What should I think about when considering whether or not to execute a power of attorney?
Powers of attorney are very important. If you don’t have a power of attorney, and you become incompetent, you could be forced to set up a guardianship to be able to handle your affairs. Guardianships are definitely something to be avoided in Florida, they’re very expensive. As an alternative, I like to use powers of attorney, but when you sign a power of attorney, you are giving that agent broad authority to handle your assets with or without your knowledge and to sign off on things as your agent which then binds you as the principal. You have to be very careful about who you pick.