FL H0815

Creates the "Florida Power of Attorney Act" (Part II of Chapter 709) establishing comprehensive statutory framework for powers of attorney effective October 1, 2011, replacing prior law.

Requires powers of attorney to be signed by principal, two subscribing witnesses, and acknowledged before notary public; allows agents to be natural persons 18+ or financial institutions with trust powers in Florida.

Designates certain powers requiring separate signed enumeration by principal, including creating trusts, making gifts (limited to annual federal gift tax exclusion per donee), creating beneficiary designations, and disclaiming property.

Establishes agent duties as fiduciary including loyalty, good faith, care and competence; limits agent liability absent breach of duty; requires agents to maintain records of transactions and safe-deposit box inventories.

Provides third parties accepting powers of attorney in good faith are protected from liability; allows third parties to require affidavits and demand reasonable time (4 days for financial institutions) to accept or reject; imposes liability on third parties who unreasonably refuse valid powers of attorney.