New Statutory Power of Attorney
On May 8th, Governer Deal signed House Bill 221 into law, which thoroughly revamps Georgia’s power of attorney legislation and brings it in line with recommendations from the Uniform Law Commission. The effective date of the new legislation is July 1st. The law provides for a new statutory power of attorney form along with more extensive guidelines for the interpretation and enforcement of powers of attorney. The new statutory power of attorney form differs from the current statutory form in several practical respects. For example, the form now allows a principal to appoint multiple individuals to serve as co-agents and provides for successor agents, whereas the current statutory form does not allow for that on its face. The new legislation also provides guidance on when third parties are required to rely upon a power of attorney form and allows for certain individuals to challenge the power of attorney in court.
Although powers of attorney drafted prior to the effective date of the new legislation will continue to be valid in the future, everyone should consider updating their documents to adopt the new statutory form. It’s always good practice to review and update your agency designations periodically, especially when there have been significant changes to the law. Our office typically provides clients with statutory powers of attorney at a minimal cost as part of all estate planning packages.
Disclaimer: All materials have been prepared for general information purposes so that can learn more about our firm and services. The information presented above is not legal advice and is not to be acted on as such. While we strive to present accurate information at the time of writing, it may not be current and is subject to change without notice.