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Power of Attorney in Lawrenceville, GA
Navigating Power of Attorney in Lawrenceville, GA
Many believe that setting up a Power of Attorney in Lawrenceville, Georgia, is a complex and costly endeavor, but the reality is far more straightforward. Establishing a Power of Attorney is a critical decision for effectively managing your legal and financial affairs, especially in unforeseen circumstances. Unlike other legal documents, a Power of Attorney allows you to designate someone to act on your behalf if you are unable to do so, providing peace of mind and ensuring continuity in decision-making. Clients often approach us at Hurban Law, LLC, with the misconception that their needs are too simple to warrant such a designation, remarking, “My situation is straightforward; I don’t think I need anything formal.” However, they quickly realize the significant advantages of having a Power of Attorney, including ensuring personal choice in financial and health-related decisions, safeguarding assets from mismanagement, and facilitating immediate action when needed.
With over 15 years of experience at Hurban Law, LLC, serving the communities of Lawrenceville and Gwinnett County, Georgia, we are committed to delivering outstanding, customized service. We meticulously guide each client through the nuances of establishing and utilizing their Power of Attorney, ensuring it is expertly tailored to meet their unique circumstances and family needs.
What Does A Power Of Attorney Do In Georgia?
A Georgia Power of Attorney designates a person to make financial decisions, while a Health Care Surrogate designates an individual to make medical decisions. The person who grants the authority is known as the principal, while the person who receives it is the agent or attorney-in-fact. Check out the list below to see what Grant of Authority vs. Limited Authority provides.
When Should I get a Power of Attorney?
Obtaining a Power of Attorney in Georgia is recommended before an incapacity, upon diagnosis of a health condition, or as part of comprehensive estate planning. Major life events, such as retirement or travel, can prompt the need for a Power of Attorney.
Benefits of a Power of Attorney Georgia:
Management of Affairs
Ensures that your financial and legal affairs can be managed without interruption.
Healthcare Decisions
Empowers a trusted individual to make healthcare decisions if you are incapacitated.
Peace of Mind
Provides reassurance that decisions will be made in your best interest by someone you trust.
Steps To Setting Up A Power of Attorney In Georgia:
The agent should be trustworthy and capable of handling responsibilities effectively.
Decide what powers the agent should have and whether the POA should be durable.
Work with an experienced attorney in Lawrenceville to ensure the POA meets all legal requirements and reflects your wishes accurately.
The POA must be signed in the presence of a notary and, depending on the type, may also require witness signatures.
"It’s important to emphasize that it’s better to have a Power of Attorney in place before it’s urgently needed. Once incapacitated, the legal ability to create a Power of Attorney might be compromised."
– Tim Hurban
Difference between limited & general authority in Georgia:
Grant Of General Authority Options:
- Buying and selling investments
- Tangible Personal Property
- Accessing safe deposit boxes
- Selling or conveying real property
- Executing contracts, agreements, leases, mortgages, or notes
- Managing business interests
- Paying legal debts and obligations
- Initiating, continuing or defending legal claims
- Executing and filing tax returns
- Tangible Personal Property
- Stocks and Bonds
- Commodities and Options
- Banks and Other Financial Institutions
- Operation of Entity or Business
- Insurance and Annuities
- Estates, Trusts, and Other Beneficial Interests
- Claims and Litigation
- Personal and Family Maintenance
- Benefits from Governmental Programs or Civil or Military Service
- Retirement Plans
Grant Of Specific Or Limited Authority Options:
- Amend, revoke, or terminate an inter vivos trust
- Make a gift, subject to the limitations of the Georgia Uniform POA
- Act, O.C.G.A. §10-6B-56, and any special instructions in this POA
- Create or change rights of survivorship
- Create or change a beneficiary designation
- Authorize another person to exercise under this POA
- Waive my right to be a beneficiary of a joint and survivor annuity
- Exercise fiduciary powers that I have authority to delegate
- Access the content of electronic communications
- Disclaim or refuse an interest in property
In the case of an event that you are unable to make these financial decisions for yourself, having a Power of Attorney in place will help you avoid the delay and expense of having a judge appoint a guardian to act on your behalf.
It’s important to get a Power of Attorney before an urgent need arises.
We are happy to provide a free 15-minute consultation session if you need quick guidance on whether a more in-depth meeting is needed. The free 15-minute sessions can be done either through a phone call or virtually.