Florida Law Has Recently Changed Again!

Prior to each of us dying, it is very likely that we will become ill or injured and suffer some sort of mental or physical incapacity.

The new bill sought to conform Florida's POA law to the Uniform Power of Attorney Act, with some modifications, to achieve greater consistency among state laws.  Generally, power of attorney is a very powerful document as it allows someone you have named, to act on your behalf in financial, banking and business matters if you ever become incapacitated due to illness or injury.

Below are some of the changes:

* No more springing powers, with the exception of military powers; powers must be exercisable as of the time they are executed 

* Must be signed by the principal and by 2 subscribing witnesses, and be acknowledged by the principal before the notary 

* Provides mandatory and default duties for Agents - Fla. Stat. 709.2114 

* Creates co-agents and successor agents 

* No required method of acceptance

* Qualified agents are entitled to reasonable compensation; any agent entitled to reimbursement for expenses reasonably incurred on behalf of the principal   

* Super Powers - Authority that requires separate signed enumeration  

* Provides requirements for written notice with special notice for financial institutions

* Special rules for banking and investment transactions* Prohibits blanket or default powers granted to an agent

* Prescribes requirements for the rejection by a third person of the POA

* Prescribes requirements for the agent's liability under a POA

* Provides grounds for judicial relief and dealing with conflicts of interest

* Photocopy or electronic copy has same effect as the original unless the POA provides otherwise.