New Law for Florida Powers of Attorney

The Florida Statutes regarding Powers of Attorney were amended as of October of last year.  While Powers of Attorney executed prior to this change remain in effect, there is a concern about the manner in which financial institutions will continue to honor older Powers of Attorney.

By law third parties are required to accept these older Powers of Attorney, but they are also allowed to take up to four business days to make that decision.  There have already been instances of reluctance in accepting the older Powers of Attorney.

One of the most significant changes to the new laws is the requirement that powers be stated explicitly.  The prior laws allowed more general statements of the powers granted.  It is this requirement that is believed to be the reason financial institutions will take more time in deciding to honor older Powers of Attorney.

Additional changes to the Power of Attorney Laws:

• Unless provided otherwise, photocopies may be accepted in place of originals
• Powers may be granted to change estate planning documents (“Superpowers”)
• Unless provided otherwise, co-agents may act independently of each other
• Qualified agents are entitled to compensation
• Duties of an agent have been specifically enumerated

If you would like to discuss this, or any other legal issues, please contact this office for a free conference.