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Florida estate planning: Who will handle your financial affairs?

When estate planning, there are a lot of details that need to be covered. Some may be pretty big, while others may seem of little significance. From the major decisions to the minor ones, estate planning certainly covers a lot of ground. During this process, it is important for those residing in Florida or elsewhere to choose who will handle their affairs in the event of incapacitation.

When writing an estate plan, one may choose relatives, significant others or professionals to act on his or her behalf in the event of subsequent incapacity. Naming who should get this responsibility can be difficult, understandably. There are a few power of attorney positions to which representatives can be named -- such as general, durable, limited and health care.

When it comes to dealing with financial matters, one may want to consider appointing a durable financial power of attorney. An individual in this position will be able to handle one's financial affairs. Limits may be set at to what type of tasks a person placed in this role will be able to perform. Common tasks that a durable financial power of attorney may perform include paying bills, transferring or selling assets and hiring legal representation -- among numerous others.

When a financial durable power of attorney is designated, this individual will typically remain in this position until one's death, unless the power of attorney is withdrawn. For some, this could be a lengthy period of time. Choosing a person that will be best for the position can be tough, as it needs to be someone that is trustworthy and capable of handling the stress of the job. An estate planning attorney can help Florida residents with power of attorney issues and the many other difficult decisions that accompany end-of-life preparations.

Source: FindLaw, "Durable Financial Power of Attorney", Accessed on Dec. 22, 2015

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