What is the Purpose of a Power of Attorney?
What is the purpose of a power of attorney (POA) in Georgia? And is this a document that you should create, and if so, what are your options? Powers of attorney are important legal documents that allow one person, the “principal,” to name another party as their “agent” to make decisions on their behalf. Most people should consider powers of attorney in their estate plans, and you may need multiple powers of attorney depending on your circumstances. Our Gwinnett County estate planning lawyers can provide you with more information.
What Are the Different Types of Powers of Attorney?
In order to understand the purposes that power of attorney can have, it is important to understand the different types of powers of attorney. Some powers of attorney take effect immediately while some take effect only upon the principal’s incapacity (known as a “springing” power of attorney). Some powers of attorney remain in effect through the principal’s incapacity (these are known as “durable” powers of attorney), while others can terminate after a specific event or upon the principal’s incapacity.
Powers of attorney can have broad uses and purposes (a general power of attorney), while others can exist for a specific and limited event (a limited power of attorney.
In addition, there is also something known commonly as a medical power of attorney or health care power of attorney. Within the Georgia Advance Directive for Health Care, you can appoint a health care agent who can make medical decisions on your behalf in the event of your own incapacity.
Common Uses of Powers of Attorneys
Depending on the type of power of attorney you create, these documents can be used to allow your agent to perform various types of tasks on your behalf. Financial powers of attorney are often helpful for older adults who need assistance paying bills and handling complex insurance issues, but they can also be useful in limited circumstances when you are buying a home, for example, and need to allow your attorney to act on your behalf. Young adult children can also allow their parents to handle financial issues on their behalf while they are away at college, for example.
In the event of your incapacity, powers of attorney can also be critical for ensuring that your affairs are handled properly and that your medical or health care wishes are carried out.
Contact a Norcross Estate Planning Attorney for Assistance with Your Powers of Attorney in Georgia
Whether you already have some components of an estate plan such as a will, or you have not yet done any estate planning, it is important to think about the creation of one or more powers of attorney. As we discussed above, having powers of attorney in place can give you peace of mind knowing that your financial and health care decisions will be handled by someone you trust in the event that you become unable to make such decisions yourself. In addition, a financial power of attorney that takes immediate effect can allow another person to assist you with various types of financial and legal matters. An experienced Norcross estate planning lawyer at Bowman Law Firm can provide you with more information about powers of attorney today, and we can begin working with you to create these important estate planning documents.
Source:
georgia.gov/establish-power-attorney
