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USED BY ANY PERSON TO APPOINT SOMEONE ELSE TO MANAGE HEALTH, BUSINESS, OR LEGAL DECISIONS ON THEIR BEHALF.
Power of Attorney
How a Power of Attorney Helps You
A Power of Attorney is a legal document delegating authority from one person to another. In the agreement, the individual who established the power of attorney (the “Principal”) authorizes another person (the “Agent”) to act on their behalf in the same manner as if the Principal were physically present and acting personally. The precise text of the Power of Attorney determines the scope of the authority.
A pOA must meet certain basic requirements, including being signed by the principal, witnesses, and a notary public.
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.
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 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
When Should I Get A Power Of Attorney In Georgia?
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.
This legal document allows you to designate someone to make financial or healthcare decisions on your behalf should you become unable to do so. It’s crucial to arrange a Power of Attorney before urgent need arises, ensuring that your affairs are managed according to your wishes.
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.
