A Power of Attorney is a legal document that delegates authority from you to a third party to manage your finances and assets for you. The person you nominate to handle your assets is known as your Agent. You can give your Agent broad powers under the law, or you can restrict his or her powers to specific items. You can give your Agent the power to sell your real property, manage your rental real properties, manage your business or business assets. You can also give your Agent the authority to conduct banking transactions on your behalf and the authority to invest your money on your behalf. Chapter 709 of the Florida Statutes, known as the Power of Attorney Act governs what your Agent can and cannot do under the law.
Powers of Attorney become effective as soon as you sign them. This means when you sign a Power of Attorney authorizing someone to manage your financials, that person will have immediate access to ALL of your assets. Thus, it is critical that you nominate an Agent who is fiscally responsible. You should also nominate an Agent who is trustworthy and won’t steal your money or engage in self-dealing.
There used to be another option to the Power of Attorney known as the Durable Power of Attorney (DPA). DPAs could nominate an Agent to serve UPON you becoming incapacitated. Meaning you handled your financials and then when you are no longer able to handle your financials, the Agent you nominated would step into your shoes and being serving as your Agent. These DPAs with “springing” powers were eliminated on September 30, 2011.
A Power of Attorney terminates on one of several events, such as death, if you revoke the Power of Attorney, if the Power of Attorney provided an expiration date or if a Court orders that the Power of Attorney is no longer effective or valid.
According to Section 709.2105, any competent person 18 years of age or older may serve as the Agent. Even if you have a Power of Attorney that was executed in another state, it will still be valid in Florida if it meets the Florida Power of Attorney Act and other state laws.
If you are looking to execute a power of attorney or remove an Agent from serving as your Power of Attorney you need legal counsel.
Why Hire the Horton Law Group, P.A?
The principal partner at the Horton Law Group, P.A., Attorney Sommer C. Horton, has been drafting quality estate plans for 20 years. She is also an experienced and aggressive estate litigator. She is highly regarded for her creativeness, strategic judgment and her uncanny ability to deliver persuasive legal arguments in the courtroom. She has a tremendous skill for being an aggressive advocate for her clients, while being one who understands and appreciates how trying litigation can be, thus, she is extremely sensitive to her clients’ needs.
Ms. Horton is passionate about the law and believes in seeking justice for her clients in an ethical and economic manner. Ms. Horton fights for each and every one of her clients – every step of the way. Ms. Horton will spend time with you to make sure you understand the law, understand your rights and she will draft your estate plans for you so that you and your family are protected. In addition, she can assist you with your business planning, estate planning and asset protection needs too.
The Horton Law Group, P.A. is a boutique civil litigation law firm that only takes on a limited number of cases so that personal attention can be given to every client. Make the right call – schedule a free 30-minute consultation with Ms. Horton. You can make an appointment by calling 561-299-0018 or emailing email@example.com.