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GA SB397
Bill
Status
Introduced
2/18/2016
Primary Sponsor
Judson Hill
Click for details
AI Summary
- Amends Chapter 6 of Title 10 of the Georgia Code to update and conform power of attorney laws to a uniform act, adding definitions for "agent," "incapacitated," "person," "power of attorney," and "principal"
- Allows principals to designate coagents and successor agents, nominate conservators or guardians, and requires agents for hire to attempt to preserve the principal's estate plan consistent with the principal's best interest
- Establishes that specified persons—including the principal, agent, family members, beneficiaries, and caregivers—may petition a court to construe a power of attorney, and prohibits provisions relieving agents of liability for dishonest acts, improper motives, or reckless indifference
- Requires persons presented with a notarized power of attorney to accept it or request certification within 7 business days, with financial institutions subject to civil penalties up to $5,000 per day for improper refusal to accept an acknowledged power of attorney
- Requires financial powers of attorney executed on or after July 1, 2016, to be in writing, signed by the principal, witnessed by two adults (one of whom cannot be the principal's spouse or blood relative), and limits certain agent authorities—such as making gifts, creating trusts, or changing beneficiary designations—to cases where expressly granted
Legislative Description
Agency; powers of attorney to a uniform Act; update and conform provisions
Last Action
Senate Read and Referred
2/19/2016
Committee Referrals
Banking and Financial Institutions2/19/2016
Full Bill Text
No bill text available