In Florida, several people make use of POA and they do so for several reasons. Before we go into that, why don’t we consider what a power of attorney really is?
You may not be quite conversant with the term “Power of Attorney” probably because you don’t require one yet, or maybe because you haven’t been paying lots of attention. A power of attorney, also known as a POA, is simply a legal document that offers you the chance to choose an individual who will act on your behalf. The selected person-who is often regarded as an attorney-in-fact-will have the authority to handle your legal, financial, medical, and other important matters for you.
Of course, individuals who make use of this document are usually not fit to make decisions themselves or its either they lack the capacity or knowledge to make these decisions themselves.
One thing you should know about this document is that they aren’t equal. Of all the type of POA that exists, each offers the attorney-in-fact different level of dominance.
If perhaps you have a lawsuit to file and you need an expert to help you with it, or you are the defendant in a law case, you can assign a lawyer with the help of a POA. Or for instance, if you traveled out of the country and you have certain pending maters that requires urgent attention, you can make use of this tool. Whoever you choose will act as stated in the POA and wouldn’t do contrary.
Choosing an Attorney-in-fact
It is the job of your attorney-in-fact to handle crucial matters, probably matters that involves your life, safety, finances, etc. Thus, it is paramount that you do your homework before you select your attorney-in-fact. If you need assistance regarding a legal matter, get a trusted lawyer and assign him or her as your attorney-in-fact.
If you need assistance regarding a financial issue, go for one who you feel has the best capacity to help you, someone you can trust, and one that has your interest in mind. Most people often select a close relative or a friend as their attorney-in-fact.
You should only use a POA if you lack the mental capacity to make right decisions, if you lack the ability to handle a matter, or if you need someone to handle a certain issue while you are away. You shouldn’t just create a POA because you feel like, there should be a cogent reasons like the abovementioned.
Power of Attorney and Estate Executor
If you are very conversant with estate planning and the processes involved you will notice that a power of attorney is almost similar to an estate executor. An estate executor may play similar role with a power of attorney, but they are two different terms and individuals. An estate executor is an individual who is designated by an estate owner to act on his behalf upon his death. His job starts when the estate owner dies. For a power of attorney, his role ends upon the demise of the principal.
Flexibility of a POA
A POA is a very effective tool that can be used to handle your affair should you become incapacitated or unable to handle certain task or situation. Several people believe that this legal document is only used when one lacks the mental capacity of ability to make good decision themselves. The truth is that, a power of attorney is a very flexible tool that can be used in several situations to help individuals in many daily activities such as complicated financial issues.
While this legal tool remains effective in managing the affairs of an incapacitated individual, it can also be used to give individuals with certain skills the authority to represent the principal in legal issues, financial matters, and other areas where the principal is incompetent due to insufficient knowledge.
If you require an attorney to help you create a POA, or you need one to walk you through the process, you can contact us. We boast of the best and experienced attorneys that can also help you plan your estate