Practice tip for Florida POAs

In the course of dealing with my mother’s business affairs, for whom I am the agent under a Florida Durable Power of Attorney, I was sent a Florida Power of Attorney Review Form by the bank. The purpose of the form was for the branch bank to make certain determinations (e.g. who I was and what I wanted) before faxing the form, power of attorney and other documents (a copy of my drivers license) to the fraud prevention department for approval or denial of my authority. While this was for one bank, a national bank, concerning a Florida account my guess is all big banks use similar forms for most if not all states, and many of you have clients who spend time in Florida, have elderly relatives in Florida, or winter in Florida.

The form that is used by the fraud department asks the reviewer the following:

 

1. APPLICABLE STATE LAW:

• What state was the POA executed in? ________________________

• Does the POA indicate that it is subject to the laws of a state other than the one it was executed in?

☐ Yes ☐ No

• If so what state: ___________________________

2. EXECUTION

• Is the POA signed by the Principal?

☐ Yes ☐ No

• Is the POA witnessed by two witnesses?

☐ Yes ☐ No

• Is the POA notarized?

☐ Yes ☐ No

• Is the POA presented the original or a certified copy of the original?

☐ Yes ☐ No

3. DURABILITY

• Does the POA contain language that indicates it is durable?

☐ Yes ☐ No

• If yes what section of the POA contains this language? _________________________

4. EFFECTIVE DATE

• Does the POA contain language that a certain event must occur before
the POA is effective?

☐ Yes ☐ No

• If yes, does the POA require documentation to show the event has
occurred?

☐ Yes ☐ No

• If yes, is that documentation attached?

☐ Yes ☐ No

If the POA contains language that a certain event must occur before the POA is effective and it was executed after October 1, 2011, the POA is not valid under Florida law.

5. AUTHORITY

• Does the POA contain a statement that the Attorney-In-Fact has the “authority to conduct banking transactions as provided in section 709.2208(1) Florida Statues? ☐ Yes ☐ No

• Does the POA contain specific language authorizing the requested transactions?

☐ Yes ☐ No

• If yes, what paragraph number or what words in the power of attorney
authorize the requested specific transaction(s)?

6. CO-AGENTS

• Is more than one person being appointed Attorney-In-Fact?

☐ Yes ☐ No

• Is so, do the terms of the POA require that the Attorneys-In-Fact act together?

☐ Yes ☐ No

7. EXPIRATION DATE OR OTHER MEANS OF TERMINATION

• Does the power of attorney state an expiration date?

☐ Yes ☐ No

• If yes, what is that date? _________________________________

Does the power of attorney provide a specific way it can be terminated?

☐ Yes ☐ No

• If so, what is that specific way? ____________________________________