How A Medical Power Of Attorney Differs From A Financial Power Of Attorney

An estate plan doesn’t only address what happens after you pass away but also protects you if you’re ever incapacitated. Because a will only springs into action upon your death, you also need other documents that safeguard your rights if you’re dealing with an ailment that affects your capacity to make informed decisions. 

One such document is a power of attorney that provides a trusted person with the ability to make decisions on your behalf. Still, there are different types of power of attorney, made to address different circumstances. So which one should you go for out of the two most popular ones:

Medical power of attorney Florida or financial power of attorney? 

In this post, we’ll go over the basics of both types and present you with the information necessary to make a decision that’s in your best interest.

What Is A Financial Power Of Attorney?

Financial power of attorney provides someone with the authority to oversee another person’s finances. The most common use is handling real estate, bills, and other financial matters.

Although used in many estate plans, financial power of attorney can also be used in scenarios where you can’t be present for certain procedures, like real estate closings in another city. 

Depending on the clauses, the power of attorney can become effective when a particular event occurs (such as incapacity) or immediately upon execution. 

Considering a financial power of attorney provides someone with full control over your assets and financial decisions, be careful whom you grant it. Since a power of attorney is difficult to revoke, especially if you are incapacitated, you should review the documentation with an experienced attorney before signing anything.

For a power of attorney to be effective in Florida, it must be signed by the principal (the person granting the power) and two witnesses. It also must be notarized. If the principal is physically unable to sign the document, the notary public can do it for them. 

Upon executing the document, you have to give it to the agent. They can present it to any third party as proof of their legal authority to act on your behalf. For example, the agent may need to produce it to withdraw money from your bank account or while signing real estate documents. 

A financial power of attorney can be revoked by drafting and executing a revocation document in the presence of a notary public. Then, you must send copies of the revocation to all the interested parties. 

The process of revoking is significantly harder once you are incapacitated and may require court involvement. As such, you should never write a financial power of attorney without first consulting a lawyer first. 

What Is A Medical Power Of Attorney?

With a financial power of attorney out of the way, it’s time to explain what is a medical power of attorney Florida. As the name suggests, this directive addresses your medical choices in the event you’re incapacitated. 

Depending on your needs, you can authorize someone to make decisions on your behalf temporarily (if you’re under anesthesia) or to make long-term health decisions. Generally speaking, a medical power of attorney goes into effect when you lose your capacity to make choices for yourself. 

In contrast to the financial version, a medical power of attorney Florida has its limits and will only apply to making strict medical specifications you outlined while crafting the document. In other words, you can include a variety of provisions that cover a wide array of medical actions about all facets of medical care.

A medical power of attorney Florida also requires two witnesses and notarization to be effective. 

You can also revoke the power of attorney at any time or create a new document and designate a new agent. 

It’s worth noting that you should think carefully about who you’ll give this responsibility to. Because medical power of attorney addresses difficult decisions, such as ending one’s life by ceasing medical care, you need to talk openly to the person you’re appointing as an agent. 

In addition, factor in the proximity of the agent to your living area. You should appoint someone who is readily available and can meet your healthcare professionals in person if the need arises. If your agent is unavailable at the time of your incapacity, you can appoint an alternate who can take on the responsibility. 

Can One Person Fulfill Both Roles Simultaneously?

A medical power of attorney Florida can also be appointed as your financial power of attorney. Many people pick this option because of its sheer convenience, but there are benefits to finding different people for each role. 

For starters, the roles are completely different. Someone concerned with your medical decisions doesn’t need to be familiar with your wealth and assets. At the same time, it’s also superfluous for someone handling your finances to have access to sensitive healthcare information. 

More importantly, an individual may be comfortable with making healthcare decisions in accordance with your instructions, but may not have the time or the skill to handle your finances. As such, splitting these responsibilities allows you to choose the “best person for the job” for each. 

In case you go down this route, you’ll have peace of mind that when you’re indisposed, two trusted individuals will fulfill their duties to the best of their ability. 

Make An Estate Plan ASAP

Both types of power of attorney allow you to make all the arrangements necessary in the event you’re not capable of making decisions for yourself. 

Even though many people (particularly the younger crowd) don’t think about when they’ll need these documents, you never know. It’s infinitely better to take extra precautions, rather than leaving your family at the mercy of the court at the time when you’ll need someone to make snap decisions. 

This is why we urge you to reach out to attorneys at the Law Offices of Mary E. King. With 20 years of experience creating strategic estate plans, we can evaluate your specific needs and create the right documents that perfectly reflect your current and future needs.

Schedule an appointment by calling 941-906-7585 or filling out our contact form.

Note: 

The information in this blog post is for reference only and not legal advice. As such, you should not make legal decisions based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.