Granting powers of attorney is a common part of the estate planning process. In some cases, however, a grantor may actually want to revoke this power. There are three distinct ways to accomplish this goal. The first is to include a termination date in the original POA...
Year: 2018
Enduring and general powers of attorney
An enduring power of attorney is a document that legally appoints a person to act on behalf of another with regard to financial or legal issues. They can be useful in situations where someone becomes ill or incapacitated or is spending an extended period of time...
The importance of signature requirements in a will
The Commonwealth of Virginia, like each state in the union, has its own statutory requirements for what constitutes a valid will. A testator, the person making the will, must be a minimum age of 18 and have the proper testamentary capacity. Testamentary capacity is a...
What makes a will valid in Virginia?
It’s a hard subject to talk about, but planning for your death by creating a will is an important part of caring for your family. It outlines your wishes and intentions upon your death and can alleviate potential stress for those you love. With a will,...
Updating wills
Virginia residents should ensure that their will is regularly updated. Many life events can impact who is a potential beneficiary or heir. If individuals fail to update their last will and testament when necessary, the document may not be an accurate reflection of...
Powers of attorney offer many benefits but vulnerable to abuse
Regardless of their age, a Virginia resident could realize many benefits by creating a financial power of attorney. The individual can designate someone to take care of their finances under the conditions that they specify. Usually, a crisis, such as mental or...
How to alter power of attorney instructions
A Virginia resident may find themselves in a position where they want or need to amend a power of attorney. This may be necessary if there is a need to change the name of an agent or alternate agent. The agent is the person who is granted the authority to make...
What a financial power of attorney can do
Virginia residents who have a financial power of attorney have appointed someone to make decisions for them if they become incapacitated. There are a number of actions that an agent can take, including paying bills or making sure that taxes are filed on time. They can...
What is a simple will?
It is easy to procrastinate when it comes to making a will. It is not fun to have to think about your eventual death. It is natural for us to believe we will die so far into the future that we have time later to get to a will. The problem is, if you die unexpectedly...
Why a person may decline to be an agent
If a person is designated by a parent or close friend as that individual's power of attorney, that person has a right to decline. There are many reasons why this may be a good idea. For instance, the parent may live in Virginia while the child designated as power of...
