eForms Logo

Virginia Durable (Financial) Power of Attorney Form

A Virginia durable power of attorney form provides a method by which a person ("principal") can designate an individual of their choice ("agent") to act on their behalf for financial-related matters. A power of attorney is "durable" when it does not terminate if the principal becomes incapacitated.
PDF
Word
ODT
4.8 Stars | 453 Ratings
Downloads: 5,984

Signing Requirements

The principal is required to have their signature acknowledged by a notary public or another person authorized by law to take acknowledgments.[1]

Powers Granted

A principal, either specifically or broadly, can give the agent authority to make decisions about things like:[2]

  • Real property;
  • Tangible personal property;
  • Stocks and bonds;
  • Commodities and options;
  • Banks and other financial institutions;
  • Operation of entity or business;
  • Insurance and annuities;
  • Estates, trusts, and other beneficial interests;
  • Claims and litigation;
  • Personal and family maintenance;
  • Benefits from governmental programs or civil or military service;
  • Retirement plans;
  • Taxes; and
  • Gifts.

However, certain things including changing a trust, accessing electronic content, and making gifts must be specifically mentioned in the POA for the agent to have authority over it.[3]

“Durable” Definition

“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.[4]

“Power of Attorney” Definition

“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used.[4]

Revocation

A power of attorney terminates when:[5]

  • The principal dies;
  • The principal becomes a vulnerable adult, if the power of attorney is not durable;
  • The principal revokes the power of attorney;
  • The power of attorney provides that it terminates;
  • The purpose of the power of attorney is accomplished; or
  • The principal revokes the agent’s authority or the agent dies, becomes a vulnerable adult, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.

An agent’s authority terminates when:

  • The principal revokes the authority;
  • The agent dies, becomes a vulnerable adult, or resigns;
  • The agent is convicted of financial exploitation of the principal; or
  • The power of attorney terminates.

Statutory Form

Virginia has no statutory durable power of attorney form.

Sample

Video