Understanding Power of Attorney in Virginia

Types of Power of Attorney

In Virginia, it's crucial to understand the different types of powers of attorney available. Each type serves a distinct purpose and comes with specific requirements:

Advance Medical Directive

This document allows you to appoint someone to make healthcare decisions for you. If you cannot communicate your wishes, this appointed individual can communicate with your medical providers on your behalf. It's important to note that this document requires two (2) witnesses to be valid.

Durable (Financial) Power of Attorney

This type is designed for individuals who want someone to manage their financial matters. It remains in effect even if you cannot make decisions yourself. Many people opt for this for long-term planning. A notary public must notarize this document.

General (Financial) Power of Attorney

This form is similar to the durable version, as it allows someone to manage your financial affairs. However, it automatically becomes void if you become incapacitated. Consequently, a notary public is required for this document as well.

Limited Power of Attorney

This power can be utilized in specific, limited situations that you determine. You can explicitly state how and when you want your agent to act. A notary public must notarize this document too.

Minor (Child) Power of Attorney

This type allows a parent to choose a family member or close friend to take responsibility for their child's healthcare, well-being, and education. It requires a caregiver's consent and two (2) witnesses to be valid.

Real Estate Power of Attorney

This document designates a representative to manage the purchase, sale, or management of real property for a specified duration or on a durable basis. Again, a notary public is required for this document.

Revocation of Power of Attorney

This form is used to revoke any previously granted power of attorney. While there are no formal signing requirements, it is advisable to have the form signed by a notary public.

Tax Power of Attorney (Form PAR 101)

This form authorizes someone to represent you before Virginia Tax for specific tax matters. If you need to revoke a prior power of attorney authorization, this form allows you to do that. The signing requirement for this document is limited to the agent(s) only.

Vehicle Power of Attorney (Form VSA-70)

This form appoints another individual to handle matters related to motor vehicle registration, transfer, and titling on your behalf before the Virginia Department of Motor Vehicles. The signing requirement is again limited to the agent(s) only.

The Importance of Having Power of Attorney

All types of power of attorney documents serve important functions. Throughout the COVID-19 pandemic, there has been a noticeable increase in people completing their Advance Medical Directives and Durable Powers of Attorney. An Advance Medical Directive, also known as a living will, empowers a trusted individual to make medical decisions for you when you cannot. The term "durable" indicates that this power continues even if you become incapacitated.

These documents are essential pieces of estate planning. An estate plan is a collection of various documents, including wills, trusts, and powers of attorney (POAs). All of these are designed to determine what happens after your death or when you can no longer make decisions independently. While the topic may be uncomfortable, it is necessary. An estate plan can save your loved ones from dealing with legal challenges and financial burdens.

Without an estate plan, your assets could end up in legal limbo for years. This situation places a burden on your children and other family members who must manage your finances without a clear plan. I've personally experienced the stress of not having a Durable Power of Attorney and Advance Medical Directive when my father suddenly fell ill. He passed away a few weeks later. It created confusion and stress for all of us, as no one was aware of his wishes.

Having these crucial documents eases the burden during challenging times. They ensure that your loved ones can concentrate on supporting you rather than navigating legal matters while grieving.

Frequently Asked Questions (FAQs)

What Should I Do if My Parent Lives in Another State?

A power of attorney must be tailored for the state where your parent resides. Your location doesn’t matter; what’s key is that the power of attorney aligns with the principal’s state of residence.

How to Change or Remove Power of Attorney?

To change your power of attorney, create a new document that includes the same powers as the previous one. This automatically revokes the earlier version. Remember to notify all relevant individuals and institutions about the change. You can remove your current power of attorney by completing and signing this Revocation of Power of Attorney form.

Can a Power of Attorney Change a Will?

This depends on the laws of the state. Some states permit modification of a Last Will and Testament if the principal has specifically granted such powers. However, this is not a recommended method to change a will.

This blog is for educational purposes only and does not constitute legal advice. If you have questions about your document, consult the source from which you received it. For notarization needs, please reach out to leumaS Mobile & Electronic Notary Services at (804) 495-1517. They can assist you with in-person service or help with electronic notarization online.