Powers of Attorney
"Power of Attorney" Lawyer, Markeishia L. Smith: Serving Winter Haven, Lakeland, Bartow, Haines City, Polk County, and Central Florida.
Call (863) 866-9917 today to schedule a confidential consultation with "Power of Attorney" Lawyer, Markeishia L. Smith.
A Power of Attorney is a legal document that gives a named party the authority over specific situations, such as:
- To delegate the authority of the named party to make decisions regarding your children in a family law matter.
- To delegate the authority of the named party to make financial decisions in business situations.
- To delegate the authority of the named party to make financial decisions on your behalf.
- To delegate the authority of the named party to make financial decisions relating to the assets of an older family member in an estate planning matter.
A power of attorney may be written so that it becomes effective the moment it is signed, or if the principle becomes physically or mentally incapacitated.
The most common types of a Power of Attorney include:
- Limited Power of Attorney: Gives authority to the "Agent" to handle specified financial decisions or transactions on your behalf. Authorities can be wide ranging or restrictive. A Limited Power of Attorney typically involves authority issues such as Real Property Transactions, Tangible Personal Property Transactions, Stock and Bond Transactions, Commodity and Option Transactions, Banking and Other Financial Institution Transactions, Business Operating Transactions, Insurance and Annuity Transactions, Estate, Trust, and other Beneficiary Transactions, Claims and Litigation(s), Personal and Family Maintenance, Benefits From Social Security, Medicare, Medicaid, or any other Governmental Programs or Military Service, Retirement Plan Transactions, and Tax Matters.
- General Power of Attorney: As the name indicates, this type of Power of Attorney is more general in nature regarding the scope of authority the "Agent" is given. Even with it's generality, the General Power of Attorney must specify the specific authorities and duties of the "Agent." With a General Power of Attorney, if the "Principle" recovers from being incapacitated, the General Power of attorney is immediately terminated, and the authorities previously granted will no longer be in effect.
- Durable Power of Attorney: A durable Power of attorney is less restrictive in the authority that is given to the "Agent" that will make decisions on the "Principle's" behalf. A Durable Power of Attorney is not terminated if the "Principle" recovers from incapacitation. A durable Power of Attorney is commonly used to give authority over healthcare and financial decisions. The individual that is the "Agent" of the Durable Power of Attorney has a legal responsibility to act only in the best interest of the "Principle." A durable Power of Attorney only terminates in the event of your death, or if the authorities of the Durable Power of Attorney are transferred to a new designated "Agent" due to a breach of duties or the original "Agent" in not able to continue to perform his or her duties.
If you have questions regarding your "Power of Attorney" legal needs, contact our office today.