Florida Durable Power of Attorney (Financial)

Last Updated: 6/9/2015

Document Description

The Florida Financial Power of Attorney is a durable form that gives authority over money matters from the principal, to the agent. This is an excellent resource to have in your estate plan, as it can potentially avoid legal red tape along with the hassle and expense of having a guardian appointed over your affairs.

ezEstatePlanner makes creating this form quite simple. Just make sure the agent you appoint is trustworthy, responsible, and dependable. The agent you assign will be able to step in to manage your day to day finances, along with major real estate transactions, tax returns, and even collect government benefits on your behalf.

Beginning October 1, 2011, Florida's law changed to provide added protection for residents from abuse of power by agents assigned in Power of Attorneys. The changes allow for “superpowers” to be assigned to the agent, including changing of estate plans, along with terminating, changing, or creating new trusts. Superpowers also include the ability for the agent to make gifts on the agent's behalf, even to the agent himself. A significant change to note, is power of attorneys in Florida may no longer be springing. Meaning, once created, the power of attorney must be effective, instantly not waiting until the principal is incapacitated. This does not mean you will no longer have control over your finances; your power is not taken away. However, the assigned agent is immediately granted powers to control your finances. Since this is a durable power of attorney, your agent will continue to exercise authority over your affairs if and when you are declared incapacitated by a physician.

Once completed, signed, and notarized it is a good idea to give your Florida Financial Power of Attorney to an attorney or other trusted party for safe keeping. You may also store this form along with your other estate planning documents in your ezEstatePlanner Vault.

You can learn more about Florida Law regarding durable power of attorneys by visiting the Florida Department of Elder Affairs.

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