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Home >> Basic Questions About Estate Planning – How Does a Power of Attorney Work?

Basic Questions About Estate Planning – How Does a Power of Attorney Work?

August 14, 2014 by Andreas Kulas Leave a Comment

In today’s blog post about basic estate planning questions, we are going to turn our attention to powers of attorney. Like other essential estate planning topics, it is in your best interest to, at the very least, understand what a power of attorney is, how it works, and why it plays such an important role in your estate plan. Though you do not have to know everything there is to know about these tools, you should have a basic understanding of a power of attorney before you start making decisions about your plan.

So, let’s take a look at some common questions about powers of attorney.

What is a power of attorney?

A power of attorney is simply a special kind of legal document. Through a power of attorney, any capable adult can give someone else the ability to make decisions on his or her behalf. A power of attorney, therefore, is the way you delegate your legal decision-making authority to another.

A person who makes a power of attorney has to be at least 18 years old, must be mentally competent, and must create a document that complies with specific Florida laws. The person delegating authority is known as a principal, while the person receiving the authority is called the agent or the attorney-in-fact. The agent can be any willing and capable adult, or an organization.

What role does my attorney play?

One of the most common way’s people get confused over a power of attorney stems from the language of its name. A power of attorney is not something that requires you to be a lawyer, hire a lawyer, or become a lawyer. The word “attorney” in this sense simply means someone you appoint as your representative. A power of attorney is just a document that gives a representative the right, or “power,” to make certain types of choices for you.

However, as with all legal documents, it’s always best to have a lawyer create your powers of attorney for you. Though you have no legal obligation to hire an attorney to create a power of attorney, failing to create these documents properly can cause significant problems.

How do they work?

A power of attorney is a simple, but rather flexible document. Basically, all you have to do to create a power of attorney is name your chosen agent and set out what you want your agent to be able to do for you. (Of course, there are some formal requirements, but your attorney will tell you about those.) Once you create the document, the agent can then use it to prove that he or she has the ability to make decisions for you. The agent can even act for you if you become incapacitated and can no longer make decisions for yourself.

Filed Under: Powers of Attorney Tagged With: Estate Planning

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
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August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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