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Power of Attorney

Understanding Power of Attorney

There are many reasons why people create a power of attorney or related documents. In Virginia, there are few legal requirements to establish this power of attorney. You can grant as much or as little power as you want over your affairs, which is usually triggered if you are unable to manage your affairs yourself. With the help of an estate planning attorney, you can even revoke a power of attorney at any time too. They know the law pertaining to estate planning documents and can ensure you follow the law throughout the entire process ahead.

Durability

A power of attorney is a legal document in which you (the principal) authorizes someone (the agent) to engage in financial transactions for you. This is known as a financial power of attorney. In Virginia, this can be durable or non-durable. Durable means it is effective when you are incapable of doing so on your own. Power of attorneys in Virginia is automatically made durable unless stated so otherwise.

The Powers Granted in Power of Attorney

Because you are giving another person the power to engage in transactions for you, it’s important to choose someone you fully trust. You can specify their role as broad or as specific as you would like. You can limit your agent to specific transactions such as to sign for a property, or to pay bills only or to engage in any type of transactions. That is up to you to determine the extent of the power of attorney that you grant to another person. The more specific you are including about their right to change beneficiaries, change rights of survivorship, create, revoke or terminate a living trust or to delegate power under the POA all are important factors to consider when creating this important legal document.

Requirements for a Power of Attorney

To draft a power of attorney in Virginia, you must be 18 years of age and able to understand what you are doing fully. Once you sign it, this document becomes valid. This document doesn’t have to be notarized and/or witnessed.

Revocation

At some point, you may decide you no longer need a power of. When this occurs, you can revoke the original power of attorney document. You can only do this, however, if you are mentally competent to do so. If you think that you will ever want to amend or change a POA, you will need to place your revocation in writing and deliver it to the agent as proof of this change.

Schedule a Legal Consultation
with a Power of Attorney Lawyer Today

Greg Baker, Attorneys at Law, PLLC, has years of experience helping those going through estate planning situations. They offer free legal consultations to those needing legal representation. To schedule a legal consultation, call the law office today in Clintwood, VA office at 276-926-7115; Wise, VA office at 276-321-8300, Whitesburg, KY office at 606-403-1222, or our Pikeville office at 606-766-2200. We serve all of Dickenson, Wise Counties along with other counties in Southwest Virginia, including Letcher County, Pike Counties and surrounding communities in South Eastern Kentucky.

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