Each US state has specific laws regarding Power of Attorney, and Virginia is no different. However, Virginia is one of the many states that’s adopted the Uniform Power of Attorney Act, helping streamline the PoA application and verification process.
The Act defines some of the most common terms used throughout the documentation process. It also reinforces general rules and regulations regarding the responsibilities an agent with these responsibilities must satisfy.
Understanding the Virginia Power of Attorney starts with familiarizing yourself with the rules and guidelines. But to fully grasp how Virginia’s PoAs work, it’s also crucial to study the many applicable documents agents and principals are expected to submit.
Virginia Durable Power of Attorney
The Durable Power of Attorney Form grants agents a long-term amount of responsibility for the principal’s finances, medical needs, and more. Principal signers will need to specify the agent’s range of authority before signing this form, as it’s often only nullified upon the principal’s death. However, the principal can revoke Durable PoA if they wish.
Virginia General Power of Attorney
General Power of Attorney is one of the most common types, but it has a few notable drawbacks. In Virginia, the General PoA is nullified if the principal is incapacitated.
As such, individuals with this type of document may also opt to have a Medical Power of Attorney authorized. Still, the General or Financial Power of Attorney is a practical solution for principals seeking agent control over finances. The principal in question can allow agents to gain control over bank accounts, investments, and other financial holdings.
Virginia Limited Power of Attorney
The Limited Power of Attorney Form is one of the least-used requests of its kind. It’s only ever implemented in particular emergency cases, and it isn’t as long-lasting as other PoA types. Interestingly, agents can use this type of form (sometimes called the Special Power of Attorney Form) to receive their principal’s tax information.
Virginia Medical Power of Attorney
The Power of Attorney Virginia forms are just as diverse as any other state’s, and interested parties can apply for the all-too-vital Medical Power of Attorney. The Medical Power of Attorney grants agents the ability to make crucial health care decisions, particularly if the principal is incapacitated. This type of document is incredibly useful in emergency medical situations where the principal cannot communicate their wishes.
Virginia Minor (Child) Power of Attorney
Principal signers can also implement a Minor Power of Attorney to ensure that any children or underage family members receive adequate care. After this form is signed, the agent may take on guardianship responsibilities and decide about the minor’s health care, residency, and general wellbeing.
Most Child Power of Attorney Forms are designed for short-term usage, though the principal might request extended responsibilities. Still, extended custody and care are typically handled by the County Court, not an agent of the beneficiary.