Durable Power of Attorney (POA)
In the state of Florida, a Durable Power of Attorney (POA) is a legal instrument that allows one person (the "principal") to grant authority to another person (the "agent" or "attorney-in-fact") to make decisions and take actions on their behalf. The "durable" nature of the POA means that the document remains effective even if the principal becomes incapacitated. Here's what's typically included in a Durable Power of Attorney under Florida law:
Parties Involved:
Principal: The person granting the authority.
Agent (Attorney-in-Fact): The person or entity being given the authority to act on the principal's behalf.
Effective Date: The POA may take effect immediately upon signing or upon a specified future date or event (often the incapacity of the principal).
Scope of Authority: Florida law requires the principal to initial specific powers they wish to grant to the agent, ensuring clarity. Common powers include:
Buying or selling property.
Banking transactions.
Investment decisions.
Tax matters.
Legal claims and litigation.
Retirement plan transactions.
Insurance matters.
Estate and trust decisions.
Duration: A Durable POA in Florida remains valid even after the principal becomes incapacitated but ends upon the principal's death unless terminated before then.
Special Instructions or Limitations: The principal can provide specific instructions or restrict certain actions.
Alternate Agents: It's advisable to name a successor agent in case the primary agent can't or won't serve.
Compensation: Details about any compensation to be provided to the agent for their services.
Governing Law: Specifies that Florida laws govern the POA.
Signature and Notarization: The principal's signature is required, and the document must be notarized to be legally binding under Florida law. Florida also requires two adult witnesses present at the signing.
Revocation Provision: Directions on how the principal can revoke the POA.
Third-party Reliance: Florida's Durable POA may contain a provision that relieves third parties from any liability for relying in good faith on the agent's authority.
In the state of Florida, a Durable Power of Attorney (POA) is a legal instrument that allows one person (the "principal") to grant authority to another person (the "agent" or "attorney-in-fact") to make decisions and take actions on their behalf. The "durable" nature of the POA means that the document remains effective even if the principal becomes incapacitated. Here's what's typically included in a Durable Power of Attorney under Florida law:
Parties Involved:
Principal: The person granting the authority.
Agent (Attorney-in-Fact): The person or entity being given the authority to act on the principal's behalf.
Effective Date: The POA may take effect immediately upon signing or upon a specified future date or event (often the incapacity of the principal).
Scope of Authority: Florida law requires the principal to initial specific powers they wish to grant to the agent, ensuring clarity. Common powers include:
Buying or selling property.
Banking transactions.
Investment decisions.
Tax matters.
Legal claims and litigation.
Retirement plan transactions.
Insurance matters.
Estate and trust decisions.
Duration: A Durable POA in Florida remains valid even after the principal becomes incapacitated but ends upon the principal's death unless terminated before then.
Special Instructions or Limitations: The principal can provide specific instructions or restrict certain actions.
Alternate Agents: It's advisable to name a successor agent in case the primary agent can't or won't serve.
Compensation: Details about any compensation to be provided to the agent for their services.
Governing Law: Specifies that Florida laws govern the POA.
Signature and Notarization: The principal's signature is required, and the document must be notarized to be legally binding under Florida law. Florida also requires two adult witnesses present at the signing.
Revocation Provision: Directions on how the principal can revoke the POA.
Third-party Reliance: Florida's Durable POA may contain a provision that relieves third parties from any liability for relying in good faith on the agent's authority.
In the state of Florida, a Durable Power of Attorney (POA) is a legal instrument that allows one person (the "principal") to grant authority to another person (the "agent" or "attorney-in-fact") to make decisions and take actions on their behalf. The "durable" nature of the POA means that the document remains effective even if the principal becomes incapacitated. Here's what's typically included in a Durable Power of Attorney under Florida law:
Parties Involved:
Principal: The person granting the authority.
Agent (Attorney-in-Fact): The person or entity being given the authority to act on the principal's behalf.
Effective Date: The POA may take effect immediately upon signing or upon a specified future date or event (often the incapacity of the principal).
Scope of Authority: Florida law requires the principal to initial specific powers they wish to grant to the agent, ensuring clarity. Common powers include:
Buying or selling property.
Banking transactions.
Investment decisions.
Tax matters.
Legal claims and litigation.
Retirement plan transactions.
Insurance matters.
Estate and trust decisions.
Duration: A Durable POA in Florida remains valid even after the principal becomes incapacitated but ends upon the principal's death unless terminated before then.
Special Instructions or Limitations: The principal can provide specific instructions or restrict certain actions.
Alternate Agents: It's advisable to name a successor agent in case the primary agent can't or won't serve.
Compensation: Details about any compensation to be provided to the agent for their services.
Governing Law: Specifies that Florida laws govern the POA.
Signature and Notarization: The principal's signature is required, and the document must be notarized to be legally binding under Florida law. Florida also requires two adult witnesses present at the signing.
Revocation Provision: Directions on how the principal can revoke the POA.
Third-party Reliance: Florida's Durable POA may contain a provision that relieves third parties from any liability for relying in good faith on the agent's authority.
It's essential to note that as of October 1, 2011, Florida made significant changes to its Durable Power of Attorney statute. The new law requires that specific rights or actions by the agent must be expressly granted in the POA document.
Anyone considering creating a Durable Power of Attorney in Florida should consult with a Florida attorney to ensure their document is compliant with state requirements and meets their individual needs.