Power of Attorney (POA) Serving Southwest Florida for Over 30 Years

Power of Attorney (POA)

A durable power of attorney (POA) document allows you to designate someone to serve as your agent to have general authority in making financial decisions on your behalf. This document is effective immediately upon execution. "Durable" means that it remains in effect even if you become incapacitated. "Incapacity" is your inability to take the necessary actions to obtain, administer and dispose of your real and personal property.

Sweeping changes have taken place with the new Durable Power of Attorney statute in Florida, which went into effect on October 1, 2011, and it applies to all power of attorneys regardless of when they were executed.

While there are several other changes that were made to the new POA statute, the following highlights a few of the important ones.

No More Springing POA: Under the existing statute, a "springing" POA takes effect only when you lose capacity, as certified by your primary physician. Under the new POA statute, the POA is effective immediately once it's signed regardless of future incapacity.

Co-Agents Act Independently: Under the existing POA statute, if you designate two or more agents to act on your behalf, unless the POA provides otherwise, the co-agent must act together. Under the new POA statute, each co-agent named may exercise his or her authority independently. Of course, if you want joint action, then the POA must state your intentions.

No Overall Power to Act - Must Be Specific: Under the new POA, a general statement covering an overall grant of authority (such as "to do all acts that the principal can do") is not sufficient. An agent may perform only those acts specifically listed in the POA. There are even certain "super" powers outlined in the new POA statute that require a separate signing or initialing next to each "super" power. For example, if you want your child to have the authority to create or change a beneficiary designation of your IRA, then next to that power, you must also sign your name or place your initials.

Out of State POA Recognized in Florida: In Florida, a POA must be executed by two witnesses and in the presence of a notary public. Under the new POA, there is a limited exception. If a POA created and executed according to the laws of another state, then Florida will recognize the out of state POA even if the POA was not executed by two witnesses and a notary public. This is a significant change especially for the sale of non-homestead real estate.

Protection from Liability to Third Parties: The new POA statutes include extra protection from liability to third parties who accept and act in reliance on a POA in good faith. The new POA statute now requires the third party to accept or reject a POA within a reasonable time. For financial institutions (such as a bank), four (4) business days is presumed to be a reasonable time to accept or reject an agent's authority to conduct banking or investment transactions. If a third party rejects a POA, such rejection must be in writing.

So, the important question to ask is, "do I really need to sign a new POA?" If your existing POA is valid prior to October 1, 2011, then it will remain valid. However, the new POA will be the one that financial institutions will be expecting to see in the future. So, now is a good time to sign a new POA. If the time comes when it may be needed, having the new POA in place will ensure its acceptance by a third party.

Continue Reading Read Less

What Our Clients Are Saying

Past Clients Are Our Best Advertisements

Serving Naples, FL Since 1994

"I highly recommend them!"
Ed Wollman and his team are very knowledgeable attorneys who handle their clients with great care. The office manager, Jo-Ann Hendrickx is a true asset to the firm as she is dedicated, hard working and always looking out for everyone's best interests.

- Kim R.
"We highly recommend their expertise."
The office is very professional and easy to work with. Every aspect of our planning was explained in layman's terms with some humor. Our revised trust plus all documents written by them.

- Douglass P.
"Thank you, Ed Wollman and Team."
Ed Wollman had been my father's attorney for years and reviewed his documents with him faithfully every five years. Before my dad went into Hospice, Ed and his team were a great source of information and comfort during a difficult time. After his passing it was made easier navigating closing the estate with his team and words of encouragement. The value of knowing that everything was handled in the courts was a huge relief. Thank you, Ed Wollman and Team.

- Lilla P.
"Jo-Ann Hendrickx is a delight!"
Such an asset to the firm! Her caring way and hard working values are unmatched! Thank you!

- Maria S.
"Ruthanne (my wife) and I worked with Ed Wollman on our estate plans - he was wonderful! Ed explained everything in a manner we could understand and followed through until we signed the documents. He's been available to answer any questions we had."
Ruthanne (my wife) and I worked with Ed Wollman on our estate plans - he was wonderful! Ed explained everything in a manner we could understand and followed through until we signed the documents. He's been available to answer any questions we had. I certainly recommend Wollman, Gehrke & Associates!

- Ken Ginsberg
"Ed Wollman and his team did a wonderful job with our estate planning. He took the time to make my family and I feel comfortable throughout the process. We are very grateful."
Ed Wollman and his team did a wonderful job with our estate planning. He took the time to make my family and I feel comfortable throughout the process. We are very grateful.

- Goldie James
"The office of Wollman Gehrke & Associates does an excellent job in a professional manner. Jo-Ann Hendrickx is an asset to the firm with her friendly manner and depth of knowledge."
The office of Wollman Gehrke & Associates does an excellent job in a professional manner. Jo-Ann Hendrickx is an asset to the firm with her friendly manner and depth of knowledge.

- Amy Havig
"They went above and beyond"
The most professional and understanding organization, especially during these troubling times. They went above and beyond to to hurdle through many roadblocks to resolve my family’s affairs.

- Tom R.

Read Reviews

Why Choose Us?

Trusted Legacy Builders Since 1994
With over 30 years of experience, we have built a reputation for transforming today’s plans into tomorrow’s legacy.
Personalized Estate Planning
We tailor every estate plan to reflect your unique goals, ensuring your assets are protected and your wishes are honored for future generations.
Comprehensive Legal Expertise
From wills and trusts to elder law and guardianship, we provide a full spectrum of estate planning services to address all your needs.
Client-Centered Service
Our team prioritizes personalized attention and detail-oriented counsel, delivering the highest quality legal support for every client.

Contact Wollman Gehrke & Associates PA Today!

We’re Ready to Help

A member of our team will be in touch shortly to confirm your contact details or address questions you may have.

First Name
Please enter your first name.
Last Name
Please enter your last name.
Phone
Please enter your phone number.

This isn't a valid phone number.
Email
Please enter your email address.

This isn't a valid email address.
Are you a new client?
Please make a selection.
How can we help you?
Please enter a message.
By submitting, you agree to receive text messages from Wollman Gehrke & Associates PA at the number provided, including those related to your inquiry, follow-ups, and review requests, via automated technology. Consent is not a condition of purchase. Msg & data rates may apply. Msg frequency may vary. Reply STOP to cancel or HELP for assistance. Acceptable Use Policy