The Important Role A Power Of Attorney Plays In Tampa Estate Planning
Most people are familiar with the role an attorney plays in legal proceedings. Designating someone to act as your power of attorney in Tampa is an altogether different thing. While this person may or may not be a legal professional, the primary concern is that they are someone you trust to manage your financial affairs in the event you are unable to. Our Tampa estate planning attorney explains more about when a power of attorney comes into play and how to pick the right person for this role.
The Purpose Of Tampa Powers of Attorney
Under the Florida Statutes, a power of attorney is a legal document that delegates authority to someone you designate in advance. It grants them the right to act on your behalf in handling certain personal, business, or financial affairs.
A power of attorney protects you and those you love in the event you are incapacitated or otherwise unable to manage your affairs. There are three general types of power of attorney (POA):
- A durable power of attorney: This is the most common type. A durable POA may be used to manage your business, maintain property, or ensure you get the appropriate medical care. It remains in effect until you revoke it.
- A limited power of attorney: This is similar to a durable POA but, as the name implies, it may be limited in purpose, time frame, or scope.
- A healthcare power of attorney: This is a type of limited POA that authorizes someone you trust to make important medical decisions on your behalf and in accordance with your wishes.
Picking The Right Person To Serve As Tampa Power Of Attorney
When creating a will, you need someone to act as your personal representative in closing your estate through the Hillsborough County Probate Court. When creating a power of attorney, the person you select protects your property and assets if a serious injury or illness happens and you are unable to manage your own affairs.
When creating a POA, you are the principal, and the person you give power to is the agent. Anyone over the age of 18 is eligible for this role. However, in addition to being someone you trust, consider the following in making your selection:
- Proximity: If they are going to manage your affairs, they need to be close.
- Health: They should be healthy and able to fulfill the role.
- Knowledge of your situation: They should be familiar with the matters they will be handling and your wishes.
- Experience or skills: They should have experience and proven skills in the matters they must address as your agent.
Request A Consultation With Our Tampa Estate Planning Attorney
A power of attorney plays an important role in protecting you when creating an estate plan in Tampa. To discuss more about your options and what a POA can cover, contact Strategic Counsel Law Group, L.C. Request a consultation with our Tampa estate planning attorney today.