Powers of Attorney

Why is a Financial Power of Attorney Important in Georgia?

If you ever can’t handle your finances, a properly drafted Georgia 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.

What Powers Can an Agent Have in Georgia?

You decide the authority your agent receives. Some clients grant power for a single transaction, such as a real estate closing. Others give broader authority to handle multiple financial matters.

When Does it Take Effect?

You also 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, 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, update your financial power of attorney if:

• Your wishes have changed

• Your existing power of attorney is from another state

• 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.

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.