Estate Planning

Estate Planning is when a person arranges their legal affairs with the intent to protect their family by directing who will receive their assets after death. By utilizing various legal documents which can include, but are not limited to, a will, a trust, gifts, generation-skipping or death tax planning; durable power of attorney; designation of health care surrogate and health care directive ("living will") any estate size can benefit from estate planning.

Powers of Attorney A power of attorney may become effective at the time it is signed. In the alternative, it may become effective at a future date described within the document, or it may become effective upon the occurrence of a specific future event or contingency (such as your becoming disabled). The person appointed is usually called an Attorney-in-Fact. Powers of Attorney can be revoked by the principal at any time, as long as he or she is competent.

Durable Power of Attorney A durable power of attorney is a document that legally authorizes another person or persons to do things on behalf of the person who signed the durable power of attorney.

A durable power of attorney expires and is null and void upon the death of the person who signed or gave it. According to Florida Statute 709.08, in order to be valid in the State of Florida, the durable power of attorney must contain the following language: “This durable power of attorney is not affected by the subsequent incapacity of the principal except as provided in section 709.08, Florida Statutes.” A durable power of attorney in Florida should be signed by the person giving it; should be witnessed by two persons; and should be notarized. Different states have different requirements that are related to the validity of durable powers of attorney so if you have one that was not drawn in Florida you should have it reviewed.

The major difference between a durable power of attorney and a general power of attorney is that a general power of attorney does not survive the incapacity of the person giving it. If an individual has been named Power of Attorney on a specific Power of Attorney form, that individual may not assign Power of Attorney to another person.

Limited Power of Attorney These types of Power of Attorney forms are limited to what is defined in the document. It is an important legal document that allows or authorizes the person you name (your Agent, "attorney-in-fact") to perform a particular transaction. The Limited Power of Attorney would restrict the authority of the Agent to a specific situation, limited time period or type of legal action.

There are two types of Limited Power of Attorney: Durable and Non-Durable Powers of Attorney. The Limited Power of Attorney is valid for the time period you specify in it, or until you revoke it.