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Thrift McLemore’s Atlanta estate planning attorneys help clients across Georgia create financial powers of attorney that ensure their finances are managed by someone they trust.
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A financial power of attorney gives you the ability to name a trusted person, called your agent, to handle financial matters on your behalf. Your agent can pay your bills, file taxes, manage accounts, and handle other financial responsibilities.
Without a valid power of attorney in Georgia, your loved ones would have to file a court proceeding to request authority. In that process, a judge decides who manages your finances. This proceeding is often expensive, emotional, and the ongoing court supervision can be time-consuming.
Every adult in Georgia should have a financial power of attorney, regardless of age, family situation, or wealth.
Once a person turns 18, their parents lose automatic authority to help with financial matters, even in an emergency. For example, if a college student is studying abroad or is in the hospital, their parents cannot access accounts or handle tuition or housing payments without legal authority. Having a financial power of attorney keeps things simple and avoids unnecessary delays.
Parents with young children benefit from having a financial power of attorney so someone can manage household finances if they are temporarily unable to do so. It ensures that bills, childcare expenses, and mortgage payments continue without interruption.
Parents of adult children often want to plan ahead so a trusted family member can step in quickly if needed. It also helps reduce family tension and keeps decisions clear and consistent.
For people without children, a financial power of attorney is equally important. Without one, no one automatically has the right to help if you become incapacitated, and the court may have to appoint a conservator who may not be the person you would have chosen. Naming a friend, sibling, or relative gives you control and avoids that uncertainty.
Business owners and real estate investors should also have a financial power of attorney. It enables someone to manage payroll, sign contracts, and oversee operations in their absence or incapacitation. Many business owners choose to include this in their broader succession planning to protect the continuity of their business.
Speak With an Experienced Georgia Power of Attorney Lawyer
Financial powers of attorney can be flexible enough to meet your needs. Speak with an experienced Atlanta power of attorney lawyer today by calling 678-882-0830.
Have a Question?
Have a legal question about Power of Attorney? Call us at (678) 882-0830.
Frequently Asked Questions
Why is a power of attorney important in Georgia?
If you ever can’t handle your finances, a properly drafted financial power of attorney eliminates the need for a court proceeding. It allows you to decide who acts on your behalf rather than leaving the decision to a judge.
When does a power of attorney take effect?
You decide when the power of attorney becomes effective. You can make it effective immediately or only upon a future event, such as incapacity. If you choose a durable power of attorney, it stays in effect even if you become incapacitated.
A financial power of attorney ends at your death, which means it cannot replace probate. It also terminates if you revoke it, you specify a termination event, a court invalidates it, or your agent cannot serve, and you have not appointed an alternate.
When should you update a power of attorney if you live in Georgia?
If you live in Georgia, update your financial power of attorney if your wishes have changed, your existing power of attorney is from another state, or your power of attorney was created before July 1, 2017.
While powers of attorney prepared before July 1, 2017, are technically valid, your agent will likely have a difficult time using them. A bank, financial institution, or other third party can refuse to accept the power of attorney, and there is no way to force them to accept it.
To solve this problem, the Georgia legislature passed a law in July 2017 and amended it in March 2018. Financial institutions cannot make it difficult to use a power of attorney that complies with this law. For this reason, we often advise our Georgia clients to update their powers of attorney to avoid delays and disputes.
What powers does a power of attorney agent have?
You decide the authority your agent receives. Some grant power for a single transaction, such as a real estate closing. Others give broader authority to handle multiple financial matters.
What is the difference between a last will and testament and a power of attorney?
While both are important, a last will and testament and a power of attorney serve different purposes. A last will and testament only takes effect after you pass away. It directs who inherits your property and names an executor to carry out your wishes.
A power of attorney only works while you are alive. It gives someone you trust the authority to manage your financial matters.
Will an out-of-state power of attorney work in Georgia?
A power of attorney created in another state may work in Georgia, but problems often arise in practice. Banks, title companies, and other institutions may hesitate or refuse to honor it. If you have recently moved to Georgia or spend significant time here, consider having a power of attorney prepared under Georgia law. This way, the person you trust can step in quickly if something happens.
Will a power of attorney work in Georgia after the person has passed away?
All powers granted under a financial power of attorney end the moment the person who created it passes away.
What is the first step in creating a power of attorney?
Call us at (678) 882-0830 or click here to schedule a consultation.
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