If you are in the process of settling your estate and preparing it for your beneficiaries, a Tampa estate attorney advises why you need an attorney in fact.
An attorney in fact is the person otherwise known as the designated agent in regards to your document of power of attorney. According to a Tampa estate lawyer, this person is given the authority to handle everything under the scope of the power of attorney:
- Your personal financial affairs;
- The execution of contracts;
- Motor vehicle registration;
- Bank account transactions;
- Tax returns; and
- Real estate sales.
When the power of attorney is considered durable, the attorney will have power even if you are incapacitated.
The decision to select an attorney in fact is very important, as the right choice will allow you peace of mind that your affairs will be handled exactly how you specified.
A Tampa estate attorney advises that an attorney of fact must fulfill one of the two requirements in Florida:
- Must be 18 years or older and of sound mind; and
- Must be a financial institution located in Florida and have trust powers.
When choosing an attorney, a Tampa estate attorney recommends that you have complete faith in that person’s legal abilities. If you trust the competence, loyalty and devotion of your attorney, then you should proceed to make the power effective immediately. The original document should be left in the care of your attorney to make sure it is safe.
If your faith in your attorney is not strong, you may not want to grant power of attorney.
Other considerations for selecting an attorney in fact:
- Is the attorney close or convenient to you, geographically?
- Is the attorney willing to serve on your behalf?
- Does your attorney get along with the person you want to designate as your health care surrogate?
For more information regarding attorney in fact, contact a Tampa estate attorney from the Coleman Law Firm by calling 727-461-7474.