Power of Attorney Cantonment ➔ Pensacola ➔ Navarre
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Power of Attorney
Power of AttorneyGet It When You Don’t Need It ➔ Because You’ll Need It When You Can’t Get It
POWER OF ATTORNEY-YOUR MOST VALUABLE ASSET IS YOU
Very few people call my office asking for a Power of Attorney (or Health Surrogate Designation). Most call primarily for help preparing a will or a trust to give away their “stuff” after they die.
When I receive calls about these documents, it is often from a spouse, child, or other family member asking for assistance in preparing these documents for someone who can no longer manage their affairs.
They’ve run into a wall at a bank or hospital where they have been told they need a Power of Attorney or Health Surrogate Designation to withdraw money or make a medical decision for an incapacitated loved one.
By the time they are needed, it is often too late for the principal to grant these powers to another person.
AN INCAPACITATED PERSON CAN NOT GRANT A POWER OF ATTORNEY.
While a Will or a Trust are incredible resources for protecting and distributing your assets, what about “you”? Who will take care of your financial affairs if you are unable to? Who will make health decisions for you if you are incapacitated?
These questions are often far more important than who gets your stuff at death, and if you don’t have the answer (and proper documents), the laws of the State of Florida will provide answers for you in the form of an expensive and restrictive guardianship.
For that reason, I recommend that EVERYONE has these documents. Having the proper documents for your family and friends to assist you can save time and money.
Those without are often subject to guardianships, which can cost thousands of dollars and months of lost time before decisions are executed, bank accounts accessed, and property sold.
A Power of Attorney is a document that allows you to name a person or persons to manage business, financial, property, and/or personal decisions for you. The documents lay out the powers granted along with any restrictions on those powers.
The person you name does not have powers greater than you (i.e., they do not have power “over” you). Furthermore, these powers can be revoked at any time (as long as you are competent to revoke them).
I like to use the analogy that a power of attorney is like making a person a copy of your house key so that they can help while you’re out of town—it doesn’t mean they own your house or can take your stuff; they are only authorized to do approved tasks.
If they abuse the power you have granted them, you can change the locks or, in extreme cases, call the police to report a crime.
Similarly, a Designation of Health Surrogate allows someone to make medical decisions for you.
You can pick the person that you believe would best follow your desires for medical treatment in a scenario where you are unable to make those decisions due to mental or physical incapacity.
The designation is typically combined with a Living Will (a poor name as it is not a Will and lays out how you wish to die), which conveys your desires for your end-of-life treatment. You tell your medical providers when you wish for medical treatment to end if it will only prolong an imminent death.
Some worry that these documents are the equivalent of throwing in the towel, but on the contrary, they are often quite empowering. Instead of a judge deciding who should assist or care for you, you get to decide whom you trust to take on the task.
Remember that your most valuable asset is YOU. Don’t leave the decision to someone else.
What is a Power of Attorney?
A Power of Attorney is a legal instrument delegating legal authority to another. The person who signs a Power of Attorney is called the principal. The Power of Attorney gives another person (called an Agent or Attorney-in-Fact) authority to make property, financial, and other legal decisions for the principal.
The word “attorney” here means anyone authorized to act on another’s behalf. It is not restricted to lawyers. A principal can give an agent broad legal authority or very limited authority.
The Power of Attorney is frequently used to help in the event of a principal’s illness or disability, or in legal transactions where the principal cannot be present to sign necessary legal documents.
How do I select an agent for a power of attorney?
Choose a trusted family member, a proven friend, or a professional with an outstanding reputation for honesty. Signing a Power of Attorney that grants broad authority to an agent is like signing a blank check.
Never give power of attorney to someone you do not trust fully. Do not allow anyone to force you into signing a power of attorney.
Can I appoint more than one agent in a power of attorney?
Yes. You may appoint multiple agents. If you name two or more agents, you must decide whether they must act together in making decisions involving your affairs or whether each can act separately.
Consider the advantages and disadvantages of both forms of appointment. Requiring your agents to act jointly can safeguard the soundness of their decisions.
On the other hand, requiring an agreement can delay action, or one may be unavailable to sign. If your agents are allowed to act separately, one will usually be available to act for you.
Still, there may be confusion and disagreements if the agents do not communicate well, or if one believes that the other is not acting in your best interests. It is generally a good idea to appoint a substitute agent.
Powers of Attorney are only as good as the agents who are appointed.
Every Person Who Walks Through Our Door Is Important To Us.
