Can A Power Of Attorney Change A Will?

As you age, strengthening your estate plan becomes increasingly vital. One of the best ways to ensure your wishes are honored in the event of incapacity is by establishing a power of attorney.

Many people mistakenly think that a power of attorney is a complicated legal process reserved only for the wealthy. In reality, it’s a simple and accessible option for anyone. However, it’s understandable to have concerns about granting one person extensive control over your affairs.

To clarify any confusion and help you make the best decision, we’ll explain what a power of attorney is, its limitations, and answer the common question: Can a power of attorney change a will?

What Is a Power of Attorney?

A power of attorney (POA) is a legal document that allows you to appoint someone—the “agent”—to make decisions on your behalf. These decisions could be related to medical care, financial matters, or property management.

Your agent doesn’t need to be a lawyer; you can assign anyone you trust to take on this role. It’s also possible to designate more than one agent, who would act together as co-agents.

Types of Power of Attorney

There are two main types of power of attorney:

1. General Power of Attorney: This grants the agent broad authority to manage all areas of your life, including finances, property, and other legal matters, in accordance with Florida law. It could include actions like managing bank accounts, filing taxes, or selling property.

2. Limited Power of Attorney: As the name suggests, this type of POA gives the agent authority only in specific situations. For example, you might grant someone power of attorney to handle a particular investment account or to manage only your retirement funds.

Both types are useful if you become incapacitated and can’t make decisions for yourself.

Additionally, you can create a Durable Power of Attorney, which remains effective even if you become mentally or physically incapacitated. This type allows the agent to manage your finances and legal matters but doesn’t grant them authority over healthcare decisions. For those, you would need a Medical Power of Attorney.

What Are the Limits of the Agent’s Power?

While the specifics may vary by state, most states, including Florida, adhere to the Uniform Power of Attorney Act, which provides standard rules for POAs. According to this law, the agent’s authority typically begins as soon as the document is signed, but there are clear limits to what they can do.

A common question is: Can a power of attorney change a will? The answer is no. A power of attorney does not grant the agent the right to alter, modify, or write a new will. For a will to be legally valid, the person creating it (the “testator”) must be of sound mind. If an agent tries to change the terms of a will, those changes will be considered invalid.

Although the agent can’t directly alter your will, their actions can indirectly affect your estate. For example, if you assign one of your children power of attorney and they liquidate your investments to cover what they consider necessary expenses, they could unintentionally reduce the value of the inheritance that your other heirs receive. While they haven’t changed the will, their decisions could affect how your estate is distributed.

Can You Prevent Agent Abuse?

While the possibility of abuse exists, there are measures you can take to protect yourself and your estate:

1. Choose Your Agent Carefully: It’s crucial to appoint someone you completely trust to act in your best interests. Take the time to carefully consider who is best suited for this responsibility.

2. Be Specific About Your Wishes: Clearly define your wishes in the power of attorney document to minimize misunderstandings or potential misuse of the authority granted.

Beyond these basic safeguards, you can take additional steps:

• Appoint Co-Agents: You can designate more than one person as an agent, such as your children or trusted friends, to share the responsibility and reduce the likelihood of abuse.

• Appoint a Third-Party Overseer: You can require that your agent submit regular reports to a trusted third party, such as your attorney, to ensure accountability and transparency.

• Limit the Agent’s Powers: With the help of an estate planning attorney, you can tailor the power of attorney document to restrict the agent’s authority. For example, you could allow them to manage your bank accounts but prevent them from making changes to your financial plans or altering the beneficiaries of your life insurance policy.

Create a Strong Power of Attorney with Help from the Law Offices of Mary E. King

Now that you know the answer to Can a power of attorney change a will, you have the information you need to make an informed decision about using this tool in your estate plan. Since you can limit the agent’s powers from the beginning and even revoke the document if necessary, a power of attorney can be a safe and effective option.

Though the agent’s powers are limited, their decisions can still have a significant impact on your financial situation. To reduce the risk of complications, it’s advisable to consult an experienced attorney when drafting your power of attorney document.

At Law Offices of Mary E. King, we assist individuals from all income levels in creating customized estate plans that meet their needs and protect their loved ones. Estate planning is complex, and even minor mistakes can harm your family’s future. For this reason, it’s essential to work with knowledgeable professionals who can help you create a flawless plan.

For a free consultation, fill out our contact form or call 941-906-7585 to speak with one of Florida’s top estate planning attorneys.