Share

Miami FL Estate Planning & Elder Law Blog

Monday, June 13, 2016

Should a Power of Attorney be a part of my Estate Plan?

A durable power of attorney is an important part of an estate plan. It provides that, in the event of disability or incapacitation, a preselected agent can be granted power over the affairs of the individual signing the document. This power can be limited to specific decisions, like the decision to continue life sustaining treatment, or it can be much broader in scope to allow the agent power over the individual’s financial dealings.

Estate planning is meant to prepare for contingencies beyond an individual’s control. A traumatic accident could leave an individual without the ability to manage his or her own financial affairs. Debilitating diseases, like Alzheimer’s, can affect a person’s ability to make sound decisions for him or herself. In these scenarios, someone must be appointed to do make decisions on behalf of the incapacitated individual. Preparing a durable power of attorney as a part of an estate plan accomplishes three things. First, it gives the power of appointment to the individual, instead of to a judge. Second, it avoids the need for a potentially expensive court proceeding necessary to make that appointment. Finally, a power of attorney may be used to respond to time sensitive issues without waiting for a court hearing to grant an agent the power to act.

A power of attorney provides much flexibility for the individual signing it. It can take effect only upon disability, or right away, regardless of disability. It can specify what funds may or may not be used for. If a person does not want to live in an assisted living facility, he or she can make sure that money from his or her own bank accounts is not used for those purposes. Different assets can be managed by different agents. The power of attorney can give an agent power to distribute assets as gifts on a specific schedule to collaborate with an existing estate plan. The level of detail and amount of instruction that is possible as a part of the document is unlimited. It will always be quicker and more economical than a guardianship or conservatorship proceeding, and it will always serve the disabled person’s interests better than the broad powers granted to an individual by a court.


Blog Categories

Estate Planning

Archived Posts

2017
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015


Steven Silverman, P.A., serves clients in Florida cities such as Miami, Kendall, Doral, Miami Beach, Aventura, Homestead, Key Biscayne, Coral Gables, Miami Gardens, North Miami, Miami Springs, Hialeah, Miami Gardens, Pinecrest, Palmetto Bay, Cutler Bay and others throughout Miami Dade County, Broward County and Palm Beach County and South Miami.



© 2017 Miami Center for Estate Planning, Elder Law & Probate Steven Silverman, P.A. | Disclaimer
9655 South Dixie Highway, Suite 310, Miami, FL 33156
| Phone: 305-666-6111

En Español | About Us | Practice Areas | Client Forms | FAQS

Law Firm Website Design by
Amicus Creative