The Importance of a Florida Durable Power of Attorney

The Importance of a Florida Durable Power of Attorney

A durable power of attorney is an important part of your estate plan. Under a durable power of attorney, you (the principal) appoint a third party (your agent) to act on your behalf in financial matters. A power of attorney can grant wide powers or can be made to grant only a specific power or set of powers. You decide how much power you want to grant to your agent.

In the state of Florida, a Durable Power of Attorney takes effect immediately. Therefore, the individual you appoint as your agent should be someone you trust and have discussed your wishes with. While they are able to act immediately, they are only able to act on the powers you grant under the power of attorney.

In Florida, there are certain things agents cannot do, including vote in public elections on behalf of the principal and execute or revoke a will on behalf of the principal.

Revoking A Power of Attorney

In Florida, a durable power of attorney can be terminated in a handful of ways, including:

  1. You die
  2. You revoke the power of attorney
  3. The power of attorney states a termination date
  4. The purpose of the power of attorney is accomplished
  5. The agent’s authority terminates and the document does not account for another agent to act.

It is important to note that if you wish to revoke your power of attorney, you cannot simply create a new document – you must expressly revoke the prior power of attorney.

Who Can Serve as a Power of Attorney

In Florida, any competent adult can be designated as a power of attorney. A financial institution with trust powers can also serve as a power of attorney if it has a place of business in Florida and is authorized to conduct trust business in Florida. Because of the sensitive nature of the power of attorney, it is important that you select someone who you trust. You will also want to have open lines of communication with your appointed agent so they are able to act in your best interest.

Your appointed agent will have full authority to carry out the purpose of the power of attorney. While an agent may be liable if they breach the fiduciary duty for acting outside the scope of the power of attorney, you want to try to prevent that from happening. 

Florida Estate Planning Attorney

If you are in Florida and are interested in discussing estate planning, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.