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Trying to learn more about a limited power of attorney in Georgia?
Or how to get a Georgia limited power of attorney form?
In this article, you’ll learn about:
Let’s dig in.
A limited power of attorney authorizes someone to act on behalf of the principal.
A normal power of attorney in Georgia gives broad authority to someone.
This means they can go make any decisions without restrictions.
But a Georgia limited power of attorney form limits their decision-making capabilities.
The advance directive limits the scope of what they can do on your behalf.
Common reasons to use these advance directives in the state of Georgia are:
All these scenarios require a POA in Georgia if you’re not available to make decisions.
For example, you would need Georgia power of attorney forms if you are:
They are also a great Georgia estate planning tool.
Let’s say you have two children in the state of Georgia.
One is great with finances and the other agrees with your healthcare decisions.
You can give them each a different type of power of attorney.
You can give one child the agent’s authority to manage your financial affairs.
And the other can make healthcare decisions for you.
Neither one can go make decisions that the other has the agent’s authority over.
But you can set it up so they can only make decisions when you become incapacitated.
These Georgia power of attorney forms gives authority to an attorney-in-fact.
An agent can act on behalf of the principal per the advance directive.
Disclaimer that the agent’s authority gets limited to what’s in the legal document.
You won’t have to worry about them gaining too much authority.
Let’s say you give your Realtor a POA to sign closing documents for you.
They can’t sign any other legal documents or manage your money.
And the legal documents specify exactly how they should sign the paperwork.
This is why it’s important to get legal advice on how to set these up.
(We will set these up for you to make sure your agent’s authority is limited.
And that the revocation is set up properly under Georgia laws.)
An attorney in fact given the limited power of attorney can then take of financial affairs.
These financial affairs include:
What responsibilities does an agent with a limited power of attorney in Georgia have?
They have the fiduciary responsibility to act in the best interest on behalf of the principal.
Especially when it comes to financial affairs under the state of Georgia laws.
This means they cannot make transactions that benefit them.
The attorney-in-fact legally has to act in the principal’s best interest.
And the attorney-in-fact has to keep records of all transactions.
It’s a mandatory rule under Georgia laws (O.C.G.A.).
Per Georgia codes, these “records” include keeping copies of:
Let’s say the agent is not keeping records with their limited power of attorney in Georgia.
This can lead to the agent getting accused of breaching their fiduciary responsibilities.
The courts could find the agent liable for unaccounted transactions for financial affairs.
These can be, but are not limited to:
There are three types of limited power of attorney in Georgia.
The type of power of attorneys are:
A springing power of attorney “kicks in” if there is a triggering event.
A triggering event under Georgia law is usually:
A springing power of attorneys gets used with a will in Georgia.
Or a living trust in Georgia.
A Georgia limited power of attorney becomes void when the person becomes incapacitated.
And then the agent can no longer act on behalf of the principal.
But that’s if you set up a non-durable power of attorneys.
This means that they don’t last past death or incapacitation.
A durable power of attorney in Georgia will allow the limited power of attorney to last.
Even past incapacitation or death.
So that the successor agent can still make decisions on your behalf.
Let’s look at getting a Georgia limited POA for financial institutions.
And having your financial advisor manage your financial affairs.
(This is applicable for any of your financial affairs.)
Clients should create a Georgia limited power of attorney form.
This gives the financial advisors the ability to manage money on behalf of the principal.
A Georgia limited power of attorney form restricts their authorizations.
And the financial advisor has to follow the rules in the Georgia limited POA.
The principal has to appoint the attorney-in-fact.
The agent cannot perform any tasks that are not outlined in the POA template.
That’s why it’s called a limited power of attorney form in Georgia.
You may feel uncomfortable with what the agent is asking you to grant permission for.
You should seek legal advice from a lawyer before signing this statutory form.
These are three considerations for a Georgia limited POA form.
A limited power of attorney document gives someone the agent’s authority.
An agent’s authority gets outlined in the Georgia power of attorney forms.
A Georgia advance directive can get used by:
A Georgia limited power of attorney document has an authorization date.
After that date passes, revocation of the agent’s authority happens.
Revocation means the agent cannot act on behalf of the agent anymore.
The limited power of attorney document gives your agents authority.
But it limits the agent’s authority to act on behalf of the principal in:
A couple of examples of the situations would be:
A Georgia limited power of attorney document does not give broad authority to an agent.
(Like a general power of attorney does.)
Let’s say you authorize your child to close a real estate deal on your behalf.
They can’t go open a bank account on your behalf too.
They can only perform the task that’s specified in the POA template.
Limited POAs give agents authority to sign documents on behalf of the principal.
Let’s say you’re relocating and buying real estate.
You can give the Realtor a Georgia limited power of attorney.
Under the Georgia code, they can sign the closing documents for you.
The Realtor is not authorized to sign any other documents.
Unless they get specified in the document for buying or selling your house.
A limited POA is a statutory form that’s legally binding under the Georgia code.
There are online Georgia power of attorney forms.
But you should get legal advice before signing an advance directive.
And giving someone authority over your financial affairs.
Your estate planning lawyer can:
The most common types of limited POAs are:
If you have a financial planner, you most likely have a financial power of attorney.
Things that financial institutions need to do on your behalf are:
When they onboard you, they will have you set up a financial power of attorney.
This will limit the agent’s authority to only the investments that you’ve agreed upon.
They will meet the signing requirements.
They will offer a notary public, too.
You can still reach out to an estate planning lawyer to get legal advice.
(We will do this for you.)
Ask your financial advisor to send you a blank copy to have us review.
If you want a reliable, attorney-created power of attorney, fill out the form below.
Our experienced attorneys will create your power of attorney, which means:
Fill out the form below and we will reach out and get the ball rolling.
Talk soon.
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