Monday, September 19, 2011

Why it may be a good idea to revisit your Power of Attorney (POA)

Florida Statute Section 709.2101 through 709.2402(effective date October 1, 2011): Although still effective, everyone with a Power of Attorney (POA) created prior to October 1, 2011 should discuss their options with a knowledgeable estate planning attorney. Issues have arisen in the past with financial institutions not accepting POAs or requiring their specific form to be signed. However, for POAs created under the new Statute, per section 709.2120, F.S., a third person is required to accept or reject a POA within a reasonable time and is not allowed to require an additional or a different POA for authority granted in the present POA. If the third person rejects a POA under the new Statute, they could be held liable for damages and attorney fees.

Note: LegalJourney Blog posts are designed to provide informational summaries, but do not include all aspects, issues, statutes or legal rulings. If you have additional questions based on what you read on the LegalJourney Blog, please seek the advice of a qualified Florida attorney.