What is a Durable Power of Attorney?

A durable power of attorney is a legal document whereby you give somebody the authority to handle financial assets on your behalf. Primarily, we use this to plan for the possible event of incapacity, but in the state of Florida, under statutes that were changed roughly four or five years ago, as soon as that power of attorney is signed, it is effective. Care must be taken when we think about not only who we’re going to name as an agent on the power of attorney but are we going to give that person a copy of that document and, if so, when do we do it? The big advantage to the power of attorney is that by having one in place, and expensive and time-consuming guardianship process can potentially be avoided.

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