Signing Requirements
The principal is required to authorize in the presence of one witness and a notary public.[1]
Powers Granted
A principal may grant an agent the power to make decisions about things like:[2]
- Real property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operation of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Gifts.
A power of attorney may not grant an agent the power to:[3]
- Execute or revoke any will or codicil for the principal;
- Make an affidavit as to the personal knowledge of the principal; or
- Vote in any public election on behalf of the principal.
“Durable” Definition
“Durable” means not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
“Power of attorney” means a writing or other record that grants authority to a person to act in the place of an individual, whether or not such term is used.[5]
Revocation
A power of attorney shall terminate when:[6]
- The principal dies;
- The principal becomes incapacitated, if the power of attorney specifically provides that it is not durable;
- The principal revokes the power of attorney;
- The principal revokes the agent’s authority or the agent resigns, becomes incapacitated, or dies and the power of attorney does not provide for another agent to act under such power of attorney;
- The power of attorney provides that it terminates; or
- The purpose of the power of attorney is accomplished.
An agent’s authority shall terminate when:[7]
- The agent resigns, becomes incapacitated, or dies;
- The principal revokes the agent’s authority;
- The principal and agent divorce or legally separate, unless the power of attorney otherwise provides; or
- The power of attorney terminates.
Statutory Form
Yes, the State of Georgia has a statutory form. [8]