What You Need to Know About Virginia Power of Attorney

Commonwealth of Virginia

Power of Attorney

DID YOU KNOW THERE ARE 10 TYPES OF POWER OF ATTORNEY OPTIONS IN VIRGINIA?

There are ten diverse types of Power of Attorney options in the Commonwealth of Virginia which allows for customization to your specific needs. A power of attorney is a legal document which allows someone else that you choose to manage your legal, financial, or medical matters. You will find a brief explanation below of ten power of attorney options. First, note the Virginia State Law specifically for power of attorney.

In no particular order, here is the list of options:

• Durable (Financial) Power of Attorney

• Limited Power of Attorney

• General (Financial) Power of Attorney

• Advanced Medical Directive

• Revocation of Power of Attorney

• Minor (Child) Power of Attorney

• Real Estate Power of Attorney

• Tax Power of Attorney

• Vehicle Power of Attorney

• Springing Power of Attorney

Durable (Financial) Power of Attorney

I would like to speak to the Durable (Financial) Power of Attorney as this is the topic of focus. This is the most common power of attorney document that I have notarized.

I have been contacted by newlyweds, couples that have been married for many years and children of elderly parents to complete notarizations of these documents. The durable (financial) power of attorney documents has been commonly used for the long term use it affords. Long-term use and planning can be extremely helpful when unexpected illnesses take rapid impact on the principal (person giving power of attorney) and there is no time to have a power of attorney signed and notarized, or there is an accident that renders the principal unable to manage their financial situation. This durable (financial) power of attorney allows you to appoint an agent to manage your financial matters. It also contains language that allows it to remain in effect even if and when the principal becomes mentally incompetent. It is an extremely popular and commonly used power of attorney because it is helpful for long term planning. This needs to be notarized.

Because this power of attorney specifically addresses the financial delegation to the assigned agent (person given the authority to act for the principal), there is a broad listing of financial options to address.

See the list below:

• Banking, Safe Deposit Box, Business Interest

• Stocks and Bonds, Commodities and Options, Claims and Litigation

• Lending and Borrowing, Government Benefits

• Retirement Plans, Taxes, Insurance and Annuities

• Estates, Trusts and other interests, Real Estate

• Personal Property, Personal and Family Maintenance, Gifts and any special instructions

As you can see, this durable (financial) power of attorney can address the more complex financial person as well as the simplistic financial person.

Top 3 Things to Do or Know

1. Keep the original durable (financial) power of attorney in a safe location and make as many copies as necessary.

2. Ensure the appropriate banking locations and other entities based on the principal's financial complexity are provided copies and are aware of the durable (financial) power of attorney in effect. Usually, power of attorney takes effect immediately, however there are options that may allow for it to go into effect on a specific date or when the principal is deemed unable to do so. This is usually done by a physician.

3. If there is a beneficiary listed on any of the bank accounts, the beneficiary is primary once the principal has died.

Durable (Financial) Power of Attorney

Remaining nine power of attorney documents

Limited Power of Attorney - This is popular when you want to be discreet and limit which situations you want your agent to act on your behalf. You can be as specific as possible. This needs to be notarized.

General (Financial) Power of Attorney - This allows you to select your agent to manage your financial affairs. The major difference in general and durable is this general type of power of attorney becomes void if you become incapacitated. This needs to be notarized.

Advanced Medical Directive - This power of attorney allows you to select another to make your health care decisions when you cannot. Your appointed person will also communicate and be a point of contact with your medical providers. Your agent will communicate your wishes on your behalf in the event you can no longer do so. This requires witnesses and a clever idea to have it notarized.

Revocation of Power of Attorney - Completing this will revoke any type of power of attorney that you may have entered in the past. It would be a clever idea to have this document notarized.

Minor (Child) Power of Attorney - This power of attorney allows for a parent or parents to appoint a family member or close friend they trust to take responsibility for the well-being, health care and education of their child or children. This will require the caregiver and two witnesses.

Real Estate Power of Attorney - Allowing a representative to manage the selling, purchasing or managing of real estate property on your behalf for a specified period or on a durable basis. This needs to be notarized.

Tax Power of Attorney - You have the right to use this when you would like to have a tax professional manage your dealings with the tax authorities in Virginia. Tax power of attorney. This requires the agent only.

Vehicle Power of Attorney - This form allows you to appoint a representative to act on your behalf with regards to the Virginia Department of Motors Vehicles. Vehicle power of attorney.

Vehicle owner only.

Springing Power of Attorney - This is a little different and I will explain. A power of attorney normally goes in effect as soon as it is signed unless it contains language that states it will not go into effect until a specified time in the future. This Springing Power of Attorney goes into effect when you later are unable to manage your own affairs. This needs to be notarized.

Please review the attached Virginia Poverty Law Center that provides additional details on power of attorney.

For your convenience, click the power of attorney eForms site to guide you to view the questions to prepare for your power of attorney for your state.

If you need these or any other documents notarized, I can be reached through my website; email at tabetharussellnotary@gmail.com or via phone at 804-584-9582. I provide many services as a mobile notary, as a mobile notary signing agent, and apostille provider.

PROFESSIONAL DISCLAIMER: This Site cannot and does not contain legal advice. The legal information is provided for general informational and educational purposes only and is not a substitute for professional advice. Accordingly, before taking any action based upon such information, we encourage you to consult with the appropriate professionals. We do not provide any kind of legal advice. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED ON THE SITE IS SOLELY AT YOUR OWN RISK.