Power of Attorneys | Chatuge Elder Law

What is a Power of Attorney?

We offer Power of Attorney (POA) designations as a service at Chatuge Elder Law. Here are some facts and fallacies about Power of Attorneys:

Fact: Power of attorney's are flexible.

You can give the individual to whom you designate your (POA) varying degrees of authority.
- Option to give individual "super powers", which can include ability to gift assets and create trusts.
Can further draft POA designations to be "springing", or only valid when certain conditions are met (not applicable in FL).

Fact: A power of attorney can save your loved ones time and money.

In the event you are unable to manage your financial affairs, without a POA designation, your loved ones will have to navigate the court system in order to manage your affairs.

Fallacy: You can only designate one individual as your power of attorney.

It is possible to bestow multiple individuals with POA designations. These individuals are known as "coagents".
- These individuals are able to act independently from each other, or, if needed, can be required to consult with each other in order to exercise their authority.

Fact: A power of attorney can be overseen by a third party.

A POA designation can be drafted to require the individual to send to your loved ones information on their activities, such as monthly account statements.
Furthermore, a protector may be appointed to oversee the actions of your POA and may act to replace the individual for any reason.