A durable power of attorney (POA) allows you to appoint someone to manage your financial or legal affairs if you become unable to do so. Unlike a standard POA, a durable POA remains in effect even if you become incapacitated. This makes it a key tool for estate planning and long-term care decisions.
How does a durable power of attorney work?
A durable POA gives your chosen agent the authority to handle your affairs based on the terms you set. This can include paying bills, managing property, and making financial decisions. In Georgia, for a POA to be durable, it must include specific language stating that it remains in effect if you become incapacitated. Without this, the document automatically loses its power if you are unable to make decisions.
When does a durable power of attorney take effect?
A durable POA can take effect immediately upon signing or when a specific event occurs, such as your incapacitation. In Georgia, this is known as a “springing” POA. However, a springing POA requires clear proof of incapacity, which can sometimes lead to delays in decision-making. Choosing when your POA becomes active depends on your personal preferences and needs.
Can a durable power of attorney be revoked?
Yes, as long as you are mentally competent, you can revoke your durable POA at any time. You must do so in writing and notify all relevant parties, including your agent and financial institutions. If you fail to revoke it before becoming incapacitated, the agent retains authority until a court steps in or the document expires.
Why is a durable power of attorney important?
A durable POA ensures that someone you trust can handle your affairs if you become unable to do so. Without one, your loved ones may need to go through a lengthy court process to gain control over your financial matters. Having a durable POA in place can help prevent unnecessary stress and complications.