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Can Florida POAs get superpowers?

On Behalf of | Sep 16, 2022 | Estate Planning |

As readers of this blog know, when you estate plan, you should use a power of attorney and/or trusts, depending on our specific needs (and the advice of your lawyer). However, what many may not know is that in Florida, a power of attorney can get superpowers that are not always available for POAs in other states.

What is a POA?

Before explaining potential superpowers, it is important to understand the context. A POA is a legal delegation of authority, where you select a person who can act for you. That person is your agent and acts on your behalf, and you can empower them with limited or broad powers.

Why would someone need a POA?

If you are incapacitated, someone will need to act on your behalf to pay your Tampa, Florida, bills, manage your investment accounts, curate your social media and if you own a business, someone will need to be empowered to run that business. In addition, someone will need to make your healthcare decisions as well. A POA can empower someone to handle all of these responsibilities or designate different individuals for each.

How are POAs created?

There are preprinted and created POAs online, and some hospitals have them for their patients to use as well. However, to make sure your POA is enforceable and does what you want it to do, really, a Tampa, Florida, attorney should draft your POAs.

What are the potential superpowers?

First, a properly done Tampa, Florida, POA can empower someone to make an inter vivos trust on your behalf. They can even change the principal, amend, modify, revoke or terminate an already-existing trust. Although you should keep in mind that the action must be allowed by that trust.

A POA can also make gifts, change rights of survivorship, change beneficiaries, take away other appointments or disclaim property. Finally, a POA can change survivor benefits in retirement accounts and change principals and beneficiaries in annuities. However, keep in mind that these superpowers have very specific requirements for a POA to actually gain these superpowers.