Establishing a power of attorney (POA) is a crucial legal step in planning for the future. A POA is often a part of an estate plan. However, it can be created on its own for your specific purpose. You should establish an estate plan including a POA while you are able and healthy to ensure the POA is going to be valid and enforceable when needed.
This empowering document allows you to appoint someone, known as your agent or attorney-in-fact, to act on your behalf in financial and legal matters.
Understanding the types of POAs available in Georgia ensures you select the one best suited for your needs, giving you a sense of control and confidence in your future planning. Explore the steps to establishing a power of attorney and the different types and their functions below.
Steps to Establish a Power of Attorney
Determine Your Needs: Identifying your objectives will help you choose the appropriate type of POA.
Choose a Trusted Agent: Select someone reliable, capable, and familiar with your preferences. This person will have significant authority over the matters specified in the POA.
- Consult an Attorney: While standard POA forms are available online, an attorney ensures your document complies with state laws and is tailored to your specific requirements. At Debranski & Associates, for instance, the emphasis is on personalizing documents like POAs to protect your interests and avoid complications.
- Draft the Document: The document should detail the powers granted to the agent, the duration of authority, and any specific conditions or limitations.
- Sign and Notarize the POA: Georgia requires the POA to be witnessed and notarized. This formalizes the document and validates your intentions.
- Distribute and Safeguard Copies: Provide copies to your agent, attorney, and institutions involved, such as banks or healthcare providers. Keep the original in a secure location.
Types of Power of Attorney
Understanding the different types of POAs is a key step in ensuring your intentions are honored appropriately. This knowledge empowers you to make informed decisions about your future planning, making you feel more knowledgeable and in control.
- General Power of Attorney: A general POA grants your agent broad authority over legal, financial, and
business matters. It becomes invalid when you revoke it. - Durable Power of Attorney: A durable POA becomes effective if you become incapacitated. It then
expires upon your regaining capacity. This is often used for long-term planning in an estate plan, allowing
your agent to manage ongoing responsibilities. - Special or Limited Power of Attorney: This POA grants authority for specific tasks, such as selling
property or managing a particular account. Once the task is completed, the POA expires. - Financial Power of Attorney: This POA pertains specifically to financial matters, including managing
investments, paying bills, or filing taxes.
The Georgia POA laws last changed in 2017 clarifying the rules and format. The standard form allows you to choose the powers you grant to your agent, also known as an attorney in fact.
Work with a Trusted Legal Professional
Establishing a power of attorney is a proactive way to protect your interests and ensure your wishes are carried out if you’re unable to do so. Legal professionals like the team at Debranski and Associates specialize in drafting these critical documents, offering personalized guidance and support throughout the process. Our expertise and support can provide you with reassurance and peace of mind during this important planning stage. Reach out to our experienced team for clear and compassionate support to help you safeguard your future.