What is a durable power of attorney?

A durable power of attorney is a legal document used in Virginia estate planning law. This document allows a person to appoint someone else (called an “agent” or “attorney-in-fact”) to manage their financial affairs in case they become incapacitated or unable to do so. Generally, the agent has the authority to handle all financial matters, such as paying bills, collecting debt, and investing money. The agent may also be able to make decisions regarding healthcare and medical services. The durable power of attorney document gives the agent broad powers to act on behalf of the other person. The agent must follow the instructions given in the document, and must act in the best interests of the person granting the power of attorney. The document will specify when the power takes effect, and when it ends. It also typically sets out the agent’s duties and responsibilities. It is important to note that the document does not give the agent the authority to make decisions regarding the person’s living arrangements or their medical care. The durable power of attorney document can be an important part of an estate plan in Virginia. It is important to work with an experienced estate planning attorney to ensure that the document meets the legal requirements and is properly drafted. This will ensure that the agent will have the authority to act on the other person’s behalf, as intended.

Related FAQs

What is a gifting program and how does it work?
What happens if I don't have an estate plan?
What is a pet trust and how does it work?
What is an estate distribution plan and how does it work?
What is a testamentary trust and how does it work?
What are the estate planning laws in my state?
What is a trust protector and what does it do?
What are the different types of estate planning documents?
How do I make sure my digital assets are taken care of after my death?
What is an estate tax return and why should I file one?

What is a durable power of attorney?

Related FAQs

Related Blog Posts