Georgia financial power of attorney Form 2024

Georgia financial power of attorney 2024 Form: What You Should Know

B)(1) Written instrument created before the effective date of this Chapter shall be used solely for the purpose of satisfying the statutory obligations of a fiduciary to handle the author's financial interests and to provide a reasonable period of time for doing so. (2) Written instruments created after the effective date of this section must be used solely for the purpose of managing or holding the author's assets for the benefit of the fiduciary, if the fiduciary or a third person is entitled to manage or hold the assets for such purpose. Written instruments created pursuant to this section are not the equivalent of a trust. The fiduciary who creates the instrument must, in order to be entitled to exercise the authority under the instrument, be properly appointed by the court and must have sufficient assets to carry out the author's financial responsibilities. (d) It is the intent of this subsection (d) that the following provisions must remain in effect prior to January 1, 2018: (1) A power of attorney shall be a legal document, and it shall have the force and effect of a will. (2) The provisions of the Code of Civil Procedure shall govern in effect on and after January 1, 2018, any power of attorney and any related powers, rights, privileges, and duties that may exist in effect prior to that date. (e) If a fiduciary, acting on behalf of the estate of a decedent or other person, makes an agreement to exercise fiduciary powers for an indefinite or extended period of time, which agreement authorizes the fiduciary to negotiate the terms upon which the fiduciary will be present or the fiduciary's schedule of present or future meetings and calls under this Act, then the power of attorney shall expire on the first anniversary of the date it is signed.

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