A Power of Attorney (POA) is a legal document that can provide you with both convenience and a feeling of protection by giving a trusted person the legal authority to act on your behalf.
We know that thinking about who will be in charge of important financial decisions on your behalf can be overwhelming and confusing, but we are here to help.
At Marietta Estate Planning, we know that no two clients are the same. That’s why we work with our clients to provide a customized experience catered to their lives and their personal situations while we help you prepare for the future.
What is a Power of Attorney in Georgia?
A Power of Attorney (POA) is a legally binding document that gives a named person the right to make financial decisions for another person. This could include personal and business affairs like banking and investments, or personal effects and real estate.
There are four types of Power of Attorneys you should be aware of:
- A General Power of Attorney – a document that gives the named person the ability to pay bills and conduct other financial transactions on your behalf.
- A Durable Power of Attorney – can be general or limited and remains in affect even after you become incapacitated. It remains in effect until your death but can be rescinded before.
- Special or Limited Power of Attorney – this POA is used for a specific purpose or limited amount of time. This document will specify when it becomes ineffective.
- A Springing Power of Attorney – comes into effect if you become incapacitated, and it is advised to avoid this kind of POA as it can cause issues if not carefully outlined.
What Are the Basics of A Georgia Power of Attorney?
The Georgia law covering financial POAs is found in the Uniform Power of Attorney Act, or Title 10, Chapter 6B, of the Official Code of Georgia.
A POA must meet all four of the following requirements to be valid in Georgia:
- It must be signed by the principal (the person for whom care is discussed in the document). If the principal is unable to sign, another person may sign the principal’s name at the direction of the principal and in the presence of the principal.
- It must be signed by one or more witnesses.
- It must be signed by a notary public or other person authorized to administer oaths. The notary may not be a witness.
- The principal, witnesses, anyone signing for the principal, and notary must all be present when they sign.
The Georgia legislature has created standardized forms for both financial and healthcare POAs, which certainly makes for a good start to the process. Nonetheless, it is highly recommended to use a knowledgeable attorney to draw up these POA documents for you rather than using forms, as it is not a one-size-fits-all document.
There are different conditions that can determine the format of the document, and with an attorney it can be properly customized to you and your personal situations. At the end of the day, it’s important to remember that using the wrong document or setting things up incorrectly can be costly and time-consuming.
Why Contact Marietta Estate Planning for a POA?
It’s important to have a dedicated Georgia estate planning attorney to help ensure all your i’s are dotted and t’s are crossed throughout this important journey. If you feel you are ready to start the process of drafting and executing a POA, contact Marietta Estate Planning at 678-509-2627 for an initial consultation.
