HB 572 seeks to amend Article 7 of Chapter 6 of Title 10 of the O.C.G.A. relating to financial power of attorney. 

            It adds a phrase to the Georgia Statutory Form for Financial Power of Attorney which indicates that it is the signatory’s desire and intention that this power of attorney shall not be affected by a subsequent disability, incapacitation, or mental incompetence. It allows for a space in which the signatory can include instances in which the Agent’s power shall be revoked. It further includes a note that the Principal may choose to designate one or more persons to determine conclusively that an above-specified terminating event or contingency has occurred. 

            It adds that if the Principal is appointed a guardian or determined to be mentally incompetent by a court of the state, the signatory must provide an annual accounting to such court of my acts, receipts, and disbursements, and must furnish an accounting of such acts, receipts, and disbursements to such court.