In a Florida estate plan, you need to consider a power of attorney. A power of attorney can handle your medical or financial affairs if you suffer from a condition or accident that incapacitates you. If you already have a POA, then you are in a good position. However, you do need to update it regularly because healthcare providers and insurance companies will sometimes reject a POA.
Forbes stresses the need to stay current with changing legislation. If your documents are out of date, then you may not have a valid POA. There are certain provisions put into place in 2006, 1996 and 1993 that you have to abide by. If you appointed a POA before any of these dates, then the documents may not have the necessary documents or language.
It is crucial to update your POA every two to three years. If you undergo any life changing events, then you need to review the documents in case you want to change who is in line or if you want to ensure that he or she will respect your new wishes. If you went through a divorce or if your POA becomes incapacitated, then you need to update it right away.
While you should consider a backup power of attorney, you may want to avoid joint power of attorneys. Sometimes, this can help avoid any disputes between family members. However, in many circumstances, it can lead to slower decision making when you need quick decisions.
None of the above is to be considered legal advice. It is for educational purposes only.
