A durable power of attorney may be one document that your Safety Harbor estate lawyer recommends as part of a comprehensive estate plan. Your Safety Harbor estate attorney can explain the dynamics of this legal designation.
Your Safety Harbor estate lawyer can explain that a durable power of attorney gives you, the principal, the power to designate another person, the agent, to take care of your personal financial affairs. The powers that you give the agent are at your discretion. There are general rights that a power of attorney usually receives, such as the ability to file your tax returns, execute contracts on your behalf, complete bank account transactions and register motor vehicles unless you have different instructions. You may also prefer to limit your power of attorney to a particular task, such as selling real estate.
A Safety Harbor attorney can explain the special term “durable.” Generally, a power of attorney expires upon the incapacitation of the principal. However, a durable power of attorney endures after the principal becomes incapacitated. This means that the individual will retain the right to take care of your financial affairs if you become incapacitated.
Types of Power of Attorney Designations
There are several ways that you can establish a power of attorney relationship, as your Safety Harbor estate lawyer can explain. For example, you can grant a special durable power of attorney. This provides for the completion of tasks related to a specific project, such as the sale of a house. A springing power of attorney allows you to designate an agent of your choice, but the individual does not get the power to conduct your financial affairs until you become incapacitated or until another event transpires that you establish ahead of time. You can also grant a general durable power of attorney if you would like the individual to be able to make financial decisions on your behalf and to have general powers.
If you would like more information on a durable power of attorney and how this can help your estate plan, contact the Coleman Law Firm by calling 727-461-7474 and setting up a confidential consultation.