of Attorney”
In most circumstances it is preferable that if you are incapacitated, this person has been granted the authority to pay bills, handle bank accounts, retirement accounts, buy or sell property, and otherwise take care of your affairs.
The person you designate to be your agent should be someone who you trust implicitly and who you would be comfortable with managing your money and affairs.
A Power of Attorney is called a "Durable" Power of Attorney when it is designed in such a way so that it can continue to be used even if the Principal (the person who signed it) becomes incapacitated. In Florida, a Power of Attorney ceases to be effective upon the death of the principal.
Our firm can help you plan for incapacity with a new durable power of attorney, update your current power of attorney to comply with the 2010 power of attorney statute overhaul, and we can also help you challenge a power of attorney if that person is not doing their job properly.
During your individualized Estate Planning Consultation, we'll review your unique situation and provide individualized options for you. We will also provide you with valuable tips for how you can avoid common planning pitfalls and try to organize your estate to avoid probate. For this individualized advice and review of your current estate, we charge a fee that is paid at the time of the appointment and is based on the complexity of your estate and the advice to be given. This fee typically ranges between $150 for simple estate planning up to $275 for more complex, high net-worth, taxable estates, or for Long-term care planning.
Clients are sometimes weary of initial consultation fees and we understand that. We have found that attorneys who charge for the initial time spent in reviewing your unique situation, finances and values can avoid the appearance of trying to "sell" any documents or legal work that may not be needed while at the same time providing value to you in that initial consultation.
We hope to see you soon!