Establishing a Georgia Financial Power of Attorney

Are you considering a Financial Power of Attorney (FPOA)? We can help. An FPOA is not a decision you should take lightly, and you are wise to do your research first. A power of attorney happens when you (the principal) grant someone the authority to act on your behalf when you are unable to do so. This person is called an agent. 

The FPOA is considered a durable power of attorney, meaning it is still active if you become incapacitated; unless it expressly states otherwise.

A financial power of attorney limits your agent to handle financial matters. According to the Georgia Department of Human Services, a financial power of attorney does not allow the agent to make medical or personal decisions for you. The FPOA can be broad or restrictive, depending on your wishes and how it is legally worded.

Why Establish a Financial Power of Attorney

Once you assign an agent, they are legally obligated to make decisions consistent with your wishes. You can specify if the person simply writes checks and pays bills, or you can allow them more freedoms such as selling your property. 

There are many reasons you may decide to establish a financial power of attorney:

• Perhaps you are a military professional who is being deployed and will be unable to pay your bills and handle other financial decisions.

• Maybe you are leaving the country for several months or longer and cannot access your banks and bills.

• If you are leaving the country for several months or years, you may need someone to handle your finances while you’re gone.

• If you have diminishing health, you may want to assign an agent to handle your financial affairs.

Whatever your reason, having a financial power of attorney is a reliable way to ensure your financial matters are taken care of when you are unable to do so.

Responsibilities Of An Agent

Assigning someone as your agent is an important decision. This must be someone you can trust to follow your wishes. This person will be responsible for your money, but you can write in some restrictions when working with an Estate Planning Attorney. You can assign what the agent is capable of doing for you.

As a broad overview, an agent can:

• Pay your bills

• Access your bank accounts

• Borrow money or take out loans

• Prepare tax returns

• Access your safety deposit boxes

• Hire and use your money to pay for professionals such as a lawyer or accountant

• Buy and sell your stocks and bonds

• Buy and sell your property, including land, houses, and automobiles

Since there are many applications the agent can have control over, narrowing the responsibilities ensures that they do not have too much power. But there are certain things that an agent cannot do. An agent cannot:

• Use your money to pay their bills or expenses

• Create or change your will

• Use your money for their enjoyment (buying themselves gifts, travels, etc.)

• Act against your interest

• Pay themselves (unless authorized to do so)

• Ignore your instructions

You can revoke the responsibilities of the agent at any time. Simply contact the lawyer who helped you establish the financial power of attorney and have them write a legal document revoking the rights. You can also write into the original financial power of attorney when it should end, such as when you return to the country.

Working With A Georgia Estate Planning Attorney

This professionalism is lacking with the do-it-yourself documents that you find online. Hiring a Georgia Estate Planning Attorney to write your financial power of attorney will ensure the document is legally binding and the wording establishes your wishes. Plus, having this document created by a lawyer makes it more readily accepted by financial institutions.

Once you have the FPOA written, it must be signed by 2 witnesses and notarized. You will keep the original document and have certified copies for the attorney and your agent. The agent will need several copies to give to banks or other institutions that will request them. 

Gwinnett County Real Estate Power of Attorney Jammie Taire

Giving anyone else authority to act on your behalf in financial and legal matters is a serious matter. A power of attorney gives someone considerable authority to take actions, within the scope of the POA. A skilled power of attorney lawyer can help you create a legal document that protects your interests while giving your agent the necessary authority to get the job done. With 20 years of experience in power of attorney execution, contact your trusted legal partner, Jammie Taire and the team at SmithTaire Legal.

Schedule an appointment with us today at 678-253-8133 to discuss your situation.