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What are powers of attorney in your Florida estate plan?

On Behalf of | Dec 7, 2023 | Estate Planning |

Creating a power of attorney in Florida is a proactive step toward decision-making during incapacitation. Failing to establish these documents may lead to a court-appointed guardian making crucial decisions on your behalf, potentially deviating from your preferences.

Florida recognizes various types of powers of attorney, each serving distinct purposes tailored to different aspects of your life.

Limited power of attorney

A limited power of attorney provides specific authority for a defined period or purpose. For example, you can sign a limited power of attorney for a real estate transaction or to manage your affairs while on a health care retreat.

Durable power of attorney

A durable power of attorney remains effective in the event of incapacitation. It provides the authority for your chosen agent to make financial and medical decisions on your behalf. This allows them to pay your bills, manage your financial affairs and guide your health care to protect you and your assets.

Health care power of attorney

Also known as a medical power of attorney, the health care power of attorney designates someone to make health care decisions when you cannot communicate. This document communicates your medical preferences and a trusted individual acts in your best interest. It also shields your loved ones from the burdens of trying to make those decisions themselves.

Research shows that less than 36% of American adults have power of attorney authorizations in place for any unexpected events. The right powers of attorney are indispensable in your estate plan for protecting your wishes and your loved ones.