Durable Powers of Attorney
What will happen if you become incapacitated and can no longer handle your finances such as paying your mortgage or your child’s tuition? What if a decision must be made regarding the sale of property and you are incapacitated? A comprehensive and properly executed Durable Power of Attorney can fill that gap. What makes it “durable”? Durable means that it survives your incapacity, meaning it is still effective even if you are incapacitated – which is the very time you will need it the most! If it is not “durable” and you become incapacitated, it cannot be used.
There are several varieties of Powers of Attorney. It is important to know which best meets your needs both now and for the future, and that it be properly worded and executed. Do not take a chance by using document forms found on the internet or software that may be neither state-specific nor comprehensive. If there is a need and it is too late to obtain this all important document, a court-ordered guardianship may be required.
Like many areas of the law, State requirements vary as to form and execution of Durable and other Powers of Attorney. Florida law changed significantly October 1, 2011.
It is important to seek competent legal advice from an attorney who keeps up to date on these important matters.