“New Rules” for the Florida Durable Family Power of Attorney
In June 2011, Governor Scott signed into law key changes to Florida Statute 709 covering the form and use of Florida ‘s Durable Family Power of Attorney.
The Durable Power of Attorney has long been an important tool in the war chest of investment and estate planning professionals for clients seeking to protect their assets in the eventuality of the client’s own long-term incapacity. In fact, that’s where the phrase “durable” comes from. A standard Power of Attorney ceases to be enforceable upon the incapacity of the grantor of the Power. As a result, it ceases to function just when it is needed most. A properly executed “Durable” Power of Attorney, however, survives the physical or mental incapacity of the grantor – providing the grantor’s “Agent” the authority to act on their behalf. Florida’s “new rules” as to the Durable Family Power of Attorney go into effect October 1, 2011.
For more information on the upcoming changes to Chapter 709, follow Wood, Atter & Wolf’s Business and Tax Lawyer Blog or contact a Florida Business or Estate Planning Attorney at Wood, Atter and Wolf, P.A.
