In Florida, you can execute a power of attorney to appoint someone to handle your assets in conjunction with you, or instead of you, should it become necessary. You do not need to transfer any assets at the time you create a power of attorney. The person you appoint should be someone you trust and who is qualified to deal with financial matters, or who has the wisdom to hire someone that is qualified when they are unable to properly handle such matters. A Durable Power of Attorney's legal effect will endure during a person's incapacitation, whereas, a General or Limited Power of Attorney will not. At a minimum, a Power of Attorney should include the legal ability to conduct the following:
- Banking Transactions
- Create/Amend Trusts
- Make gifts on the person's behalf (subject to limitations)
- Real Property Transactions
- Stock/Bond Transactions
- Tangible Personal Property Transactions
- Tax Matters
By appointing a power of attorney for financial matters in conjunction with appointing a Health Care Surrogate, you can avoid having the state of Florida appoint a guardian for you should you become incapacitated.