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The document is a General Durable Power of Attorney, which allows the designated agent to manage the principal's financial and property matters if the principal becomes disabled or incompetent. It grants broad powers to the agent, including handling real and personal property, managing finances, conducting business transactions, and making decisions regarding taxes and investments. The document emphasizes the importance of understanding its implications and suggests consulting a lawyer if needed. It also includes provisions for revocation, nomination of a guardian, and limitations on the agent's authority.

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What three decisions cannot be made by a legal power of attorney?

When someone makes you the agent in their power of attorney, you cannot: Write a will for them, nor can you edit their current will. Take money directly from their bank accounts. Make decisions after the person you are representing dies. Give away your role as agent in the power of attorney.

Can a power of attorney make themselves a joint owner of a bank account?

The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over.

What is a general durable power of attorney in Georgia?

This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself.

What is the downside of being a power of attorney?

Potential Disadvantages of Being a Power of Attorney If you breach your duty, you could owe the principal compensation for damages. The principal could sue you if you did not act in their best interest. A POA could be held responsible if they sign an agreement that could hold them financially liable.

What does power of attorney give you authority over?

A person with Power of Attorney for their parents cant actually add the POA to their bank accounts. However, they may change bank accounts to be jointly owned. There are some pros and cons of doing this, as discussed in the article POAs vs. joint ownership from NWI.com.

Which is better, a durable power of attorney or a general power of attorney?

Choosing between durable and general depends on what you need for the future. We suggest talking to an estate planning lawyer to see which one is right for you. In short, durable powers of attorney give better protection if someone cant make decisions and keep decision-making going.

What are the disadvantages of a durable power of attorney?

One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agents activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.

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What three decisions cannot be made by a legal power of attorney?

Can a power of attorney make themselves a joint owner of a bank account?

What is a general durable power of attorney in Georgia?

What is the downside of being a power of attorney?

What does power of attorney give you authority over?

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Which is better, a durable power of attorney or a general power of attorney?

What are the disadvantages of a durable power of attorney?

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Get the up-to-date General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability - Georgia 2025 now

Here's how it works

The best way to edit General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability - Georgia in PDF format online

Complete this form in 5 minutes or less

Got questions?

What three decisions cannot be made by a legal power of attorney?

Can a power of attorney make themselves a joint owner of a bank account?

What is a general durable power of attorney in Georgia?

What is the downside of being a power of attorney?

What does power of attorney give you authority over?

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Which is better, a durable power of attorney or a general power of attorney?

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