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An overview of the full power of attorney

On Behalf of | Jan 17, 2019 | Power Of Attorney | 0 comments

If a person is granted full power of attorney, he or she can make financial or medical decisions on a Virginia resident’s behalf. This may allow an agent to enter into contracts or put an end to those that the principal has previously entered into. An agent may also be granted access to a person’s safe deposit boxes or gain access to digital accounts. Therefore, it is important for a person to think carefully before granting this power.

An agent may be able to exercise the power of attorney as soon as the document is created. However, it may also be crafted to only take effect if the grantor becomes incapacitated for any reason. For instance, it could take effect if a person is recovering from a medical procedure or falls ill but expects to recover. Such an arrangement is known as a springing power of attorney.

The power of attorney can remain in place indefinitely or be written to expire at a certain point in the future. The power can also be revoked by the grantor at any time. If a power of attorney is not durable in nature, it can end when a person becomes incapacitated. The death of the grantor is another way in which a power of attorney arrangement can be terminated.

If a person in Forest, Virginia, needs help managing his or her affairs, a power of attorney document may be an effective tool. It may allow another person to pay a grantor’s bills, file tax returns or make medical decisions based on language in the power of attorney document. An attorney may be able to review any arrangement before it takes effect. This may ensure that it meets a grantor’s needs both now and until the agreement expires.