This is a statutory form provided for in the Georgia Code that allows you to name one or more persons to help you handle your financial affairs. It grants your attorney in fact (your agent) VERY broad powers with regard to your property and finances. This Power of Attorney does NOT provide for health care services. As long as you are living, the financial power of attorney will remain in effect even if you become incapacitated or unable to communicate your wishes unless a guardian is appointed for your property or you include a date or specific occurrence when you want your document to be canceled.
Durable power of attorney Wikipedia is an online informational resource providing a comprehensive overview of the legal concept known as a durable power of attorney (DOA). A Durable power of attorney, commonly referred to as DOA, is a legal document that allows an individual, known as the "principal," to grant someone else, referred to as the "attorney-in-fact" or "agent," the authority to act on their behalf in various financial, legal, and medical matters. In detail, a DOA is established when the principal is of sound mind and capable of making decisions. It remains in effect even if the principal becomes incapacitated or unable to make decisions due to illness, disability, or old age, making it crucial for individuals to consider creating one before such circumstances arise. By having a DOA in place, the principal can ensure that a trusted person will manage their affairs in line with their wishes, preventing unnecessary court involvement or guardianship proceedings. The durable power of attorney Wikipedia article offers an in-depth exploration of various aspects relating to this legal instrument. It extensively covers the creation process, requirements, and the essential elements needed for a valid DOA. Additionally, it discusses the wide range of powers that can be granted to the attorney-in-fact, including managing finances, conducting real estate transactions, making healthcare decisions, and handling tax matters. Moreover, the Wikipedia page delves into the different types of durable power of attorney arrangements that exist: 1. General Durable Power of Attorney: This type grants the attorney-in-fact broad authority to act on behalf of the principal in numerous financial and legal matters. It remains in effect until it is revoked or the principal passes away. 2. Limited or Special Durable Power of Attorney: This specific type grants the attorney-in-fact limited authority to perform specific actions or make decisions on behalf of the principal. It is often used for isolated transactions or situations where the principal is unable to handle certain matters temporarily. 3. Healthcare or Medical Durable Power of Attorney: This form of DOA focuses solely on granting the attorney-in-fact the authority to make healthcare decisions on behalf of the principal when they are incapable of doing so themselves. 4. Springing Durable Power of Attorney: This type of DOA only becomes effective under specific conditions, typically when the principal becomes incapacitated. It requires clear triggers or evidence of the principal's incapacity, as designated in the legal document. 5. Financial Durable Power of Attorney: This variation concentrates primarily on granting the attorney-in-fact the power to manage the principal's financial affairs, such as banking, investments, bill payments, and tax filings. Overall, the Wikipedia page on durable power of attorney serves as an invaluable resource for individuals seeking reliable information and guidance regarding this legal concept. It provides users with the necessary knowledge to make informed decisions and highlights the importance of establishing a durable power of attorney to ensure the smooth management of affairs in case of incapacitation.
