A financial power of attorney (POA) is a legal document that lets you give another person the authority to handle your financial matters. This person, called your agent, can manage tasks like paying bills, handling bank accounts, or selling property if you can’t do it yourself.
Along with your will and advance directive for healthcare, your financial power of attorney is an important part of your estate planning. It plays a role in making sure your wishes and instructions are carried out even if you can’t act for yourself.
Our estate planning lawyers in Marietta have served hundreds of families and assisted them with legal decisions. To better understand your options when creating your financial power of attorney in Georgia, contact our team and schedule your Legacy Planning Meeting.
Why Is a Financial Power of Attorney Important?
A financial power of attorney helps protect your finances if you become unable to manage them yourself. It gives you the peace of mind of knowing there is a plan that you created in effect when you get sick, either for a short while or for the long term.
If you don’t have a financial power of attorney and become unable to manage your affairs, your family may have to go through a court process to get control. This process is called guardianship or conservatorship, and it can be expensive, time-consuming, and stressful.
Then, the court decides who will manage your finances, and that person might not be who you would have chosen. Our legal team can help you draft your financial POA and other important legal documents to avoid these kinds of legal complications.
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When Should You Create a Financial POA?It’s best to create a financial power of attorney while you’re healthy and fully able to make decisions. If you wait until you’re seriously ill or mentally impaired, you may no longer be legally able to make decisions or appoint an agent.
You must be over 18 to create a power of attorney document in Georgia. If you have assets to manage and a family to consider, it is smart not to put it off, even if you’re young. Having a POA in place before an emergency reduces stress for you and your loved ones.
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What are the Types of Financial Powers of Attorney?
A durable power of attorney stays in effect even if you become mentally or physically unable to manage your affairs. Most people choose this type for long-term planning. You can also decide if it starts immediately or only when you become incapacitated. This is called a springing power.
A springing power of attorney becomes active only when you become incapacitated, giving your chosen agent authority to act on your behalf at that time. Our team can explain the types of powers of attorney and what you need to know, as well as provide guidance on the advantages and disadvantages of each.
The financial power of attorney you choose can grant specific legal authority. When you work with our elder law attorneys, you can specify exactly which authority you want to grant to whom. This is important to consider if you have assets to manage, such as a bank account.
What is the Georgia Statutory Financial Power of Attorney?
The Georgia Statutory Financial Power of Attorney is a form created by state law. It is a generic document that follows a standard layout.
However, it is not customized to your specific station and family. Our attorneys will create your own document, tailored to your needs, that fully addresses your wishes and is just as legally sound.
What Can Your Agent Do With Your Financial POA?
A financial power of attorney is intended to reflect your wishes, and you decide what powers to give your agent. Your agent can use your assets to pay your medical expenses and make sure you get the care you need. Other actions they can perform on your behalf include:
- Pay bills and manage day-to-day expenses.
- Access and manage bank accounts
- Buy, sell, or manage real estate
- Handle tax matters and file returns
- Manage investments and retirement accounts
- Manage business interests
- Handle insurance matters
- Access and manage digital financial accounts
Your agent may have a lot of authority, but they also must follow specific legal requirements. For example, they must act in your best interest, keep your money separate, and avoid personal gain from their actions unless you’ve clearly allowed it in the POA document.
Can You Revoke Your Financial POA?
Yes, you can revoke your financial power of attorney at any time, as long as you still have the mental ability to do so. To revoke it, you’ll need to put the revocation in writing, sign it, and give a copy to your agent and any institutions that relied on the original POA.
You may also want to destroy old copies to avoid confusion. You’ll want your wishes and directions to be crystal clear in the event of an emergency, so your family won’t need to worry about filing for guardianship and conservatorship through probate court.
Do You Need a Lawyer to Create a Financial Power of Attorney?
A financial power of attorney lets you choose who manages your finances when you are no longer able to do it yourself. While you aren’t legally required to use a lawyer to create a financial POA in Georgia, legal guidance can make a big difference.
Our attorneys can help you understand what powers you’re giving, tailor your POA to your situation, and avoid common mistakes. We’ll help you build an estate plan that will make sure your wishes are carried out and hold up under legal scrutiny.
At Nelson Elder Care Law, We Get Stuff Done Right. Contact us today and set up your Legacy Planning Meeting to discuss ways our estate planning lawyers can help.
