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 also manage a person’s real estate holdings or make investment decisions on behalf of whoever empowered them to do so.
While the agent may have some leeway to make financial choices, they must always be made in the grantor’s best interest. It is important to specify whether a power of attorney is durable or if it expires at a later date. It is also a good idea to determine if it takes effect right away or is a springing power of attorney. Springing financial powers of attorney wouldn’t take effect until a person is incapacitated, and they can also be durable in nature.
The power of attorney expires when a person passes away. For an agent to continue managing a deceased individual’s finances, he or she would need to be named the estate’s executor. It can also expire if a court revokes the order or if an agent is unable or unwilling to fulfill his or her duties. It is possible to name alternate agents in the event that a person’s first choice is unable to do the job.
Individuals who are looking for advice on how to manage their finances may benefit from hiring an attorney. Legal counsel could make it easier to construct a proper power of attorney form and provide insight into how to name an agent. Furthermore, a client may be able to learn more about how a power of attorney can fit into an overall estate plan.