On July 1, 2017 the Georgia legislature passed the new Uniform Power of Attorney Act. If you currently have a power of attorney, you need to update it soon. The Act’s provisions make powers of attorney enforceable in court. Under the old law, if a third party (such as a bank) refused to accept a power of attorney, the agent had little recourse. Now, if a third party refuses to accept a power of attorney the burden is on them to show they are acting in good faith. If a court finds that they are not acting in good faith, the principal can recover attorneys fees and costs.
Is my current power of attorney still valid?
The drafters designed the Georgia Power of Attorney (POA) to parallel the laws of other states. More uniformity means less likelihood of issues with your POA if you move to another state. The changes do not invalidate a POA created before July 1, but there are new features in the law that benefit you. You should review your estate plan anytime the law changes and now is no exception. Set up a meeting with us now to review your current POA. Your attorney can determine if you need updates.
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