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What do I require to set up a power of attorney?

On Behalf of | Dec 11, 2019 | Power Of Attorney | 0 comments

Various reasons may lead people to want to create a power of attorney, such as when planning an estate or when preparing to become hospitalized. There are several legal steps that you need to satisfy when establishing a power of attorney in Virginia.  You have the right to decide how much power to pass on to your power of attorney, and you may as well revoke it at any time you want.

In Virginia, you may make a POA durable or non-durable. A non-durable POA stops functioning once you become incapacitated and not able to make decisions on your own. However, a durable POA may continue to make crucial decisions on your behalf, even when you are incapacitated. You may choose to draft a durable POA in a way that it becomes active the moment you become incapacitated.

When creating a power of attorney, you should select someone that you trust.  You are giving them the power to make altering decisions about your estate on your behalf. These decisions are binding, and the liability falls back to you. They should, therefore, always have your best interest at all times. You are the one that determines what kind of powers you want to give them. You may choose to provide them with a broad sense of control or limit it to specific tasks such as the power to collect funds from a particular property.

There is not much in requirements that you may need to draft a power of attorney. All you require is to be 18 years of and understand what you are doing. Once you sign a POA, it automatically becomes valid in the state of Virginia. It does not require any notary or witnesses.

This information is only for educational purposes. Do not take it as legal advice.