Durable Power of Attorney
A durable power of attorney allows one person (the principal) to delegate authority to someone else (the agent) to act on their behalf. Florida law previously allowed for a springing power of attorney - where the agent's powers "sprang" into action after a triggering event. This is no longer permitted in Florida.
The power of attorney is a part of your Life Plan that survives incapacity and remains in effect and binding, even if you are deemed unable to manage your affairs.
The only type of power of attorney allowed in Florida is one that goes into effect immediately. While there are some drawbacks to what Florida allows, there are numerous benefits. Additionally, this is where open communication between you and your Life Planning attorney become vital to your fully customized Life Plan.
In certain situations, a power of attorney executed in another state is not recognized by banks, IRS, insurance companies, or even the government because they are not executed properly. If you are a new Florida resident, or have questions about your existing power of attorney, contact us today to schedule a consultation.
To find out more, read more on our blog.
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