Power of attorney (POA) allows clients to engage in financial transactions when they are unable to be present to sign documents and allows someone else to act for you if you become incapacitated. When going through financial transactions, it is important that you fully understand your rights. Take the initiative to turn to a corporate law firm in Miami for help so you can be prepared in advance for whatever challenges may lie ahead. 

Understanding the basics of the power of attorney requirements in Florida will help you through the beginning stages of the legal process. It is a legal document that is referred to as an agent, and the authority can act on behalf of an individual, also known as the principal. Helpful terms to remember are:

• Incapacity: the inability of the principal to take necessary action to obtain, administer, and dispose of property, benefits, and income.
• Limited/special power of attorney: limits the agent’s authority to one transaction or specified types of transactions or limits power to a specific period.
• Durable power of attorney: the principal’s incapacity does not terminate power.
• Springing power of attorney: POA does not become effective unless the principal is incapacitated.

Florida, unlike most states, does not allow springing power of attorney and does not provide an authorized form for financial power of attorney. Obtaining power of attorney can be much more difficult in Florida than in the rest of the country, so seeking the help of an M&A attorney in Miami is vital in ensuring the process is completed properly. 

For more information about power of attorney or to request a consultation, contact our law firm at 305.740.1940.