Currents
September 2018
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I offer a free consultation for all matters regarding
Durable Power of Attorney, Designation of Health Care
Surrogate, Living Will, Wills, Trusts, Probate and
Estates. I also offer free consultations regarding any
issues pertaining to personal injury claims or car insur-
ance coverage. Please feel free to contact me at 954-
569-4878. My address is 3275 W. Hillsboro Blvd., Suite
204, Deerfield Beach, Florida 33442. My website is:
www.martinzevinpa.com and my e-mail address is: mart-
[email protected].
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year, many financial institutions are refusing to honor
old Durable Power of Attorneys, particularly more
than five years old. There can also be substantial
delays involved if your Agent attempts to use an old
Durable Power of Attorney, since they are being
reviewed by the legal departments of the institutions
prior to being allowed. The older your Durable
Power of Attorney is, the more likely it will undergo
scrutiny and may be rejected.
The new law requires that you specifically initial
many different types of powers in order for your
Agent to be able to perform that duty. The banks,
brokers, life insurance companies and other institu-
tions are much more comfortable with this detailed
Durable Power of Attorney, since it is clear what you
want your Agent to do.
Under the new law, you can choose to name two
people to act as Co-Agents. You then designate
whether you allow them to act independently (only
one signature necessary) or require that they act
together (two signatures necessary). Your desig-
nated Agents will also need to sign an acceptance
agreeing to act.
The new format of the Durable Power of Attorney
is much more extensive and complicated
(ours is 26 pages); therefore, if you did a Power of
Attorney years ago, expect to pay more for the new
one.
The Durable Power of Attorney remains valid until
you die. It is against the law for your Agent to use it
(to withdraw funds, sell real estate, etc.) after your
death. At that point, your Will or Revocable Living
Trust will take effect.
This article summarizes a few of the basic
aspects of the Durable Power of Attorney. It is rec-
ommended that you contact an attorney for review of
any documents that you currently have.
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