A durable power of attorney is a document that you sign that allows another person to act on your behalf and in your place as you would if you were acting yourself. This can be very helpful in a multitude of situations. Some of the powers that can be granted in your durable power of attorney are:
Collect, receive, and receipt for any and all sums of money or payments due or to become due to me.
1. Sue in my name and behalf for the recovery of any and all sums of money or payments due or to become due to me and to collect on any judgments recovered by me and execute satisfactions of the same.
2. Initiate, defend, continue, or settle suits on my behalf or to enforce the exercise of these powers granted to my attorneys-in-fact. 3. Hire or discharge (with or without cause) employees including, but not limited to, physicians, nurses, attorneys, and domestics.
4. Deposit to or withdraw from, or draw checks or drafts upon, any and all savings or checking accounts, money market funds, or any other type of account in my name; open any new such accounts in my name in any bank or financial institution or with any insurance or brokerage firm; and endorse my name to any and all negotiable instruments.
5. Pay any and all bills, accounts, claims, and demands now or hereafter payable by me.
6. Receive and endorse for deposit in any account any payments that I receive from any branch or department of the United States or other government, including without limitation, Social Security payments, Department of Veterans Affairs payments or grants, Medicare or Medicaid payments, and tax refunds. 7. Represent me before any office of the Internal Revenue Service or any state agency; prepare and sign any tax return on my behalf; receive confidential information regarding tax matters (SSN.: xxx-xx-xxxx) for all periods, whether before or after the execution of this instrument; and to make any tax elections on my behalf.
8. Receive and open my mail, change my mailing address, and otherwise represent me in any matter concerning the U.S. Postal Service.
9. Borrow money and to otherwise incur or guarantee indebtedness for which I will be liable, and to secure any such indebtedness by mortgage or other security interests encumbering my assets.
10. Act for me in any business or enterprise in which I am now or have been engaged or interested or with respect to any trust in which I have a beneficial interest.
11. Manage all assets and properties belonging to me or in which I have any interest, and to expend whatever funds my attorneys-in-fact deem proper for the preservation, maintenance, or improvement of those assets or properties.
12. Compromise, arbitrate, or otherwise adjust claims in favor of or against me or any assets or entity in which I have an interest, and to agree to any rescission or modification of any contract or agreement.
13. Participate in any type of liquidation or reorganization of any enterprise.
14. Join with other persons with whom I own property as joint tenants with right of survivorship or as tenants by the entireties in any transaction regarding that property.
15. Vote and exercise all rights and options, or empower another to vote and exercise those rights and options, concerning any corporate stock, securities, or other assets; to enter into or approve agreements for merger, reorganization, or equivalent transactions with respect to any company or enterprise; to delegate those rights to an agent; and to enter into voting trusts and other agreements or subscriptions.
16. Exercise all rights and options, or empower another to exercise those rights and options, concerning sole proprietorships, general or limited partnerships, joint ventures, business trusts, land trusts, limited liability companies, and other domestic and foreign forms of organizations.
17. Buy, sell, exchange, lease, convey, and grant options with respect to any real or personal property, and to negotiate for and to enter into contracts and agreements of every nature, concerning real or personal property, including homestead or exempt property. Any such contract, agreement, or lease will be valid and binding for its full term even if it extends beyond my lifetime or the duration of this power of attorney.
18. Exercise all powers even though my attorneys-in-fact may also be acting individually or on behalf of any other person or entity interested in the same matters.
19. Transact all business, make, execute and acknowledge all contracts, orders, deeds, bills of sale, assurances, promissory notes, mortgages, and other instruments of any nature which may be requisite or proper to effectuate any matter or things pertaining to or belonging to me.
20. Make gifts for estate planning purposes to my family members, including gifts to my attorneys-in-fact; change the beneficiaries of any life insurance policies or other qualified or nonqualified benefit plans; create or fund revocable or irrevocable trusts for the benefit of myself or of other persons; and consent to the creation or extension of trusts established by other persons for my benefit.
21. Apply for, fund, modify, withdraw from, or terminate a qualified tuition plan authorized under 26 USC §529, or its successor provisions, for any of my descendants, including the right to combine accounts, to transfer an account from one state to another, to redirect the investment of the account (to the extent permitted by law), or to change the designated beneficiary of the plan.
22. Continue or discontinue my membership in any club or other organization.
23. Accept or resign on my behalf from any offices or positions which I may hold, including any fiduciary positions.
24. Continue, use, or terminate any charge or credit accounts.
25. Employ and compensate any investment management service, financial institution, or similar organization to advise my attorneys-in-fact and to handle all investments and to render all accountings of funds held on my behalf under custodial, agency, or other agreements.
26. Enter into any safe deposit box for which I am a lessee and add or remove items.
27. Disclaim any property interest that I would otherwise receive.
28. Make an election on my behalf for me to receive an elective share of my wife's estate, if any, as provided by Florida law from time to time.
29. Demand, obtain, review, and release to others medical records or other documents protected by the patient-physician privilege, attorney-client privilege, or any similar privilege, including all records subject to, and protected by, the Health Insurance Portability and Accountability Act of 1996, as amended ("HIPAA"). I designate my attorney-in-fact as my personal representative under HIPAA.
30. File or process claims for any medical bills with all insurance companies through which I have coverage, including but not limited to Medicare and Medicaid, and to receive from Blue Cross/Blue Shield or any other insurer information obtained in the adjudication of any claim in regard to services furnished to me under Title 18 of the Social Security Act.
31. Nominate on my behalf a person (including any of my attorneys-in-fact) or entity to be appointed by a court of appropriate jurisdiction as guardian of my person or property, or both, or as custodian for my property during the pendency of any proceedings to determine my competency.
32. Invest in assets, securities, or interests in securities of any nature, including (without limit) commodities, options, futures, precious metals, currencies, and in domestic and foreign markets or investment funds, including common trust funds; to trade on credit or margin accounts (whether secured or unsecured); and to pledge assets for that purpose.
As you can see by the above sample language a durable power of attorney can help your agent to act on your behalf as if you could yourself. This document should be part of every estate plan. You can name an agent and an alternate agent. In the event you have someone you trust to carry out your wishes and need to have them named as your agent in the event you are no longer able to act for yourself, this document can be completed by you easily and effectively. Call the law offices of Hoffman & Hoffman, P.A. and we will help to make sure you have all the tools you need for an effective and complete estate plan.
For an initial consultation with one of our experienced attorneys call 305-372-2877 or 877-858-2977 or fill out the contact form on the right side of this page.
