If you are not married or not comfortable naming your spouse (perhaps this is a second marriage), you could name an adult child or even a close family friend. Some clients will name a trusted advisor such as an attorney or an accountant. Look at who you named in your old power of attorney with an eye to the future.
This is known as a “durable” power of attorney. It is durable because it is effective when signed and survives your later incapacity (if that occurs). The other type of power of attorney is ...
However, a springing power of attorney can be much more difficult to use because your agent will need to convince your local bank representative that you are in fact incapacitated.
Check with your lawyer, but in most situations you can name two people to serve together as your attorney-in-fact. This makes administration slightly more difficult because typically both people will need to sign documents; however, it may be worth it for your piece of mind.
Just because it is old does not make it invalid, but it may mean that the person you name in it may encounter difficulty using it if needed. That’s because many financial institutions want to see a “fresh” power of attorney, meaning one that was signed in the last few years not when Bill Clinton was in office.
Remember the named agent only has access to the assets in your name alone. If you have assets in trust, the successor trustee named in the trust document will act upon your incapacity. And don’t forget that when you die, the power of attorney is no longer valid. It dies with you. Follow me on Twitter .
The standard format for an Alabama Power of Attorney changed in 2012. All POAs drafted prior to January 1, 2012 are subject to old requirements. If your POA was written prior to that date, it may be a good idea to consult an Alabama estate planning lawyer to make sure the provisions are all still valid and up-to-date.
Powers of attorney (POAs) are generally considered fundamentally necessary planning documents because they control what happens if you can not make decisions for yourself. There are different types of POAs, and rules ...
For instance, your old POA may authorize your agent to make changes to your trust, in the event that you are unable and it is in your best interests. However, let’s say you made your trustee someone different than your agent under the POA.
You mother, if competent to do so, may amend her current power of attorney to update the addresses. However, since your mother currently resides in a different state, she may wish to have a new Florida Power of Attorney which lists your current address. Note: This response is intended as a general guideline.
If this is your mother's power of attorney, and she has moved to Florida, she might want to get a new power of attorney. The previous one should still be effective, but there will be fewer problems if she is using a power of attorney with which folks in Florida are familiar...
As advised, Powers of Attorneys are state specific. Many states require a POA to strictly comply with state law and if not, the POA can be rejected by anyone it is presented to, such as banks and medical service providers. I would have new estate planning documents drafted by a FLA attorney.
I would agree with Mr. Gunthert. Only review by an attorney will be able to answer your question with respect to your specific situation (which requires too much personal information for a public forum such as this one). Generally, you should have new POA's meeting current Florida standards prepared...
Meet with an estate planning attorney and have your entire situation reviewed. I am sure a lot has changed for you since 1988.
You can probably just Amend and add the new information and addresses.
You need a Power of Attorney when you need someone else to be making decisions for you. In situations where you are unable to communicate your wishes, a Power of Attorney will communicate them for you.
If you don't have a proper Power of Attorney in place, a judge will make decisions for you should you become unable to make your own.
There are six basic types of power of attorney.
A Power of Attorney (POA) is a written authorization to represent or act on another’s behalf in healthcare decisions, private affairs, business, or some other legal matter. The person who authorizes the other to act is the principal, grantor, or donor of the power.
You cannot list someone as a power of attorney who is incapacitated themselves. They will be unable to perform the tasks asked of them. But other than that, there are few limits on who can be your agent.
Mostly, anything that you can do, your agent will be able to do with a power of attorney.
Medical POA is considered to be a “limited” POA, as it is limited to medical decisions only.