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What are the Benefits of a Durable Power of Attorney?

Transcript

By Phillip B. Rarick, Weston Estate Planning Attorney

Every person over 18 should have a strong, Florida specific, durable power of attorney. There are three big benefits.

  1. Avoid court intervention, specifically Guardianship. A strong, up-to-date DPA can save you thousands of unnecessary court costs and avoid a court intervening in your personal and financial affairs. We advise that every person over the age of 18 should have a DPA.

  2. Negotiate and Pay Medical Bills. If you have a medical emergency and are hospitalized or simply do not want to deal with your medical insurance after a surgery, with a DPA your agent will have the ability to speak to your insurance company to negotiate and question medical bills.

  3. Handle your Bank, Retirement and/or Investments Accounts. With a strong DPA your agent will have the ability to handle your financial affairs including the ability to speak to your bank or investment advisors to ensure your investments perform and your money is well protected.

A strong DPA is an essential legal tool - but can be harmful if given to a person not 100% trustworthy. Consult an experienced Weston trust and estate planning attorney prior to signing any DPA. Let us know if we can help.