Planning for the future involves making crucial decisions to ensure your financial and medical needs are handled according to your wishes. Two essential designations to include in your estate plan are a power of attorney and a healthcare surrogate. Choosing the right individuals for these roles can make a significant difference in how your affairs are managed during your lifetime. Here's what you need to know to make informed decisions.
What Is a Power of Attorney?
A power of attorney (POA) is a legal document that grants another person (known as your agent or attorney-in-fact) the authority to act on your behalf in financial and legal matters. In Florida, this can include paying bills, managing investments, buying or selling property, or handling other financial affairs.
What Is a Healthcare Surrogate?
A healthcare surrogate is someone you designate to make medical decisions for you if you are unable to do so. This includes decisions about treatment options, surgeries, end-of-life care, and other healthcare matters. Your healthcare surrogate acts in accordance with your wishes, often documented in an advance directive or living will.
Qualities to Look for in a Power of Attorney
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Trustworthiness:
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Your POA will have access to your finances and legal matters, so you need someone you trust implicitly.
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Financial Savvy:
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Designate someone who understands finances and legal obligations, especially if your estate is complex.
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Responsibility:
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Choose an agent who is organized and capable of handling potentially complex transactions promptly and accurately.
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Availability:
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Ideally, your agent should be someone who is readily accessible and able to step in when needed.
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Alignment with Your Values:
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Your agent should understand and respect your financial and personal priorities.
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Qualities to Look for in a Healthcare Surrogate
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Empathy and Communication Skills:
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Your surrogate should be compassionate and able to communicate effectively with medical professionals and family members.
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Ability to Handle Stress:
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Medical decisions can be emotionally taxing. Choose someone who can remain calm under pressure.
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Familiarity with Your Wishes:
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Ensure your surrogate knows your healthcare preferences, including end-of-life care, treatments, and religious or ethical beliefs.
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Proximity:
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Ideally, select someone who lives nearby or can be present during emergencies.
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Advocacy Skills:
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Your surrogate should be confident and assertive when advocating for your healthcare needs.
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Can the Same Person Serve Both Roles?
Yes, the same individual can serve as both your power of attorney and healthcare surrogate. However, consider whether that person has the skills and availability to handle both roles effectively. In some cases, it may be beneficial to appoint different individuals who excel in the specific responsibilities of each role.
Alternate or Backup Agents
Life is unpredictable, and your designated agents may become unavailable or unable to serve. It's a good idea to name one or more alternates for both your power of attorney and healthcare surrogate roles to ensure continuity.
Mistakes to Avoid When Choosing Agents
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Selecting Out of Obligation:
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Don't feel pressured to choose a family member if they're not the best fit for the role.
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Overlooking Communication Barriers:
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If your chosen agent struggles with communication or decision-making, it could complicate matters.
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Failing to Discuss Expectations:
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Ensure your designated agents understand their responsibilities and are willing to take them on.
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Ignoring Legal Requirements:
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In Florida, your agent must meet certain criteria, such as being over 18 years old and mentally competent.
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How to Formalize These Designations
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Consult an Attorney:
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An experienced estate planning attorney can ensure your documents comply with Florida law and reflect your wishes accurately.
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Communicate Your Wishes:
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Share your plans with your designated agents and family members to avoid confusion later.
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Review and Update Regularly:
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Life circumstances change, so periodically review your designations to ensure they're still appropriate.
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Final Thoughts
Choosing your power of attorney and healthcare surrogate is a significant decision that requires careful consideration. These individuals will play vital roles in protecting your financial interests and ensuring your healthcare preferences are honored.
If you need assistance in selecting and formalizing these designations, our experienced Florida estate planning team is here to help. Contact our office today to schedule a consultation and take the first step toward peace of mind.
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