What is a durable financial power of attorney?

A durable financial power of attorney (DPOA) is a legal document in which an individual, known as the principal, gives another individual, known as the agent, the authority to manage their financial affairs if they become unable to do so themselves. This document typically grants an agent the power to pay bills, collect benefits, access funds, and manage other financial matters on behalf of a principal. In the state of Florida, durable financial powers of attorney are governed by Part I, Chapter 709 of the Florida Statutes. This document must be signed by the principal, in the presence of two witnesses, and notarized. It is important to note that a DPOA does not take effect until the principal becomes incapacitated or can no longer manage their own finances. In addition to granting authority to manage financial affairs, a durable financial power of attorney may also grant an agent the authority to manage other matters such as healthcare decisions. This document is an important tool in elder law, as it allows an agent to manage a principal’s financial affairs in the event that they become unable to do so themselves. It is essential that individuals in Florida have a durable financial power of attorney to ensure that their financial affairs are managed properly if they become incapacitated.

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