Fillable Printable Statutory Financial Power of Attorney - Georgia
Fillable Printable Statutory Financial Power of Attorney - Georgia
Statutory Financial Power of Attorney - Georgia
GEORGIA’S STATUTORY
FINANCIAL
POWER OF ATTORNEY
During the 1995 Georgia General Assembly, the Legislature voted to establish within
the Official Code of Georgia Annotated, at § 10-6-140, a statutory form for the Financial
Power of Attorney. The form that is set out in the statute may be used to create a
Financial Power of Attorney. This form is merely a suggestion and is not the only form
permitted to create a Financial Power of Attorney.
The information attached includes an explanation of the Financial Power of Attorney,
cautionary language to those considering giving someone power over their financial affairs
and instructions for completing the statutory form. Finally, attached is a copy of the form
substantially the same as the form that appears in the Official Code of Georgia Annotated.
You may use this actual form or you may have someone prepare this form for you in
another format. If you are thinking about executing a Financial Power of Attorney and
these instructions are not clear to you, please talk with an attorney before completing the
form.
This information is not intended as specific legal advice. It is provided to you as
educational material by the Division of Aging Services, an agency within the Department of
Human Services, w hich administers programs for the elderly in the State of Georgia.
The Division of Aging Services is located at 2 Peachtree Street, Suite 9.398, Atlanta,
Georgia 30303-3142. For additional information, call (404) 657-5258.
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Revised June 2008
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EXPLANATION FOR PRINCIPALS
WHAT IS A FINANCIAL POWER OF ATTORNEY?
This document is a “Financial Power of Attorney.” It allows us to name one or more
persons to handle our financial or business affairs for us just as we would if we were
handling them ourselves. Depending on our individual circumstances, we can give
another person or persons all of our authority (power) or some of our authority (powers) to
act on our behalf. This document does not give someone the power to make medical
decisions or health care decisions for us.
WHAT CAN OUR AGENT DO?
The 'Agent' is the person we give power to handle our financial affairs.
We are the 'Principal'.
Our decision to use this document is a very important one and we should think about
carefully and consider what financial decisions we want our Agent to make for us. With
this document, we can give our Agent the right to make all financial decisions or only
certain, limited decisions.
For example, we can allow our Agent to handle all of our financial affairs, including
the power to sell, rent, or mortgage our home, pay our bills, cash or deposit checks, buy
and sell our stock, investments, or personal items, or we can allow our Agent to handle
only certain or specific financial affairs such as paying our monthly bills.
DOES THIS MEAN WE GIVE ALL OUR POWERS AWAY?
No. We can still handle our own financial affairs as long as we choose to or are able
to; however, unless we limit our agent, he or she also has the legal authority to handle our
affairs while we are handling our affairs.
We need to talk to our Agent often about what we want and what he or she is doing
for us using the document. If our Agent is not following our instructions or doing what we
want, we
can and should cancel or revoke the document and end our Agent's power to
act for us.
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HOW DO WE REVOKE OUR FINANCIAL POWER OF ATTORNEY?
We may revoke our financial power of attorney by writing a signed and dated
revocation of power of attorney and giving it to our Agent. We should also give it to
anyone who has been relying upon the financial power of attorney and dealing with our
Agent, such as our bank and investment institutions.
Unless we notify all parties dealing with our Agent of our revocation, they may continue to
deal with our Agent. We should contact a lawyer if our Agent continues to act after we
have revoked the power of attorney.
WHEN DOES OUR AGENT'S AUTHORITY END?
As long as we are living, the financial power of attorney will remain in effect even if
we become incapacitated or unable to communicate our wishes unless:
(1) A conservator is appointed for our property; or
(2) We include a date or specific occurrence when we want our
document to be canceled.
However, upon our death or the death of our Agent or successor Agents, the
document will be canceled and the Agent's power to act for us will end.
We can also include a date or a specific occurrence like our incapacity or illness as
the time when we want our document to be canceled and our Agent's power to act for us
to end.
WHEN DO THE POWERS TAKE EFFECT?
Depending on our circumstances, we may wish to specify an occurrence or a future
date for the document to become effective. Unless we do so, the power of attorney
becomes effective immediately.
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MUST OUR AGENT DO THOSE THINGS WE AUTHORIZE?
No. But if our Agent accepts this responsibility and agrees to act for us, he or she is
required to sign and date the “Acceptance of Appointment” contained in the financial
power of attorney form.
HOW DO WE COMPLETE THIS DOCUMENT?
Both the Principal and the Agent should read the full document carefully before initialing or
signing. The Principal and the Agent should fully understand what powers are being
granted to the Agent and what restrictions, if any, exist.
We should read each paragraph carefully. If we decide to give our Agent the power
described in the paragraph, we should initial our name at the end of the paragraph.
If we do not wish to give our Agent the power described in a paragraph, we can strike
through and initial the paragraph or any line within a paragraph.
HOW DO WE EXECUTE THE DOCUMENT?
Two adult witnesses must watch us sign our name on the document. At least one witness
cannot be the Principal's spouse or blood relative. After they witness us signing our
name, the witnesses must sign their names.
This document does not need to be notarized unless real property (land with or without
buildings on it) transactions such as leasing, selling, or mortgaging of property are
authorized.
THIS DOCUMENT MUST REFLECT THE WISHES OF THE PRINCIPAL
We
must not let anyone pressure us into making a financial power of attorney, naming an
Agent, or granting a power unless it is our choice.
If we do not understand any portion of this document, we should ask a lawyer to explain it
to us.
SAMPLE STATUTORY FORM
As described in the Official Code of Georgia Annotated § 10-6-140 et seq., The Georgia
Statutory Form for Financial Power of Attorney shall be substantially as follows:
CAUTION
Be advised that banking institutions are now mandatory
reporters for suspected Financial Exploitation under the
Disabled Adults and Elder Persons Protection Act. Some
banking institutions may be reluctant to accept Financial
Powers of Attorney that have been executed under the
following situations:
• if the principal does not personally informing the bank that
this is being done;
• the financial power of attorney is executed after a physical
or mental incapacitating event has already occurred,
• the financial power of attorney form is not one that the
banking institution normally uses or is used to seeing,
or
• the agent(s) named is/are not known by the banking
institution to have been previously associated with the
principal.
Should this happen, the principal and/or the agent(s) may
have to seek legal advice on how to proceed.
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FINANCIAL POWER OF ATTORNEY
County of
_______________
State of Georgia __________________
I,
, (hereinafter 'Principal'), a resident of
County, Georgia, do hereby constitute and appoint
my true and
lawful attorney-in-fact (hereinafter 'Agent') for me and give such person the power(s)
specified below to act in my name, place, and stead in any way which I, myself, could do if
I were personally present with respect to the following matters:
(Directions: To give the Agent the powers described in paragraphs 1 through 13,
place your initials on the blank line at the end of each paragraph. If you DO NOT
want to give a power to the Agent, strike through the paragraph or a line within the
paragraph and place your initials beside the stricken paragraph or stricken line.
The powers described in any paragraph not initialed or which has been struck
through will not be conveyed to the Agent. Both the Principal and the Agent must
sign their full names at the end of the last paragraph.)
1. Bank and Credit Union Transactions: To make, receive, sign, endorse, execute,
acknowledge, deliver and possess checks, drafts, bills of exchange, letters of credit,
notes, stock certificates, withdrawal receipts and deposit instruments relating to accounts
or deposits in, or certificates of deposit of banks, savings and loans, credit unions, or other
institutions or associations.
____________
2. Payment Transactions: To pay all sums of money, at any time or times, that may
hereafter be owing by me upon any account, bill of exchange, check, draft, purchase,
contract, note, or trade acceptance made, executed, endorsed, accepted, and delivered
by me or for me in my name, by my Agent. __________
Note: If y ou initial paragraph 3 or paragraph 4 which follow, a notarized signature
will be required on behalf of the Principal.
3. Real Property Transactions: To lease, sell, mortgage, purchase, exchange, and
acquire, and to agree, bargain, and contract for the lease, sale, purchase, exchange, and
acquisition of, and to accept, take, receive, and possess any interest in real property
whatsoever, on such terms and conditions, and under such covenants, as my Agent shall
deem proper; and to maintain, repair, tear down, alter, rebuild, improve manage, insure,
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move, rent, lease, sell, convey, subject to liens, mortgages, and security deeds, and in
any way or manner deal with all or any part of any interest in real property whatsoever,
including specifically, but without limitation, real property lying and being situated in the
State of Georgia, under such terms and conditions, and under such covenants, as my
Agent shall deem proper and may for all deferred payments accept purchase money notes
payable to me and secured by mortgages or deeds to secure debt, and may from time to
time collect and cancel any of said notes, mortgages, security interests, or deeds to
secure debt. __________
4. Personal Property Transactions: To lease, sell, mortgage, purchase, exchange, and
acquire, and to agree, bargain, and contract for the lease, sale, purchase, exchange, and
acquisition of, and to accept, take, receive, and possess any personal property
whatsoever, tangible or intangible, or interest thereto, on such terms and conditions, and
under such covenants, as my Agent shall deem proper; and to maintain, repair, improve,
manage, insure, rent, lease, sell, convey, subject to liens or mortgages, or to take any
other security interests in said property which are recognized under the Uniform
Commercial Code as adopted at that time under the laws of Georgia or any applicable
state, or otherwise hypothecate (pledge), and in any way or manner deal with all or any
part of any real or personal property whatsoever, tangible or intangible, or any interest
therein, that I own at the time of execution or may thereafter acquire, under such terms
and conditions, and under such covenants, as my Agent shall deem proper. _________
5. Stock and Bond Transactions: To purchase, sell, exchange, surrender, assign,
redeem, vote at any meeting, or otherwise transfer any and all shares of stock, bonds, or
other securities in any business, association, corporation, partnership, or other legal entity,
whether private or public, now or hereafter belonging to me. __________
6. Safe Deposits: To have free access at any time or times to any safe deposit box or
vault to which I might have access.
_________
7. Borrowing: To borrow from time to time such sums of money as my Agent may deem
proper and execute promissory notes, security deeds or agreements, financing
statements, or other security instruments in such form as the lender may request and
renew said notes and security instruments from time to time in whole or in part.
_______
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8. Business Operating Transactions: To conduct, engage in, and otherwise transact
the affairs of any and all lawful business ventures of whatever nature or kind that I may
now or hereafter be involved in.
___________
9. Insurance Transactions: To exercise or perform any act, power, duty, right, or
obligation, in regard to any contract of life, accident, health, disability, liability, or other type
of insurance or any combination of insurance; and to procure new or additional contracts
of insurance for me and to designate the beneficiary of same; provided, however, that my
Agent cannot designate himself or herself as beneficiary of any such insurance contracts.
___________
10. Disputes and Proceedings: To commence, prosecute, discontinue, or defend all
actions or other legal proceedings touching my property, real or personal, or any part
thereof, or touching any matter in which I or my property, real or personal, may be in any
way concerned. To defend, settle, adjust, make allowances, compound, submit to
arbitration, and compromise all accounts, reckonings, claims, and demands whatsoever
that now are, or hereafter shall be, pending between me and any person, firm,
corporation, or other legal entity, in such manner and in all respects as my Agent shall
deem proper. ____________
11. Hiring Representative: To hire accountants, attorneys at law, consultants, clerks,
physicians, nurses, agents, servants, workmen, and others and to remove them, and to
appoint others in their place, and to pay and allow the persons so employed such salaries,
wages, or other remunerations, as my Agent shall deem proper. _________
12. Tax, Social Security, and Unemployment: To prepare, to make elections, to
execute and to file all tax, social security, unemployment insurance, and informational
returns required by the laws of the United States, or of any state or subdivision thereof, or
of any foreign government; to prepare, to execute, and to file all other papers and
instruments which the Agent shall think to be desirable or necessary for safeguarding of
me against excess or illegal taxation or against penalties imposed for claimed violation of
any law or other governmental regulation; and to pay, to compromise, or to contest or to
apply for refunds in connection with any taxes or assessments for which I am or may be
liable. __________
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13. Broad Powers: Without, in any way, limiting the foregoing, generally to do, execute,
and perform any other act, deed, matter, or thing whatsoever, that should be done,
executed, or performed, including, but not limited to the establishment of any Trusts for my
interests and the appointment of a Trustee and including, but not limited to, powers
conferred by Code Section 53-12-232 of the Official Code of Georgia Annotated, or that in
the opinion of my Agent, should be done, executed, or performed, for my benefit or the
benefit of my property, real or personal, and in my name of every nature and kind
whatsoever, as fully and effectually as I could do if personally present. _________
14. Effective Date: This document will become effective upon the date of the
Principal's signature unless the Principal indicates that it should become effective at a
later date by completing the following, which is optional.
The powers conveyed in this document shall not become effective until the following time
or upon the occurrence of the following event or contingency:
Note: The Principal may choose to designate one or more persons to determine
conclusively that the above-specified event or contingency has occurred. Such
person or persons must make a written declaration under penalty of false swearing
that such event or contingency has occurred in order to make this document
effective. Completion of this provision is optional.
The following person or persons are designated to determine conclusively that the above-
specified event or contingency has occurred:
Signed:
Principal
Agent
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PROVISION FOR A SUCCESSOR AGENT
Should at any point in time, the person named as my Agent become incapacitated and
unable to serve as my Agent, I name as successor Agent to fulfill all duties named herein,
__________________________________________ of __________________________,
County ______________.
It is my desire and intention that this power of attorney shall not be affected by my
subsequent disability, incapacity, or mental incompetence. However, I understand that it
shall be revoked and the Agent’s power canceled in the event a conservator is appointed
for my property. As long as no such conservator is appointed, any and all acts done by
the Agent pursuant to the powers conveyed herein during any period of my disability or
incapacity or mental incompetence shall have the same force and effect as if I were not
disabled, incapacitated, or mentally incompetent.
I may, at any time, revoke this power of attorney and it shall be canceled by my death.
Otherwise, unless a conservator is appointed for my property, this power of attorney shall
be deemed to be in full force and effect as to all persons, institutions, and organizations
which shall act in reliance thereon prior to the receipt of written revocation thereof signed
by me and prior to my death.
I do hereby ratify and confirm all acts whatsoever which my Agent shall do, or cause to be
done, in or about the premises, by virtue of this power of attorney.
All parties dealing in good faith with my Agent may fully rely upon the power of and
authority of my Agent to act for me on my behalf and in my name, and may accept and
rely on agreements and other instruments entered into or executed by the agent pursuant
to this power of attorney.
This instrument shall not be effective as a grant of powers to my Agent until my Agent has
executed the Acceptance of Appointment appearing at the end of this instrument. This
instrument shall remain effective until revocation by me or my death, whichever occurs
first.
Compensation of Agent
. (Directions: Initial the line following your choice.)
1. My Agent shall receive no compensation for services rendered.
2. My Agent shall receive reasonable compensation for services rendered.
3. My Agent shall receive $
for services rendered.
IN WITNESS WHEREOF, I have hereunto set my hand and seal on this
day of
, .
(Month) (Year)
____
Principal
_________________________________
WITNESSES:
____ ___
Signature and Address
_________________________________
Signature and Address
NOTE:
A notarized signature is not required unless you have initialed
paragraph 3 or 4 regarding property transactions.
I,
, a Notary Public, do hereby certify that
personally appeared before me this date and acknowledged the due
execution of the foregoing Power of Attorney.
___________________________
Notary Public
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