Ocala, FL Power of Attorney
When an individual becomes incapacitated, which means that he or she can no longer make his or her own financial or healthcare decisions, he or she may opt to designate another individual power of attorney for these decisions. The individual who grants power of attorney is known as the principal and the individual who receives the right to make these decisions for the principal is known as the agent.
Although the act of granting power of attorney allows an individual to have his or her personal decisions managed if he or she becomes incapacitated, the individual must have the capacity to grant such power when power of attorney is granted for it to be valid. In other words, an individual must be in good mental health when he or she creates his or her letter of attorney, which is the document that grants another individual power of attorney for the signer.
Making decisions about who will have power of attorney for you if you become incapacitated can be difficult. For compassionate guidance with this and related decisions about your future and that of your assets, contact Schatt Hesser Mcgraw and work with Samantha Shealy Rauba to learn more about this process and draft a document that fits your needs.
Types of Power of Attorney in Florida
There are multiple types of power of attorney that an individual can determine. They are:
- Durable Power of Attorney. With this type of power of attorney, you can name an individual to handle your financial and healthcare affairs after you become incapacitated. Unless you alter the designation in your letter of attorney, this individual maintains his or her position indefinitely, making the decisions that would have to be made by a court-appointed guardian if you had not designated power of attorney for yourself.
- Non-Durable Power of Attorney. With non-durable power of attorney, you may grant an individual power of attorney for your affairs for a limited amount of time. In most cases, non-durable power of attorney is granted for one specific decision or transaction, after which the individual loses his or her privilege to make this type of decision for the principal.
Beyond this, power of attorney can also be limited, general, or temporarily limited. With limited power of attorney, the agent may only make one specific type of decision for the principal. With general power of attorney, the agent may make all types of decisions for the principal. When the agent has temporarily limited power of attorney, he or she may only make these decisions for a specified period of time.
Contact Our Firm Today for A Consultation
To learn more about power of attorney and your rights as a prospective principal, contact Schatt Hesser Mcgraw to work with us to develop a letter of attorney that fits your unique needs.