Durable power of attorney is a legal document that grants another person, known as an agent, the authority to make decisions on your behalf. Executing a durable power of attorney is usually one component of an entire estate plan that lets a person preserve the well-being and financial future of his family. It is advisable to seek assistance from a North Palm Beach estate planning lawyer to ensure the durable power of authority documents are properly set up and accurately reflect your intentions.
Florida Durable Power of Attorney Law
According to Florida Statute §709.2104, the durable power of attorney remains effective if you become incapacitated and aren’t able to manage your affairs. It’s common for an agent to handle payment of bills, bank accounts, real estate, investments and other financial transactions. The agent has the authority to act as the durable power of attorney immediately after the documents are executed. You may also have co-agents and backup agents.
The documents should list the specific powers of the agent and contain certain restrictions to prevent abuse or mismanagement of your assets. If you decide to revoke the durable power of attorney, you need to notify all of the agents about the revocation; record the revocation with the Clerk of the Court in Public Records; and inform the financial institutions that handle your accounts.
Contact an Estate Planning Attorney in North Palm Beach
If you want to find out more information about durable power of attorney and whether it suits your needs, speak with an estate planning lawyer. Al Morici Attorney at Law has spent years helping clients establish estate plans that provide long-term asset protection for their families. Call the law office at 561-471-2551 to schedule a consultation.