Pros and Cons of a Durable Power of Attorney

A durable power of attorney is a very important estate planning document for many people in New Port Richey, and throughout Florida. These legal documents allow an individual, known as the principal, to select another person to become their agent. If there is ever a time the principal cannot make financial, medical, or legal decisions for themselves, the agent has the authority to make those decisions. A durable power of attorney has many benefits for those who draft them, but there are some drawbacks associated with them, as well. Below, our New Port Richey power of attorney lawyer explains further.

Durable Power of Attorney Benefits 

There are many benefits realized when you draft a durable power of attorney. These are as follows:

• Retain ability to make decisions: Even if you cannot make decisions for yourself, you can select whoever you would like to act as your agent. You can choose someone you trust, and who you know will carry out your wishes. You can also choose how much authority and control you give them.
• Cost effective: Creating a durable power of attorney is fairly easy and inexpensive. Without one, you may have to go to court so a guardian can be appointed over you, which is much more expensive.
• Flexible: Your durable power of attorney can include general or specific powers and you do not even have to be incapacitated for these powers to take effect. For example, if you have an investment property but need to travel across seas, you can appoint an agent to manage it while you are away.
• Accountability: You can include certain provisions within your durable power of attorney when you create it. For example, you can include a requirement that your agent is bonded or that they provide you with an accounting at certain times.

Durable Power of Attorney Drawbacks

 It is true that there are many benefits that come with drafting a durable power of attorney. Still, there are some drawbacks. These include:

• Non-acceptance: Agents often have to deal with the principal’s financial institution. If an institution does not believe the document is current or valid, they may not accept it.
• Potential for abuse: One of the biggest drawbacks of a durable power of attorney is that there is always a possibility that the agent will abuse their power. For this reason, it is critical that you select someone you trust implicitly. Due to the fact that the courts are not involved with a durable power of attorney, there is no oversight that can help prevent abuse from occurring.
• Ineffective after death: A durable power of attorney is only effective during a person’s lifetime. In order for your wishes to be fulfilled after you pass away, you must draft a will or trust.

Our Power of Attorney Lawyer in New Port Richey Can Draft Your Legal Documents

 At Messina Law Group, P.A., our New Port Richey power of attorney can help you avoid the drawbacks that are associated with these documents so you are fully protected in the event that you ever need it. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

flsenate.gov/laws/statutes/2010/709.08