Virginia residents may want to include a financial power of attorney (POA) as part of their estate plan. The POA document can be durable, which means that it will still be in effect if its creator becomes incapacitated. In some cases, the POA will take effect after a specific event has occurred or a set of conditions has been met. For instance, an individual may decide to give power to an agent after he or she reaches a certain age.
However, an individual can hand power to an agent as soon as the POA document has been signed. These powers may include the ability to create a trust, make a gift or pay bills on his or her behalf. It is important that a person trusts the individual or entity who is chosen to act as an agent. Otherwise, agents could make decisions that benefit themselves as opposed to the interests of the people who they represent.
The ability to create a trust or make a gift essentially allows an agent to alter a person’s estate plan. Therefore, it may be a good idea to discuss with the person receiving authority under a POA what the plan is attempting to do. That may enable the representative to make decisions that help to minimize taxes or disinherit a family member in a proper fashion.
Hiring Forest, Virginia power of attorney legal representation may make it easier to delegate financial or other decisions when necessary. Powers might be delegated in anticipation of a medical procedure or because an individual doesn’t feel comfortable managing their own affairs. An attorney may help to create a power of attorney arrangement that meets an individual’s needs. A person might be able to revoke a power of attorney agreement if his or her needs change.
