The New Power of Attorney Law and How It Affects You, Part 1 of 3

Just what is a Power of Attorney? It is a document that allows your designated agent to manage your medical, financial or property affairs.  This is necessary when you or loved one are unable to conduct certain affairs, if you have a complicated financial situation or if you are elderly or disabled.

A Power of Attorney can be misused. For example, Back in 2011 there was a news story about a 69-year-old Florida man being arrested and accused of buying himself a Lamborghini with money that belonged to a 97-year-old woman.  He was supposedly acting as her Power of Attorney!

It is because of cases like that, that motivated the Florida Legislature to pass a more strict Power of Attorney law that same year.  Although the new law would not prevent cases like the one above, it will make it easier to recover assets, since client’s rights and agent’s duties are more clearly defined.

Also, this year, the legislature passed a law giving law enforcement more tools to prosecute those who abuse our elderly.

The 2011 Power of Attorney Law:
1. Has more protections for consumers.
2. Financial institutions must accept POAs within a reasonable period and not waste time
3. Requires more procedures and time to complete POA document
4. Must be signed before two witnesses and notary

Make sure your attorney is familiar with the Power of Attorney law.  If not, there is a danger you could have an invalid document.

If I can assist you further with your Power of Attorney or Durable Power of Attorney needs, please don't hesitate to contact me.