Delegation is one of the best tools for decongesting your life in this busy generation when many people live in the fast lane of life. Fortunately, any Florida resident can delegate their duties by filling a Florida limited power of attorney form. This form enables you to appoint a trusted person to transact for you and in your name. Your chosen steward enjoys the limited authority you confer to them to transact and decide for you. For instance, you might authorize them with a power of attorney (POA) to buy and sell properties for you.
Under this arrangement, you define and qualify your trustee’s scope of authority. For instance, if you authorize them to represent you in taxation matters, you could still restrict them from buying and selling assets for you. In this POA trust, you become the principal, donor, or agent because you donate or grant some of your authority. Your appointed representative becomes your agent or attorney-in-fact. Just like a general power of attorney, the power of attorney form expires when you lose your capacity.
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Florida Limited POA Requirements
Florida has its laws that govern all limited POAs. Every potential principal should familiarize themselves with these legal requirements. Some of them are discussed below.
First, every aspiring principal must be a sane adult aged at least 18 years and over. Financial institutions with trust powers, business premises in Florida, and authority to conduct trust business can also initiate a limited power of attorney.
The law also requires all potential agents to have the same capacity to accept and execute a power of attorney. The reason is that POAs are challenging and require a sharp mind to make meaningful financial decisions. They also have profound legal implications that only a sane person can handle.
The law also requires principals and their witnesses to sign their POAs. The two witnesses must have witnessed the principal signing and acknowledging their signature on the document before a notary public.
Sometimes, the principal may be physically unable to sign the document. In such cases, the notary public before whom they acknowledge the document can sign for them.
Filling out the Florida Limited POA Form
Filling the Florida limited power of attorney form is a critical stage in creating a POA. Therefore, you must fill it correctly. Here is how the process unfolds.
Get Your POA Template
Start by locating and downloading the form from this website for convenient offline filling. Make sure you download it in a format you can fill conveniently using the appropriate software your computer has. For instance, choose PDF or Word format if you have these two programs on your machine. If you opt to print and fill it manually, use black or blue ink and write the text in large, legible letters.
Fill out the General Details
Next, identify all the parties to the POA. Fill out your three legal names and your physical address in Florida. You need to fill out your city, street, and apartment number. Afterward, provide your agent’s details in the same order.
Delineate the Agent’s Authority
The next stage entails defining your chosen agent’s limited powers and authority. You have to define what your agent can and can’t do. If the space provided in the form isn’t enough, you can extend by creating more rows. When filling the form manually, you may add an extra sheet of paper and attach it to the form before signing the document.
Determine the POA’s Expiry Date
Next, determine when you want the POA to terminate. The reason is that the law provides for the document’s immediate execution after the principal signs it. However, it has no provision for determining when your agent’s powers should end. So, you have to locate the place that reads, “this designation shall last until…” You have to check the appropriate box to specify if it will last until a given task is completed or after a given date. You may also select the last option that allows you to revoke the trust. The law allows you to revoke the POA if the agent breaches the agreement you made with them or for whatever reason you deem fit.
Validate the POA
The last statement on this form needs three parties’ attention: the principal, two witnesses, and the notary public. You need to date the document before you sign it shortly before executing this paperwork.
Your two witnesses who saw you sign the document will follow suit and sign the document. They will also date it before signing.
The last part of the whole process is reserved for the notary public who fills out all the form’s details. Afterward, they provide their credentials and then seal the document with their official practice seal.