Land O’Lakes Power of Attorney
If you already executed a will as part of your Florida estate plan, you certainly understand the importance of protecting your property upon death. Still, many Floridians are not aware of what happens if you become incapacitated during your lifetime. You no longer have legal power to manage your assets, creating a substantial gap that can lead to waste. While powers of attorney can help avoid such a scenario, estate planning statistics indicate that few people take advantage of them. Among adults aged 55 and older, just 18 percent have a power of attorney.
The Law Office of Laurie R. Chane is committed to advising our clients of the role powers of attorney play as an essential component of their estate plans. We are happy to explain the benefits and assist with preparing the documentation, so please contact us to schedule a consultation to discuss Land O’Lakes power of attorney. Some background information may also be useful.
Basics About Powers of Attorney in Estate Planning
In short, a power of attorney allows someone to step into your shoes for legal purposes if you become incapacitated and cannot manage your assets. However, you can really understand the importance of these documents when you realize what happens in the absence of a power of attorney.
- When you are incapacitated because of an injury or illness, you remain the legal owner of your real estate, bank accounts, and other personal items. There may be income, expenditures, or other essential tasks related to your property, but there is no one who can make decisions or conduct transactions.
- To gain legal access and authority to handle your property, loved ones must file a petition to appoint a guardian. The court case can take several weeks or longer, especially in contested guardianship proceedings.
- During guardianship proceedings, your real estate and property may deteriorate or lose value because there is no legal authority to manage them. You risk waste, foreclosure, seizure, and other adverse consequences.
Our Team Can Counsel You on Options
The Law Office of Laurie R. Chane handles the two basic types of powers of attorney, durable and springing. When you want your power to be effective immediately and extend to incapacity, you would choose the durable form. A springing power will take effect upon incapacity, but not before. Our Land O’Lakes powers of attorney lawyers will provide you with the details you need to make informed choices, and we will handle document preparation. We will also guide you through signing the paperwork, as Florida imposes requirements on notarization and witnessing of powers of attorney.
Consult with a Land O’Lakes Family Lawyer for Details
While this summary might persuade you to include a power of attorney within your estate plan, it is still critical to obtain legal assistance with the process. For more information, please contact The Law Office of Laurie R. Chane today. Pasco County residents can call 352-567-0055 or go online to set up a consultation with a powers of attorney lawyer.