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The Virginia General (Financial) Power of Attorney operates as a register to confirm the arrangement to endow specifically defined controls to a third party for a designated period. The form is designed to issue authorized action(s) to a nominated individual concerning defined financial holdings or legal proceedings. Unlike the durable power of attorney, the general seeks to create an accord to distribute select rights with a described termination date for the contract that does not remain in place should the principal become incapacitated. The paperwork allows for a granting declarant to mark submission for the following powers to be transferred upon choice election:

Management of Personal and/or Real Property
Sale of Personal and/or Real Property
Purchase of Personal and/or Real Property
Collection of Funds
Distributing of Payments
Management of Bank Accounts
Lending/Borrowing of Funds
Tax/Legal Representation

Additional controls can be bestowed for healthcare options, although it is advised to utilize a state-sanctioned advance directive form. Notarization is necessary to record the agreement in a legal capacity.

Laws

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

Definition – “Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used (§ 64.2-1600).

Signing Requirements – The state of Virginia instructs all signing parties to endorse a notary accompaniment to affirm and authorize the finalization of the agreement (§ 64.2-1603).