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The Virginia Durable (Financial) Power of Attorney is a legal form generated by an initiating party to bestow selected rights over one’s financial endeavors to another person. The durable agreement is differentiated from other power of attorneys because it grants controls that remain in effect even after the principal becomes unconscious or enters a mentally or physically incapacitated state. The arrangement can be issued to go into effect upon endorsement or, alternatively, incapacitation, depending on the declarant’s preference. Fine-tuning of the stipulated authorities can be made to choose which permissions to extend regarding the management of banking, real estate, legal, and investment matters. The decision to transfer agency to an attorney-in-fact can have far-reaching implications, so it is imperative to make sure the select agent is a trustworthy prospect before moving forward. The powers received essentially allow permitted action as designated to occur on behalf of the owning party. Revocation of the accord can be achieved by marking a chosen termination date for the contract or by completing a revocation of power of attorney form. Supervision of the execution of the paperwork is obligated by a professional notary for validation purposes.

Laws

Statute – Uniform Power of Attorney Act (C.O.V § 64.2-1600 – § 64.2-1642)

Definition – “Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity (§ 64.2-1600).

Signing Requirements – The Code of Virginia legislation mandates that the form’s endorsement be witnessed and signed by a legally appointed notary (§ 64.2-1603).