Virginia General Durable Power of Attorney for Property and Finances or Financial Effective upon Dis 2025

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No. In fact, most POA designations terminate when the grantor becomes incapacitated. A common example is financial power, which is often established for the convenience of the principal. In those circumstances, the POA is likely carrying out instructions from the grantor rather than making decisions on their behalf.
When someone makes you the agent in their power of attorney, you cannot: Write a will for them, nor can you edit their current will. Take money directly from their bank accounts. Make decisions after the person you are representing dies. Give away your role as agent in the power of attorney.
A third-party authority is a short-term agreement between you (the donor) and someone you trust (the third party). This could be a family member or close friend who can access your bank accounts and pay bills or withdraw money on your behalf.
Choosing between durable and general depends on what you need for the future. We suggest talking to an estate planning lawyer to see which one is right for you. In short, durable powers of attorney give better protection if someone cant make decisions and keep decision-making going.
Virginia law treats a power of attorney as durable unless it specifically says it is not. The durable power of attorney allows the person you choose to step in and take care of your financial affairs. Without a power of attorney, no one can represent you unless a court appoints a conservator or guardian.
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The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agents activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.

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