FL S0670

Creates the "Florida Power of Attorney Act" (chapter 709, part II) establishing comprehensive statutory framework for powers of attorney effective October 1, 2011.

Requires powers of attorney to be signed by principal, two witnesses, and acknowledged before notary public; agent must be 18+ years old or financial institution with trust powers.

Establishes agent duties as fiduciary including acting within scope of authority, in good faith, in principal's best interest, and maintaining records; limits agent liability absent breach of duty.

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

Provides third parties protections to rely on properly executed powers of attorney in good faith; establishes timeline for financial institutions to accept/reject powers (4 business days); imposes liability on third parties who unreasonably refuse valid powers of attorney.