What Are The Financial Benefits Of A Durable Power Of Attorney In Florida?
Within the state of Florida, a Durable Power Of Attorney – or “DPOA,” for short – is a document that allows another person to manage your financial affairs.
Being aware of what a DPOA allows for, with regards to one’s finances, makes it easier to determine if setting up a DPOA is the right decision.
What Is A Durable Power Of Attorney?
A Durable Power Of Attorney is a unique form of Power Of Attorney – or “POA,” for short – that offers a distinct set of rights and abilities to the one who has been authorized as a POA.
Right before we go over what, specifically, a DPOA allows for, we must go over what a POA is. And, with that in mind, a POA is an agreement between two parties that allows one party to, within this context, make financial decisions for the other party.
Just as a general rule, a POA is only in effect while the person, who authorized the POA, is alive and well enough to make decisions regarding their financial affairs. But, when that period expires, the individual who has been given POA can no longer make decisions on behalf of the person who authorized the POA.
With the above in mind, a DPOA is a form of POA that remains in effect until the individual, who granted the DPOA, passes away, or until the document is revoked.
Even if the individual, who granted the DPOA, is no longer mentally/physically well, or even capable of expressing their needs or desires, a DPOA will remain in effect.
What Are The Financial Benefits Of A Durable Power Of Attorney?
The financial benefits of a Durable Power Of Attorney are numerous. Some of the most notable benefits, though, that come from setting up a DPOA are as follows:
- A DPOA ensures that someone, whom an elderly person trusts, is in charge of their finances.
- A DPOA ensures that this individual is in charge of their finances, even if they are incapacitated.
- A DPOA allows family disputes, regarding medical and financial decisions, to be avoided.
- A DPOA will help prevent an elderly person’s assets being taken to pay for their medical care.
- A DPOA will ensure that an elderly person’s day-to-day needs are always taken care of.
- A DPOA ensures that Social Security, and other benefits, will be collected and used.
- A DPOA allows for any and all taxes, that belong to an elderly person, to be paid and filed.
- A DPOA allows for an elderly person’s stocks, and other financial assets, to be managed and maintained.
Other benefits exist and, to discover those, it is best to speak with an estate planning lawyer.
Every single one of these benefits makes it much easier for an elderly person to maintain their financial standing and, in turn, the life that they, and their family, currently enjoy.
Speak With A Florida Estate Planning Lawyer Today
You can protect yourself, your family, and your finances with a Durable Power Of Attorney. Speak with a Florida estate planning lawyer today, and we will assist you in developing a DPOA.
Sources:
law.cornell.edu/wex/durable_power_of_attorney
law.cornell.edu/wex/power_of_attorney
