A Power of Attorney is a vital document that should be part of every estate planning portfolio. It enables a trusted family member, friend, or someone else of your choosing to make respectful, informed decisions when you are unable to do so. A Florida estate planning attorney at Woodward, Pires & Lombardo can help you understand the importance of Powers of Attorney and who needs one.
What Is a Power of Attorney?
A Power of Attorney is both a legal term and a legal document. If you give someone Power of Attorney, it means that you have executed a legal Power of Attorney document, which puts into place certain decision-making rights. A Power of Attorney document grants another person the authority and right to make decisions on behalf of another person. Ideally, this person will be someone completely trustworthy, who is committed to acting in your best interests. They should be someone who can put aside their own personal feelings and desires and make objective decisions based on what you would want for yourself.
When Should You Execute a Power of Attorney?
A Power of Attorney document needs to be executed while the first party is still of sound mind. Therefore, Powers of Attorney documents are often part of early estate planning. This ensures that, years later, if a person becomes mentally unable to make sound decisions, the Power of Attorney authority is available.
Who Needs a Power of Attorney?
Essentially, everyone should have a Power of Attorney in place. There are certainly circumstances when a Power of Attorney is urgently needed, but everyone can benefit from this important legal document. Situations where a Power of Attorney is helpful include, but are not limited to:
- Young parents wishing to ensure care for their child following unexpected deaths as it relates to guardianship for their minor children
- Single professionals with significant financial portfolios
- Parents of special needs children
- Executives and Board members who play vital roles in corporations
- Mature individuals who have hereditary dementia in the family
- Married spouses with individual, separate finances
- Real estate transactions and other personal property transactions (i.e. the sale of a vehicle or watercraft)
- Access safe deposit boxes
How an Estate Planning Attorney Can Help
The estate planning attorneys at Woodward, Pires & Lombardo, P.A. in Naples and Marco Island, Florida are available to prepare your Power of Attorney documents according to your wishes. Contact us today to learn more about how easy it is to secure your future and the future of your heirs with a Power of Attorney document.
Related page: Wills & Trusts