Have you thought about who would handle your finances if you became incapacitated or were unable to leave your home? For many, that question only came up later in life. But events like the COVID-19 pandemic made it clear that unexpected health or travel issues can affect anyone at any time.
Atlanta families and individuals across Georgia are increasingly asking this question, and the answer often begins with a financial power of attorney.
What is a Financial Power of Attorney?
A financial power of attorney (POA) allows you, the “principal,” to name someone you trust (the “agent”) to manage your financial affairs. The authority you give can be broad or very limited. It may cover bank accounts, property transactions, investment accounts, or even specific assets you wish to manage. You decide how much control your agent has, and the law makes clear that your agent cannot use that power for personal gain at your expense.
How Flexible is a Georgia Financial Power of Attorney?
An experienced Georgia estate planning attorney can create a financial power of attorney that meets your goals. For example, in Georgia, you can control when the financial power of attorney takes effect and expires. You can specify a future date or occurrence to activate the agent’s powers (also known as a “springing power of attorney”). You may also revoke the power of attorney agreement at any time or make the power of attorney durable so that it remains in effect after the principal becomes incapacitated (called a “durable power of attorney”).
What is the Difference Between a Power of Attorney and an Executor?
An agent and an executor serve different but equally important roles. Your agent has the power to act on your behalf during your lifetime, based on the authority you give in the power of attorney document. An executor, by contrast, only gains authority after your death through your Will.
Speak With an Experienced Georgia Estate Planning Attorney
A Georgia financial power of attorney is one of the simplest ways to protect yourself, your loved ones, and your financial stability.
Call us today at 678-882-0830 to schedule a consultation. Our experienced Atlanta estate planning attorneys can guide you through your options and create a financial power of attorney that fits your life and goals.
