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: Florida Estate Planning Lawyer BlogNew Florida Law for Durable Powers of Attorney
By David M. Goldman
In a Bill supported by the Banks, you will no longer be able to obtain Springing Powers of Attorney in Florida. In addition, not only will you be required to have two witnesses sign in your presence like with a Florida Will or Florida Revocable Trust but you will also need a notary for it to be valid.
Each agent will have full authority to act independently, there will be new Mandatory Duties, Default Duties, and separate signing requirements for certain authorities like creating or revoking trusts, making gifts, disclaimers, and powers of appointment.
In addition, certain non family members will not be able to do certain things like support others, transfer certain interests in the principals property by gift, right of survivorship, beneficiary designation, disclaimer unless the POA provides otherwise.
And all gifts will be limited to the federal gift tax annual exclusion ($13,000 currently) unless the document states otherwise.
If you are considering a new power of attorney or revising your Durable Power of Attorney in Florida, you may consider doing a new one before October 1, 2011 or be forced to create one with the limitations and exclusions of the new Florida Statue.
Full post as published by Florida Estate Planning Lawyer Blog on June 27, 2011 (boomark / email).
Durable Powers of Attorney
Florida Statute section 709.08 governs durable powers of attorney. A durable power of attorney is a written document whereby one person can designate another to act for them. The person who signs the document and appoints another is the “principal” and the person appointed to act is the “attorney in fact...
Preventing abuse of powers of attorney
Prof. Lawrence A. Frolik (University of Pittsburgh School of Law) has recently published his article entitled Keep Powers of Attorney in Check, Trial, April 2009, at 42. Here is an excerpt from his article: Durable powers of attorney were designed...
New York modernizes durable power of attorney law
On March 1, 2009, significant changes to the New York law of durable powers of attorney will take effect. Here are some of the major changes: The agent must sign and date the power of attorney and the agent's signature...
Durable Powers of Attorneys -- Problems and Solutions
Linda S. Whitton (Professor of Law, Valparaiso University School of Law) has recently published her article entitled Durable Powers as an Alternative to Guardianship: Lessons We Have Learned, 37 Stetson L...
Thoughts on Durable Powers of Attorney.
Typically a durable power of attorney can become effective in two ways.First, it can be effective immediately upon execution.Or, second, it can be made effective upon incapacity of the principal...
New Delaware Laws Relating to Trusts and Durable Powers of Attorney
Morris, Nichols, Arsht & Tunnell LLP sent out a Delaware Trusts, Estates, & Tax Law Newsletter (Sept. 2010). The newsletter addresses new Delaware laws relating to trusts and durable powers of attorney...
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