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.
A Virginia resident may find themselves in a position where they want or need to amend a power of attorney. This may be necessary if there is a need to change the name of an agent or alternate agent. The agent is the person who is granted the authority to make decisions on the estate owner's behalf as per the power of attorney document. In the event that changes need to be made, the document should be replaced as opposed to amended.
Virginia residents who have a financial power of attorney have appointed someone to make decisions for them if they become incapacitated. There are a number of actions that an agent can take, including paying bills or making sure that taxes are filed on time. They can also manage a person's real estate holdings or make investment decisions on behalf of whoever empowered them to do so.
If a person is designated by a parent or close friend as that individual's power of attorney, that person has a right to decline. There are many reasons why this may be a good idea. For instance, the parent may live in Virginia while the child designated as power of attorney lives on the other side of the country. It is also possible that whoever is asked to fulfill the role simply isn't capable of doing so.