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Tips for using a power of attorney for one’s financial assets

A power of attorney can become a critical tool if someone in Florida becomes incapacitated. That’s because POAs can be used for both medical and financial purposes and can help a testator when they really need it the most. Just like making health decisions, the ability to make financial choices for the testator is critical because these decisions can ultimately ensure success or failure for that individual. So here are a few tips that a testator can use when developing their financial POA, all while keeping an eye on the health of their financial assets.

One of the first tips is to not let anyone pressure a testator into signing a POA. That’s because occasionally people have found that once incapacity strikes and the POA is invoked, the POA holder has looked out for their own interests rather than the testator’s. If someone is feeling pressured to complete a POA, they should stop the process and seek a second opinion on it from an attorney.

Another important POA tip for a testator is to make sure that the holder of the POA knows what the financial objectives of the testator are. In other words, they should be on the same page. Having the financial duty for another person is a huge responsibility. The testator should make sure that the POA holder understands exactly what their short and long term financial goals are. The financial POA holder should also have a basic understanding of financial investing.

Another good financial POA tip is for the testator to be very specific about the kind of financial power they are granting. However, any Florida resident who is considering a POA may want to speak to an estate planning attorney in order to find out additional financial tips that can help them when creating this powerful document.

Source:, “Power of attorney and your investments: 10 tips”, Accessed May 14, 2016

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