Why Establishing Power Of Attorney In Clearwater Is Important For Older Adults

A power of attorney is a legal document authorizing someone you trust to manage your financial affairs in the event you are incapacitated and unable to do so on your own. It plays a key role in estate planning and helps to ensure you, your property, and your assets are protected. Our Clearwater elder law attorney explains what you need to know about powers of attorney, why having one is particularly important for older adults in Pinellas County, and how to pick the right person for this role.

What Is A Power Of Attorney In Clearwater, And Why Do I Need One?

Under Section 709.2012(9) of the Florida Statutes, a power of attorney, or POA, is a written agreement in which one person grants authority to another to act in their place, making important personal, financial, and business decisions on their behalf. A POA goes into effect if you are incapacitated due to an injury, illness, or chronic medical condition. It helps ensure your affairs are properly managed until you are well enough to manage them again on your own.

As a part of estate planning in Clearwater, everyone should have a power of attorney in place. However, it is particularly important for older adults. According to the American Psychological Association, people over the age of 65 are more vulnerable to conditions that may cause temporary or permanent impairments. In the event this happens, having a durable power of attorney provides the following benefits:

• It protects you and your best interests in case of unexpected events;
• It allows you to designate a person, legal professional, or financial institution to act in accordance with your wishes;
• It ensures your financial affairs are attended to if you are unable to attend to them on your own;
• A POA helps to avoid guardianship proceedings in Clearwater, which could jeopardize your rights while exposing you to public court hearings.

Selecting Someone You Trust To Act As Power Of Attorney

Durable powers of attorney protect you in the event you are incapacitated. You can also create a separate medical power of attorney, which is a common type of advance directive and something Florida HealthFinders advises everyone has in place.

When choosing someone to act as your power of attorney, look for the following:

• A trustworthy person, who can be counted on to carry out your wishes;
• Someone with a basic understanding of the role;
• Familiarity with the types of duties required;
• They should live reasonably close to you;
• They should have the time and resources needed to fulfill the required functions.

Discuss Your Options With Our Board Certified Clearwater Elder Law Attorney

William Rambaum has been practicing law for over 40 years and is certified in Elder Law by the National Elder Law Foundation (NELF), something only a select number of legal professionals in Florida can claim. He provides the trusted legal guidance you need to put a power of attorney and other important estate planning documents in place. To discuss your options, contact our office and request a consultation today with our Clearwater elder law attorney.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0709/0709.html

apa.org/pi/aging/resources/guides/diminished-capacity.pdf

quality.healthfinder.fl.gov/report-guides/advance-directives