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.
Some Virginia residents may hesitate to appoint an individual as an attorney-in-fact under a power of attorney out of fear of being exploited and controlled. However, there are some steps they can take to help ensure that their best interests will be looked after.
Not everybody relishes the prospect of making important medical, business or financial decisions on behalf of somebody else. This is why estate planners in Virginia should take great care when choosing a power of attorney. Furthermore, those asked to perform these duties will want to think carefully before accepting.
Many Virginia residents are concerned about whether family members and medical professionals will respect their end-of-life decisions. While most individuals hope to remain lucid and able to engage in care decisions even when seriously ill or injured, there are situations in which patients are unable to communicate their wishes regarding medical treatment.
A power of attorney can be an important part of an estate plan for people in Virginia, but there are also a number of misconceptions about what a power of attorney does and how it works. For example, some people think that there is only one kind and it is effective in all states and circumstances. However, one state may not recognize the power of attorney from another state.
Many people in Virginia may expect that when they create an estate plan that includes a power of attorney for finances, the POA will be sufficient to grant those powers. Unfortunately, in practice, this is not always the case.
Receiving quality health care during one's senior years is a crucial part of aging for everyone. There are several very important documents that can help seniors ensure that they get the care they need. These documents include living wills, advance directives and powers of attorney. In Virginia, living wills can go by several different names. They are usually printed on brightly colored stock and provide directions to caregivers about what procedures to do or not do in case of an emergency.
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.
Granting powers of attorney is a common part of the estate planning process. In some cases, however, a grantor may actually want to revoke this power. There are three distinct ways to accomplish this goal. The first is to include a termination date in the original POA agreement. While this is not a common method for revoking this privilege in Virginia or other states, it can work when a client only intends to hand this power over during a specific period of time.
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.