The Many Uses Of A Power Of Attorney

A power of attorney is one of the most useful estate planning tools you can employ. You can use a power of attorney to ensure that your needs are taken care of, in the event that you cannot take care of them yourself.

Going over the many uses of a power of attorney, and speaking with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today will help you develop an estate plan that satisfies your wishes.

What Is A Power Of Attorney 

A power of attorney lets someone else make decisions on your behalf. The person you appoint as a power of attorney can only make decisions on your behalf if you are unable to do so on your own.

Just as an example, if you are in a coma and cannot access your bank account in order to pay your rent, the person you appoint as your power of attorney can do so on your behalf.

You can set up a power of attorney so that your needs can be taken care of, even if you are not in a position to take care of those needs.

What Are The Many Uses Of A Power Of Attorney? 

A power of attorney has many uses. Some of these uses are as follows:

1. The person you appoint as your power of attorney can pay your rent on your behalf.
2. The person you appoint as your power of attorney can conduct real estate transactions on your behalf.
3. The person you appoint as your power of attorney can make medical decisions on your behalf.
4. The person you appoint as your power of attorney can work with your creditors on your behalf.
5. The person you appoint as your power of attorney can sell/purchase your personal property on your behalf.
6. The person you appoint as your power of attorney can sign legal agreements on your behalf.
7. The person you appoint as your power of attorney can set up gifts for your friends/family on your behalf.

Outside of the above, a power of attorney has many other uses. Some of these require a specialized arrangement.

What Does A Power Of Attorney Require? 

To set up a power of attorney, you must do the following:

1. Work with a lawyer who knows how to navigate the process.
2. Choose the type of power of attorney you wish to develop.
3. Select someone you can appoint as your power of attorney.
4. Develop the official power of attorney document.
5. Sign the document with two witnesses present.
6. Have the power of attorney signed by the person you appoint.

Other things must be done, to set up a power of attorney. But, the above are the most important parts of the process. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop a power of attorney, you must work with someone who can help. Speak with a Florida estate planning lawyer today to develop the power of attorney that works for you. 

Sources: 

law.cornell.edu/wex/power_of_attorney

floridabar.org/public/consumer/pamphlet13/