Florida Powers of Attorney
What is the Power of Attorney?
This is a legal document where the maker of the document, the Principal, designates another individual, called the Agent, to act on his or her behalf and perform certain legal acts when the Principal cannot do so. The type of authority given to your Agent depends on the specific language of the Power of Attorney.
What are some of the uses of the Power of Attorney?
The Power of Attorney can be used to give another the right to buy and sell property, to sign a contract, or handle financial and legal decisions. A Power of Attorney can be "Limited" to a certain specific act, such as allowing someone to sign closing documents on a home you are selling out of state. Or a Power of Attorney can be more general and typically gives the Agent very broad powers to perform legal acts on behalf of the Principal.
A Durable Power of Attorney remains effective even if a person becomes incapacitated. However, the Durable Power of Attorney must contain special wording that provides the power survives the incapacity of the Principal.
Must a person be competent to sign a Power of Attorney?
Yes, the Principal must understand what he or she is signing at the time the document is signed. The Principal must understand the effect of a Power of Attorney and the role of the Agent. I always counsel clients to choose someone who is trustworthy and reliable. Certain financial institutions and not-for-profit organizations may also serve.
Don't wait until it's too late for you or your loved ones to obtain a Power of Attorney. If it's too late, and the person is not competent to sign one, then the only alternative might be a Guardianship proceeding - which can be complex and very costly.
NEW INFORMATION!
On October 1, 2011, the Florida Legislature enacted a new Power of Attorney Law. There are many changes in the law which may affect your existing documents. Even if your document itself is valid, there may be some provisions in the document that are not. Doesn't this sound confusing? It is. This was a hastily drafted bill and there are many open questions. The Law Office of Debra G. Simms is recommending that you seek counsel to review all existing Powers of Attorney. Do NOT rely on your old documents as the new statute now requires that certain grants of authority must be drafted in a new way. Also, many out-of-state documents that were once acceptable in Florida, will no longer be so.
Contact us for a free consultation regarding your existing Power of Attorney