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Protect Unlimited Power Of Attorney

Protect Unlimited Power Of Attorney

Aug 6th, 2022

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How to Protect Unlimited Power Of Attorney

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In this video, Stuart Magoo discusses the importance of obtaining a lasting power of attorney (LPA). He emphasizes that you should definitely have one, ideally both parts of it, to ensure that decisions about your finances and health can be made by trusted individuals if you lose mental capacity. He warns that without an LPA, accessing your bank accounts or making health decisions may require a costly and time-consuming court process known as deputyship. Overall, he stresses the necessity of establishing an LPA to avoid complications and safeguard your interests.

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

Which is a key disadvantage of a power of attorney?

One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agents activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.

Why would the bank deny the power of attorney?

Common Reasons Why Banks Wont Accept a Power of Attorney A financial institution might raise objections such as these: Your POA isnt durable. If the person who made the POA is now incapacitated, the agent cant use the POA unless its durablethat is, made to last even during incapacitation.

What is the best power of attorney to have?

A general power of attorney allows the agent to make a wide range of decisions. This is your best option if you want to maximize the persons freedom to handle your assets and manage your care. A limited power of attorney restricts the agents power to particular assets.

Can a durable power of attorney make medical decisions in Florida?

A durable power of attorney can, in addition to handling all financial decisions, authorize medical care.

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