Benefits of Powers of Attorney You Did Not Expect
A durable power of attorney is one of the most effective estate planning documents for dealing with incapacity, because you are putting into place a strategy for managing your property if you cannot do so yourself. In a POA, you appoint an agent to handle real estate, personal assets, legal matters, and financial considerations. By doing so, you avoid a situation where your loved ones have to go to court to get permission to manage assets. There are certain formalities for powers of attorney in Florida, but once effective, you are protected if you become incapacitated.
However, while avoiding a guardianship proceeding is a very attractive feature of POAs, there are additional benefits you might not realize. The hidden advantages are considerable, enabling your estate plan to support your goals in ways you did not expect. It is important to discuss the details with a Dade City powers of attorney lawyer, but a few points are helpful.
Add Details on Your Intentions: Besides naming an agent to manage your property, you can also use a POA to include specific instructions for how he or she should do it. You could provide details on managing certain assets, such as ownership in a business or investment real estate. You could also indicate your general wishes, giving your agent some guidance on making decisions that align with your objectives.
Protect Your Agent: When your agent handles your real estate and personal property according to the directions you include, you protect the person from accusations about misconduct. Family, business associates, and other interested parties might attempt to claim breach of fiduciary duty if your POA agent makes a decision they do not like. The power of attorney supports proper, legal actions by your agent, so he or she will not be subject to lawsuits.
Protect Assets for Medicaid Planning: A power of attorney can give your agent authority to make changes to your estate planning, which might be advisable if you require long-term care. Your POA can instruct the agent to create a Medicaid asset protection trust. These are irrevocable trusts intended to make you eligible to receive benefits for long-term care, which Medicare does not cover.
Smoothly Transition into Probate: In the event that incapacity leads to your death, there is a framework in place for transitioning into probate. Your agent will already have considerable information on your assets, debts, and legal obligations. These details will be needed for the executor for estate administration, and this person will not need to conduct an investigation to prepare an inventory of your property.
Trust a Florida Powers of Attorney Lawyer to Maximize the Benefits
The advantages of preparing a POA are numerous, so it is crucial to work with an experienced estate planning attorney. To learn how our team can help, please contact The Law Office of Laurie R. Chane in Dade City. You can call 352-567-0055 or visit our website to set up a consultation. We are happy to explain additional details on powers of attorney.