A Power of Attorney (POA) is a legal document where you (the principal) grant another person (the agent or attorney-in-fact) authority to manage your financial, business, or healthcare matters on your behalf, either for specific tasks or broadly. POAs are vital for lifetime planning, especially for unexpected situations like illness or travel, preventing costly court guardianships, and ensuring your wishes are followed, with key types including Financial, Healthcare (Health Care Surrogate in FL), Durable (stays active if incapacitated), and Limited (specific tasks). Key requirements usually involve signing before witnesses and a notary, as seen in Florida, where it must be signed by the principal, two witnesses, and a notary.
Types of Power of Attorney
Durable POA: Remains effective even if you become mentally or physically incapacitated.
Limited/Special POA: Grants authority for only specific, defined actions (e.g., selling a house).
Financial POA: Covers managing bank accounts, paying bills, and other financial tasks.
Healthcare POA (Health Care Surrogate in FL): Allows your agent to make medical decisions and access records if you can’t.
Key Features & Considerations
Agent/Attorney-in-Fact: The person you empower to act for you.
Springing POA: Takes effect only upon a future event, like incapacitation (though Florida doesn’t allow “springing” for general POAs).
Revocation: Can be revoked, but usually requires formal written notice.
