In addition to a health care power of attorney, one may also execute a financial or general power of attorney, which may be combined with or executed separately from the health care power. A financial power of attorney names an agent to act in the place of the individual, primarily in monetary and property matters, and defines the extent of or limitation on the authority given.
The authority granted may be very limited and specific or quite broad, and may include the authority to write checks and make deposits in accounts, buy and sell real estate or other property or investments, negotiate and settle debts and claims, etc. Powers of attorney (both general and health care) executed while the adult is mentally competent often allow for the conduct of all business and personal affairs of the adult once incapacitated, without the necessity of guardianship. However, in the event a guardian of the property is appointed for the principal, the power of attorney is terminated by the entry of the order appointing the guardian.
The Georgia Code now contains a form for the Financial Power of Attorney and an explanation for principals of the nature of the power.