It can be difficult to consider what will happen if one is ever in a position where he or she is unable to make decisions for him or herself due to incapacitation. While this is not an easy thing to account for, it is possible to make plans that will allow a Florida adult to control certain aspects of his or her financial life in the future. Through a financial power of attorney, one can protect his or her interests in case of an emergency.
What does this document accomplish?
This document allows one to control certain aspects of his or her financial life. If the individual is ever in a position where he or she cannot control certain financial matters, the person named as the agent in the power of attorney can act on his or her behalf. Consider the following about a financial power of attorney:
- The agent will be able to make decisions regarding payment of debts, real estate holdings, investments and more.
- The agent should be a trusted individual or party who will act in the best interests of the principal-agent.
- The power of attorney ends upon the death of the principal-agent.
If a Florida adult does not have a financial power of attorney as part of his or her estate plan, there are significant benefits to including one.
A carefully crafted estate plan
An estate plan should be custom-tailored to the individual needs and objectives of the person creating it. Each adult should give careful consideration to what will happen to his or her financial affairs in the event of incapacitation. A financial power of attorney can provide protection and peace of mind.