A power of attorney (POA) is a legal document that designates a person of your choosing with the capacity to act in your place with regard to finances, legal problems, or medical decisions. This document is a vital resource for anyone who may need the assistance of another person to make such decisions in the future. POAs are slightly different for Georgia residents than in other states. So Georgians may wish to confirm that their POA is up to date and still serves their needs.
Many institutions require several factors in place in order to accept a POA, so we would like to uncomplicate the process as much as possible for Georgia residents. We’ll review how to make sure your existing POA is up-to-date, and what steps to take if you find that it needs updating to be considered valid and enforceable.
How to know if your POA is valid and up-to-date:
- Check the expiration date
The first step in determining if your POA is up-to-date is to check the expiration date. If your power of attorney (POA) expires, you must create a new one. In Georgia, POA documents can be either durable or non-durable. Durable POAs are generally recommended as they remain in effect even if the person granting the authority becomes incapacitated. You can speak with an estate planning professional if you have more questions about whether you need to update the type of POA you have.
- Review the person you chose as your agent
Ensure that the person you chose as your agent is still willing and able to act on your behalf. If they have moved, changed their phone number, or are no longer willing to act as an agent, you will need to select a new agent.
- Review the powers granted to the agent
The next step is to review the powers granted to your agent. If you’ve changed your mind about what powers you would like them to have, or if you would like to add or remove powers, you will need to create a new POA. Georgians can grant their agent-specific or general powers, depending on preference.
- Ensure that the POA is signed and notarized
It’s important to ensure that your Power of Attorney is signed and notarized before sending it to an estate attorney for finalization. If you are unsure if your POA is signed, you can check with the original creator or contact an estate lawyer for guidance. A POA that is not signed and notarized is invalid.
NOW WHAT? If you’ve made the reviews above and determined that your POA is not up-to-date, you’ll need to take the following steps to update it:
- Decide what changes you would like to make before contacting your attorney
Before you begin the process of updating your POA, you should decide what changes you would like to make. Do you need to add or remove powers, change the expiration date, or choose a new agent? Knowing what changes you would like to make will help you determine the steps you need to take before contacting your Georgia estate attorney for more guidance, which will be the next step.
- Contact an estate attorney
An estate attorney will help you create a new POA that meets your needs and will also ensure that the document is properly signed, notarized, and otherwise valid.
- Review and sign the new POA
After your new POA has been created, review it carefully to ensure it meets your needs and includes all the necessary changes. Once you are satisfied with the document, you should sign it in front of a notary public.
Store the POA in a safe place
Finally, you should store the new POA in a safe place where it can be easily found if it is needed. This may be with your attorney, in a safe deposit box, or a fireproof safe at home. It may require careful review every couple of years, and some organizations will not recognize a POA that doesn’t have an up-to-date signature.
Once you’ve updated your Power of Attorney documents, don’t fix it and forget it. Like any other estate planning document, you’ll want to review it regularly to ensure validity. Reach out to the team at Smith Barid for guidance and help to address any needs that arise with your Power of Attorney and other estate planning documentation.