Tampa Power of Attorney Planning
Planning for unfortunate events such as serious illness or injury is rarely on anyone’s list of favorite pastimes. Sometimes, though, enduring the small discomfort that may accompany preparing for the unexpected will avoid untold anguish on the part of your family and friends. This is certainly the case with a Tampa Durable Power of Attorney, an often simple document that becomes so very important if sickness or injury renders you unable to take care of your own affairs.
Power of Attorney Defined
A garden variety Power of Attorney document is one in which you (as the “Principal”) allow someone else (the “Agent” or “Attorney-in-fact”) to act legally on your behalf. The Power of Attorney in Tampa may be limited to very specific actions that the Agent is authorized to take on your behalf. On the other hand it may give the Agent very broad powers. In either event, the Agent you appoint in the Power of Attorney should be someone that you trust without reservation. That could be a family member, an advisor, a trustworthy friend or a bank or similar institution.
Different types of “POA’s”
The “Durable” Power of Attorney
Although the POA is essentially handing control of your affairs over to another person, there are different uses of the position which vary depending on the situation. These largely depend on the reason behind power of attorney being transferred from the ‘principal’, the individual who wishes to relinquish control of their affairs, and the ‘attorney-at-fact’, the person who takes control of the principal’s business and legal dealings.
Non-Durable POA
Non-durable power of attorney is used for short-term transactions, which for whatever reason the principal cannot handle themselves. Any such power of attorney that is non-durable has an expiration, primarily when the principal becomes incapacitated for some reason and is no longer able to give permission for the power of attorney to continue, nor can they revoke it. Usually, non durable power of attorney is limited to a specific time frame, in which any particular deal that is needed to be completed is given time to be dealt with. When this particular instance is complete, power returns to the principal.
Non-durable POA is effective immediately.
Durable POA
This type of power of attorney is similar to non-durable power of attorney, only it continues in the event that the principal becomes incapacitated or mentally ill. All powers of attorney come to an end when the principal dies, but durable power of attorney continues right up to that point. Power of attorney that is durable is often used in terminally ill cases, where the principal asks their attorney-at-fact to allow any lifesaving equipment to be removed or authorize a Do Not Resuscitate
Durable POA is effective immediately.
Springing POA
Springing power of attorney is used in cases where the principal cannot actively give permission, either verbally or in writing, for someone to act as their attorney-at-fact. To obtain springing power of attorney, a doctor must certify that the principal is incapable of thinking for themselves and an attorney-in-fact is required. In Tampa, Springing power of attorney is used predominantly in cases of sudden deterioration of health, such as deterioration of a mental illness or a serious accident.
These are the three main types of power of attorney governing time and how the power is assigned. However, power of attorney does not have to be granted for all of the principal’s affairs – it can sometimes only apply to one aspect, such as financial.
Which One Should I Choose?
All fifty states now permit the use of a “durable” Power of Attorney that is not revoked simply because the Principal becomes incapacitated or mentally incompetent. This makes the Durable Power of Attorney a far more reliable document, particularly for family and estate planning purposes, since you may now authorize your Agent to act on your behalf even after illness, injury or other cause has rendered you unable to manage your own affairs. Even with a Durable Power of Attorney, however, the Principal’s death causes an immediate revocation of the document and termination of the powers that are given to the Agent.
Contact Suncoast Elder Law in Tampa to discuss the different types of Power of Attorney documents that are right for you.