Florida Durable Special Power of Attorney Granting Agent the Right to Execute Oil and Gas Leases, Attendant instruments, and Deal with Oil and Gas Properties

State:
Multi-State
Control #:
US-OG-021
Format:
Word; 
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Description

This power of attorney grants the agent/attorney in fact more comprehensive powers in dealing with oil and gas properties. By being durable, it allows the agent to execute oil and gas leases and otherwise deal with properties after the disability or incapacity of the principal/owner.
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FAQ

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 § ...

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.

To make a Florida POA, you must: Be at least 18 years old. Be ?of sound mind,? meaning you understand the effects of making a POA. Sign your POA in the presence of two competent adult witnesses and (unless you're making a medical POA) a notary.

An original power of attorney may be required to be recorded into the Official Records if it is relied upon to affect title to real property. Please seek legal advice regarding use of a power of attorney or review Florida Statute 709 Part II.

Execution requirements In order to be effective, a Florida power of attorney must be signed by the principal and by two witnesses, and be notarized. In the event the principal is physically unable to sign, the notary public may sign the principal's name on the document.

Limitations of a Power of Attorney in Florida The POA agent cannot change the agreement or break their fiduciary duty, otherwise they can be held liable for fraud and negligence. The agent also cannot transfer the POA to another individual or make decisions for the principal after death.

The relationship between you and your agent is a fiduciary relationship. Your agent must act within the scope of the authority granted under the power of attorney. The agent must act in good faith, and must not act contrary to your best interest and your reasonable expectations if they have been communicated.

What Happens to the Power of Attorney When Someone Dies in Florida? In Florida, like in all states, the power of attorney ends when the principal/grantor dies. A durable power of attorney is a useful document that gives your agent the power to help manage someone's legal and financial affairs during their lifetimes.

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Florida Durable Special Power of Attorney Granting Agent the Right to Execute Oil and Gas Leases, Attendant instruments, and Deal with Oil and Gas Properties