If you’re like most Florida residents, then you’ve considered the thought of estate planning. Having a viable plan for your assets can be a great way to ensure they end up in the right hands if something happens to you. Any essential component to a good estate planning strategy is power of attorney.
What is a power of attorney?
A power of attorney is a document that gives a single person or a group of people the legal right to act on your behalf. In most cases, the designated individual(s) may only act as your agent regarding particular activities stated in the power of attorney document. For example, you may grant your son power of attorney to act as your temporary agent for handling the sale of your home.
Your agent or agents are granted the right to act on your behalf at a specified time. This could be once the document is signed or when a future event occurs, such as you become medically incapacitated. Any power of attorney document that you sign can be revoked as long as you do so in writing.
Transferring power of attorney
In legal terms, it’s not possible to transfer power of attorney to another individual unless specifically stated in the power of attorney document. For example, let’s say you instituted your wife as your power of attorney. However, you included a clause that states she can transfer that power to your son if she chooses. This is the only case in which you can transfer power of attorney.
When it comes to a power of attorney document, you likely have many questions. As you’ve learned, transferring power of attorney is not something that can readily be done without prior intent. However, you can enjoy the right of revoking your power of attorney and assigning it to another person.
