Introduction to General Durable Power of Attorney for Property and Finances
This document is a legal instrument that grants an individual, known as the agent, broad authority to manage another person's financial and property matters. It remains effective even if the person who created it becomes incapacitated or disabled. This type of power of attorney does not cover medical decisions, which require a separate document.
When this document becomes relevant
This form is typically used in various situations, including:
- When an individual wants to ensure their financial affairs are managed in case of incapacity.
- When someone is traveling or residing away from their primary residence and needs someone to handle their financial transactions.
- When planning for future financial management, especially for older adults or those with health concerns.
Who should consider General Durable Power of Attorney for Property and Finances
This form is intended for individuals who want to appoint someone to manage their financial and property matters. It is suitable for:
- Adults who wish to plan for potential future incapacity.
- Individuals traveling or living away from home for extended periods.
- People who want to ensure their financial responsibilities are handled by a trusted person.
Sections you'll find in this form
The form includes several important sections, such as:
- Principal Information: Details about the person granting authority.
- Agent Information: Information about the appointed agent who will manage the affairs.
- Powers Granted: Specific powers given to the agent, such as handling financial transactions, managing property, and accessing bank accounts.
- Durability Clause: States that the powers remain effective even if the principal becomes incapacitated.
- Revocation Clause: Information on how the principal can revoke the power of attorney.
How to prepare the General Durable Power of Attorney for Property and Finances
Follow these steps to fill out the form:
- Identify the Parties: Enter the full name and address of the principal (the person granting authority) and the agent (the person receiving authority).
- Specify Powers: Clearly outline the powers being granted to the agent, ensuring they align with your intentions.
- Include Additional Provisions: If applicable, add any specific instructions or limitations on the agent's authority.
- Sign and Date: The principal must sign and date the document in the presence of witnesses, as required by Florida law.
- Distribute Copies: Provide copies of the signed document to the agent and any relevant financial institutions or parties.
Requirements that vary by state
This power of attorney must comply with Florida laws, which dictate that it remains effective despite the principal's incapacity. It must be signed by the principal and witnessed by two individuals who are not named as agents. The form is designed to be valid in Florida and can be used in other states as well.
Why use this form online
Accessing this form online offers several advantages:
- Convenience: Download and complete the form from anywhere at any time.
- Editability: Easily make changes to the document before finalizing it.
- Legal Reliability: Use a professionally drafted template that meets legal standards.
