How Is A Real Estate Power of Attorney Used In Georgia?

When it’s time to think about managing your assets today and in the future, it’s important to remember that estate planning is not just about what will happen to your assets after your death. Careful, thoughtful estate planning includes preparing for your financial and medical needs while you are alive, but if you are incapacitated or unavailable to make your own decisions. A power of attorney is a legal document where you can give someone you trust the ability to act on your behalf for certain matters.

What is a Power of Attorney?

In general, a power of attorney is a legal document that gives someone else the authority to make decisions for you if you are not able to do so. There are different types of power of attorney documents, such as financial, legal or medical, or you could have a single power of attorney that is in covers all areas. Your power of attorney (POA) can be awarded to someone

• for a specific period of time or indefinite timeframe

• can be for a single transaction or cover multiple transactions

• can be awarded to a single person, or to multiple individuals

To be granted someone’s power of attorney, the general qualifications are:

• You must be at least 18 years old.

• The person must be willing to be named an agent of the POA.

• The individual must be capable of making their own decisions.

What is a Real Estate Power of Attorney?

One type of POA you may not know about is the real estate power of attorney, also called a limited power of attorney because it covers very specific, limited transactions. In Georgia, a real estate power of attorney allows you to appoint a representative to act on your behalf in regards to purchasing, selling, managing, or even refinancing a piece of property. You are able to appoint anyone you want for this role as long as they meet the state’s requirements to be awarded someone’s power of attorney.

When do you need a Real Estate Power of Attorney in Georgia?

You might need real estate power of attorney if:

1. you are unable to be present for any type of real estate transaction for any reason.

2. the property in question is out of state, or out of the country.

3. if you are not able to take care of your own properties and want someone else to take care of the management and care of that property for you.

4. if you own a vacation property that you want to grant someone else limited authority to make repairs, authorize rentals and other financial transactions for.

This type of power of attorney is all too often overlooked, but it is still important to look at and make sure that you put in place, especially if you own multiple properties. You want someone to be able to look after everything for you in the event that you can’t. 

How long does a Georgia real estate power of attorney last?

A power of attorney will last until one of two things happens:

1. Either, the principal (meaning the person who drafts the document) dies,

2. or they revoke the power of attorney.

This means that the individual who creates the document is able to ‘take it back’ or revoke it at any time provided that they are considered to be of sound mind.

Keep in mind that a POA is a legal document, which means that anyone who signs it or has anything to do with its execution is required to be of sound mind and witnesses are required. If someone decides to change their power of attorney or simply to remove someone as their agent of power of attorney at any time, they are allowed to do so provided they are legally capable of entering into a contract or legal document at the time. 

If you’re looking to put execute a real estate power of attorney, make sure you speak with an experienced power of attorney who can protect your interests and understands how to use a real estate POA.

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 real estate 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.