What is a Durable Power of Attorney?
A Durable Power of Attorney (DPOA) is a legal document in Virginia that allows an individual to give someone else the authority to make decisions related to their finances and property. This type of document is most commonly used by people with disabilities who are unable to make decisions for themselves. The DPOA grants an individual (known as the “principal”) the authority to name an agent to act on their behalf in regards to financial matters. This agent can have access to bank accounts, manage investments, handle day-to-day bills, pay taxes, file insurance claims, and more. In some cases, the agent has authority to make healthcare decisions for the principal. This document is incredibly important for individuals with disabilities who may be unable to manage their financial affairs due to their disability. It is important to note that this document is only active if the principal is deemed legally incompetent, therefore it is not necessary to appoint an agent while the principal is of sound mind. The principal must have the legal authority to create a DPOA in Virginia as well as the mental capacities to understand the documents they are signing. Once the document is signed, a copy must be provided to the agent and the document must be officially notarized. It is important for individuals with disabilities to be aware of Durable Power of Attorneys and understand the importance of setting up a document. Doing so can help ensure that the principal’s wishes are honored and their affairs are managed in accordance with their best interests.
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