Business alerts, | Jun 30, 2017

New Power of Attorney Requirements in Georgia Take Effect July 1, 2017

On July 1, 2017, Georgia’s Uniform Power of Attorney Act (“UPOAA”) will become effective. Any power of attorney executed before July 1, 2017 will remain in effect and need not comply with the UPOAA.

A power of attorney executed on or after July 1, 2017, must comply with all the requirements of the UPOAA. Unless the post July 1, 2017 power of attorney expressly provides otherwise, the default terms under the UPOAA are as follows:
(i) the power of attorney is effective when executed;
(ii) the power of attorney is durable (not terminated by principal’s incapacity);
(iii) an agent is not entitled to compensation, but is entitled to reasonable reimbursement of expenses incurred in performing the acts required by the principal;
(iv) the power of attorney is dissolved when an action is filed for dissolution, annulment, or separation of agent’s marriage to principal;
(v) co-agents may exercise their authority independently; and
(vi) an agent that is not an ancestor, spouse, or descendant of the principal shall not create in the agent or an individual to whom the agent owes a legal obligation of support an interest in the principal’s property. Note also that the power of attorney does not authorize the agent to make health care decisions for you.

Be sure to use the power of attorney under the UPOAA beginning July 1, 2017 and, as always, let us know if we can help.

Business alerts, | Jun 30, 2017