Tampa Powers Of Attorney: What It Is And How It Protects You
Estate planning in Tampa helps protect your rights, conveys your wishes, and ensures they are followed in the event anything happens to you. A power of attorney is one of the most important estate planning documents you can have in place. It designates someone you trust to manage your affairs and make important decisions on your behalf if you are otherwise unable to do so on your own. Our Tampa estate planning lawyer explains more about powers of attorney and how they protect you.
What is Power Of Attorney In Tampa
The name ‘power of attorney’ implies something to do with legal professionals. However, while our Tampa estate planning lawyer can assist you in creating this important document, it actually involves granting authority to someone you trust to manage your affairs in the event you are incapacitated and unable to make important decisions on your own.
Whereas a will deals with matters impacting your property and assets in the event of your death, powers of attorney addresses unexpected issues that could occur over the course of your life. It involves creating a legal document that authorizes someone you trust to handle important matters, such as:
- Paying your monthly bills;
- Overseeing bank accounts, investments, and other funds;
- Managing day-to-day operations of your business;
- Buying, selling, or managing your property.
The person you select to act as your power of attorney should be someone you trust. They should also have the knowledge, time, and resources needed to perform the role. In some cases, required tasks may be relatively simple and something anyone would be qualified for. In others, you will need to select someone with more specialized skills. In either case, the Consumer Financial Protection Bureau advises careful vetting, reviewing powers of attorney documents regularly, and informing your closest loved ones of your desires.
The Benefits of Creating A Power Of Attorney
A power of attorney is a common type of advance directive. It protects you, your assets, and your loved ones in the event an accident, injury, or chronic health condition leaves you incapacitated and unable to handle your affairs on your own. Legal requirements for creating one are listed under the Florida Statutes. Among the benefits include:
- Can provide peace of mind, knowing that in the event of an emergency, your most important financial matters will be handled properly;
- Allows you to make decisions in advance on how your affairs should be managed, rather than having decisions made by the court;
- It reduces the need for public guardianship hearings;
- By clarifying your wishes, it prevents disputes among friends and family;
- It can help in managing government benefits, long-term care, and other important matters.
Discuss Your Options With Our Tampa Estate Planning Lawyer
A power of attorney is a common type of estate planning document that everyone should have in place. To discuss more about it and your options in creating one, contact Bubley & Bubley, P.A. Request a consultation with our Tampa estate planning lawyer today.