POWERS OF ATTORNEY: “Know Your Rights” with Attorney Jeff Vastola:
Have you ever wondered what is a Power of Attorney? If so, sit right there for just a minute and I will explain.
A Power of Attorney is a legal document delegating authority from one person to another to perform certain tasks. The authority granted depends on the specific language. As an example, if you want someone such as your mother to handle a real estate closing for you, a limited Power of Attorney would be created with you as the Principal and your mother as the attorney-in-fact, entitled to sign the closing documents on your behalf.
Another very popular form is the Durable Power of Attorney. This type differs from a limited or even a general Power of Attorney in that the attorney in fact maintains the right to conduct the principal’s affairs after the principal no longer has the mental capacity to do so. Durable Powers of attorney are regulated by Florida Statute 709.08 and must contain specific language to be valid. The Statute sets forth who can act as the attorney in fact, and sets forth the rights and obligations of that person or entity.
Be careful if someone asks you to be their attorney in fact. You can be held personally liable in the event you do not conduct yourself in that capacity appropriately. I’m attorney Jeff Vastola, and now you Know Your Rights.