Skip to main content
Tag

Durable Powers of Attorney

Can a Durable Power of Attorney help avoid guardianship once I become incapacitated?

By Estate Planning, GuardianshipNo Comments

Having certain estate and end-of-life plan documents in place may be considered ‘lesser restrictive alternatives’ to guardianship if you become incapacitated. One possibility is the Durable Power of Attorney: if created by an individual before incapacitation, a Durable Power of Attorney appoints an agent or attorney-in-fact to make financial decisions and possibly even medical directives on behalf of the client (known as the “principal), even when the principal becomes incapacitated. If the individual does not have a power of attorney and a Florida circuit court adjudicates them incapacitated, then the court appoints a guardian, if there are no lesser restrictive alternatives. This guardian may be in charge of making financial and/or medical decisions on behalf of the ward until the point when the ward regains capacity. It is the responsibility of the guardian to make decisions guided in highest priority by the best interests of the ward in compliance with the Florida Guardianship Law.

For help drafting a Durable Power of Attorney or to discuss any questions you have about guardianship, please feel free to call Bach, Jacobs & Byrne, P.A. at (941) 906-1231.

May 20, 2019
Love0

How can I terminate a Durable Power of Attorney?

By Estate PlanningNo Comments

One way to terminate a Durable Power of Attorney is by creating a new Durable Power of Attorney. This new document must include language revoking the old Durable Power of Attorney, and it may be filed with the county public records office for added security.

Another option available to those seeking to terminate a Durable Power of Attorney is to create a separate document revoking the authorities of the agent or attorney-in-fact and to sign it. In addition to this, the agent or attorney-in-fact must be notified that they no longer retain the powers of the old document.

Do you need help terminating a Durable Power of Attorney or making a new one? Call Bach, Jacobs & Byrne, P.A. today at (941) 906-1231 to schedule an appointment with our experienced and highly-rated attorneys.

December 3, 2018
Love0

What happens to the Durable Power of Attorney when someone dies?

By Asset Protection Planning, Estate Planning, ProbateNo Comments

A Power of Attorney is described as “durable” because it continues to be effective until and after the point at which a given client becomes incapacitated. However, the Durable Power of Attorney is not effective after that client (known as “the principal”) has died.

According to Florida Statute §709.1209, a Durable Power of Attorney is terminated in the following cases:

-The principal dies

-The principal revokes the Power of Attorney

-The Power of Attorney states that it terminates at a certain point

-The purpose of the Power of Attorney is accomplished

Even if a Durable Power of Attorney document states that it shall continue after the principal has died, the Power of Attorney will be terminated regardless. Only the personal representative of the estate has the authority to administer the assets of the deceased in the probate process.

If you have questions regarding the probate process and the estate of your loved one, please call the attorneys at Bach, Jacobs & Byrne, P.A. at (941) 906-1231.

November 23, 2018
Love0

What is the distinction between “surviving” powers of attorney and “springing” power of attorney?

By Estate Planning, GuardianshipNo Comments

The key difference between surviving and springing powers of attorney is the time at which they take effect. Surviving powers of attorney are entrusted to the agent as soon as the paperwork is signed – the term “surviving” refers to the “durability” of this agreement, which lasts until and even after the point at which the ward becomes incapacitated. Springing powers of attorney, on the other hand, only go into effect after the ward is incapacitated.

After June 2011, the updated Florida Durable Power of Attorney Act formally banned springing powers of attorney (though any durable powers of attorney agreed upon before the institution of the new law were to remain valid). Having a durable power of attorney is an important part of comprehensive end-of-life planning and estate planning. Call the attorneys at Bach, Jacobs & Byrne, P.A. to have your estate plan assessed and evaluated.

November 5, 2018
Love0

As co-agents appointed with Durable Powers of Attorney, can each agent act independently?

By Elder Law, Estate PlanningNo Comments

We turn to Florida Statute §709.2111 to answer this question. Sub-section 1 states, “A principal may designate two or more persons to act as co-agents. Unless the power of attorney otherwise provides, each co-agent may exercise its authority independently.” So, while there are certainly exceptions to the rule (when specified in the Durable Power of Attorney itself), co-agents can indeed act separately from one another. However, you should be aware of the drawbacks of having two agents acting independently with your assets.

To have a Durable Power of Attorney prepared for you and discuss the implications of your choice of agents, or to review your existing documents, do not hesitate to call the attorneys at Bach, Jacobs & Byrne, P.A. at (941) 906-1231 to set up an appointment.

 

September 10, 2018
Love0