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 outside of the country. People in Virginia might find that creating a power of attorney grants peace of mind and provides assistance when the need arises.
The difference between a general power of attorney and an enduring power of attorney is that the enduring power of attorney exists for an indefinite period. A general power of attorney usually sets forth a time period during which another person can make one’s financial decisions and thereafter expires. In either case, the person appointed to act as attorney-in-fact must be older than 18 years old and should not have a direct financial stake or interest in the person who makes the power of attorney.
Powers of attorney can be drafted to fit the specific circumstances of the person making them, but they generally grant to another the right to make financial or other important decisions. Covered financial decisions may include such things as paying bills, managing real property or filing tax returns. The person appointed should thus be a trusted individual who is familiar with the other’s current and ongoing financial circumstances and requirements.
People who have questions about the effects and limitations of powers of attorney might want to schedule a consultation with Forest, Virginia, power of attorney legal representation. A lawyer with experience practicing estate planning law might be able to help by drafting a general or enduring power of attorney to fit the client’s wishes or by suggesting other planning documents to distribute assets on the client’s death. A lawyer might create one or more trusts as part of a comprehensive Virginia estate plan to cause assets to pass to heirs outside of probate.