Financial Power Rules
Description
How to fill out UCC1 National Financial Statement?
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FAQ
A financial power of attorney is a legal document that grants a trusted agent the power to make and execute financial decisions for a principal-agent. In some states, financial powers of attorney are automatically considered durable which meaning they remain in effect after the principal becomes incapacitated.
RESISTANCE BY BANKS Because the durable financial power of attorney is sometimes abused, either by relatives seeking to benefit themselves or by criminals who forge them to steal from the elderly, banks seek to avoid being held liable for a customer's losses.
To have a durable power of attorney, you should include the following words or something similar to show the intent to make the document ?durable?: ?This durable power of attorney is not terminated by subsequent incapacity of the principal except as provided in chapter 709, Florida Statutes.? See Florida Statute § ...
EXAMPLE: Paul names his wife, Gloria, as his attorney-in-fact for financial matters. When he later goes into a nursing home, his old car, which he can no longer use, becomes an expense Gloria cannot afford. As Paul's attorney-in-fact, she has legal authority to sell the car.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.