Powers Of Attorney
When creating your estate plan, you will create an overarching plan for transferring assets while minimizing tax consequences. Another aspect of an effective estate plan involves the financial power of attorney and health care surrogate. Trusted agents will manage your finances and health care decision-making in the event that you become incapacitated and can no longer make these decisions on your own.
Powers of attorney and health care surrogates require careful consideration and the help of an experienced estate planning team. At Shams Law Firm, P.A., our lawyers have more than 60 years of combined experience in a range of estate planning matters, including the establishment of powers of attorney and health care surrogates. We represent clients in Orlando, Winter Park and the surrounding Florida areas.
Powers Of Attorney
A power of attorney is a critical estate planning document that establishes an agency relationship in which one person (the principal) transfers decision-making authority to another person (the attorney in fact). In a financial power of attorney, the attorney in fact becomes an agent with the authority to make all types of financial decisions for the principal. The attorney in fact must always act in the best interests of the principal and has full authority to withdraw and deposit money, buy and sell property, make investment decisions and handle all other aspects of the principal’s financial affairs.
When creating a power of attorney, it is important to consider carefully who the agent will be and outline with great care all of your wishes and goals for your financial objectives. This document establishes a power of attorney and gives this person clear directions for carrying out his or her authority.
Health Care Surrogates
A health care surrogate is like an attorney in fact, only the scope of responsibility is limited to health care decision-making. In the event that the principal is incapacitated and unable to make decisions or express his or her wishes regarding health care, a health care surrogate will be vested with the legal authority to make decisions related to treatment, medications, surgery, special living arrangements, end-of-life treatment and other such matters.
At Shams Law Firm, P.A., we have decades of experience helping clients establish powers of attorney and health care surrogates. We will advise you of the options and the risks involved so you can make smart, informed decisions for you and your family.