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POAs are just as important as having a will

On Behalf of | Sep 22, 2021 | Estate Planning

Power of attorney designation can be a real asset for senior Florida residents who have difficulty functioning normally through life. It allows the primary grantor to focus on themselves and their well-being while having someone they can trust handling personal affairs. Anyone with power of attorney designation still has a responsibility to the grantor, so it is not an absolute assignment. POA designees are primarily meant to serve as an official decision-maker only in the event of incapacity.

Medical POA

A medical power of attorney allows the grantee the authority to make medical decisions for the grantor outside of any prior advanced directive, also known as a living will. A living will is usually established in addition to a primary last will and testament, and the POA must adhere to these directions. In general, a medical POA works with medical professionals when decisions must be made concerning the grantor, including nursing home or home care decisions. This designation is typically a part of any estate planning preparations for Floridians.

Financial POA

Financial POA is the more common agency assignment, and it is also the one that individuals think of first when POA is granted. The assigned POA grantee does have the authority to act as a personal agent in all financial matters, but they also have a fiduciary responsibility to the grantor when the grantor is still capable of making decisions. Some estate planning directives will state what must be done in certain situations involving finances, and the designated POA must follow any prescribed instructions.

While the designation of power of attorney can be granted to two or more different individuals, most cases will include only one power of attorney who has official authority for decisions. These are typically family members or very close friends with others to consult when decisions are to be made. It is important to remember that power of attorney ends upon the death of the grantor, so any looming issues should be addressed in short order before any eminent passing.