Power Of Attorney
Establishing a power of attorney or POA is crucial to your estate planning strategy. It enables someone to take action representing the person legally. Depending on what is specified, this person might have the authority to make decisions regarding various issues, including real estate, money, investments, or medical care.
The type of power of attorney in Florida can vary according to your circumstances. But all of them must be signed in the presence of 2 witnesses and recognized before a notary public to be legally binding. Here are the different types of power of attorney:
General Power Of Attorney
You can give your agent wide-ranging power with a general power of attorney. General power of attorney is your best option if you want your agent to handle a broad range of decisions, such as handling your assets and managing your care. In addition, financial matters, such as banking, purchasing or selling property, and dealing with the government, can all be handled by your agent.
Limited Power Of Attorney
Limited power of attorney is used when you must delegate authority to an agent for a limited time and purpose. For instance, if you have to leave the country during the closing process, you can appoint a representative to handle everything on your behalf. When the time or reason for the authorization to act has passed, the power will also disappear.
Durable Power Of Attorney
In the case of a durable power of attorney, the authority you bestow upon your agent will remain in effect even if you later become incapacitated. This POA might be either broad or narrow in scope. The phrase “this durable power of attorney is not terminated by subsequent incapacity of the principal save as stated in Chapter 709, Florida Statutes,” must be included in the instrument if it is considered a durable power of attorney.
Estate planning involves the distribution of properties that may or may not be easily divided. That’s where property partition comes in.
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