Can A Power Of Attorney Change A Will?
As you age, strengthening your estate plan becomes increasingly important. One of the most effective ways to ensure your wishes are followed in the event of incapacity is by setting up a power of attorney.
Many people mistakenly believe that a power of attorney is a complex legal process reserved for the wealthy. This is far from the truth. However, it’s understandable that some may hesitate to appoint someone with significant authority over their estate.
To clear up any confusion and help you make the best choice, we’ll explain the basics of a power of attorney and its limitations. Most importantly, we’ll answer the common question: Can a power of attorney change a will?
What is a Power of Attorney?
In simple terms, a power of attorney is a legal document that grants someone (known as the “agent”) the authority to make decisions on your behalf. These decisions can relate to various aspects of your life, including medical care, financial matters, or property management.
Your agent doesn’t have to be a lawyer. You can choose anyone you trust to fulfill this role. You can even assign power of attorney to multiple individuals, who will serve as co-agents.
Types of Power of Attorney
There are two primary types of power of attorney:
- General Power of Attorney: This grants the agent broad authority to make decisions in all areas of the principal’s life, including managing assets, handling bank accounts, selling property, and filing taxes. In Florida, this is recognized as an all-encompassing power.
- Limited Power of Attorney: As the name suggests, this type gives the agent authority only in specific areas or situations. For example, you might grant someone power of attorney to manage only your savings accounts or retirement funds.
Both types are useful if you become temporarily or permanently incapacitated and are unable to make decisions on your own.
Additionally, you can set up a Durable Power of Attorney, which remains in effect even if you become incapacitated. While durable power of attorney can be used to manage financial, property, or legal matters, it doesn’t extend to health-related decisions. For medical matters, you would need a Medical Power of Attorney.
What Are the Limits of the Agent’s Authority?
Although the specifics may vary by state, most states—including Florida—follow the Uniform Power of Attorney Act, which standardizes how powers of attorney work. According to this law, the agent’s authority becomes effective immediately upon signing the document, and there are limits to what they can do.
For example, many people wonder, “Can a power of attorney change a will?” The answer is no. A power of attorney does not give the agent the right to alter, update, or rewrite your will. A valid will must be signed by a person of sound mind, and any attempt by an agent to change the terms of the will would be considered invalid in Florida’s courts.
While an agent cannot directly change your will, they can affect your estate by making decisions that impact your financial assets, which could ultimately alter what your heirs receive.
For example, if you assign your younger son a power of attorney and he liquidates your investments to cover perceived “necessary” expenses while you’re incapacitated, he could unintentionally disinherit your older child by depleting those assets. While he hasn’t changed the will, the financial impact of his decisions could be significant.
How Can You Prevent Agent Abuse?
Though the risk of agent abuse exists, there are steps you can take to protect your estate:
- Choose the Right Agent: It’s crucial to appoint someone you fully trust. Take time to consider your options carefully.
- Be Specific About Your Wishes: Clearly outline your wishes in the power of attorney document to minimize any room for misinterpretation.
Beyond these basic precautions, you can take additional steps to safeguard your estate:
- Naming Co-Agents: You can appoint multiple agents to act together, such as both of your children and a trusted friend. This approach can reduce the risk of abuse.
- Designating a Third Party for Oversight: You can require that your agent provide regular updates to an attorney or another trusted third party, detailing all financial actions taken.
- Limiting the Agent’s Authority: With the help of an estate planning attorney, you can draft a power of attorney that specifically limits the agent’s powers. For instance, you might allow them to manage bank accounts but prevent them from altering the terms of your financial agreements or changing beneficiaries on your life insurance policy.
Create a Solid Power of Attorney with the Help of Experts at Law Offices of Mary E. King
Now that we’ve answered whether a power of attorney can change a will, you should feel more confident about using this estate planning tool. Since you can limit the agent’s powers from the outset and even revoke the document if needed, a power of attorney can be a secure option for your estate planning needs.
Although agents have limited authority, their decisions can still significantly affect your financial situation. To minimize these risks, it’s highly recommended to consult with an experienced attorney when drafting your power of attorney documents.
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At the Law Offices of Mary E. King, we help clients of all financial backgrounds create comprehensive estate plans that reflect their needs and protect their families. Estate planning can be complex, and making even small mistakes could jeopardize your family’s future. For that reason, it’s important to work with skilled professionals to ensure your plan is flawless.
To learn more or schedule a free consultation, simply fill out our contact form or call 941-906-7585 to connect with Florida’s leading estate planning attorneys.
