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Virginia General (Financial) Power of Attorney

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Virginia General (Financial) Power of Attorney

Updated August 09, 2023

A Virginia General (Financial) Power of Attorney Form is filled out then applied when you wish to name someone else as your representative with predetermined financial matters. You, as the principal, will decide how much or how little authority over your property and assets the agent will possess. It is strongly recommended that you devote a significant amount of time deciding upon who your agent should be, that you have a frank discussion with him or her before filling out this form and that he or she is ready to act in the capacity you desire. It is worth noting that regardless of the extent of principal power you deliver to the agent, any approval delivered through this paperwork will automatically expire the moment you are declared unable to represent yourself by a physician (or otherwise incapacitated). There is paperwork available to keep such approval in effect if you are incapacitated. If this is preferable then consider the durable form instead.


How to Write

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1 – The Beginning Of This Appointment Requests Some Standard Information

Locate the title on the first page of this template. Notice the blank line. Produce the Full Name of the Principal on this line. This will be the Signature Party who will appoint the Authority defined in this paperwork to another entity.

The first paragraph presented on this page will also have some areas where you will have to supply some information. This will be basic information used to identify the Principal as such. Use the first second and third blank lines of this paragraph to furnish the Legal Name, Street Address, and State of the Principal

The Attorney-in-Fact will also need to be identified clearly and in a similar fashion. The term “Hereby Designate” shall be followed by three empty lines. Utilize these spaces to report the Legal Name, Street Address, and State of the Attorney-in-Fact.

2 – A Sufficient Representation Of The Principal Preferences Should Presented

The next portion of this paperwork is titled “I. Powers.” The Principal will need to use this area to sufficiently explain what precisely he or she is giving the Attorney-in-Fact Principal Authority to do. Naturally, the language used to define Decisions or Actions the Attorney-in-Fact can use Principal Powers is standardized and it will be up to the Principal to use it correctly when designating Principal Powers. This may be problematic depending on the situation at hand. The list supplied in this section will solve this challenge nicely. Here, the language defining Principal Decisions and Actions the Agent can use Principal Authority to perform has already been supplied. The Principal only needs to read each statement then, if so desired, initial the blank line attached to its label to signify his or her intent to appoint that Principal Power to the Agent. Any statement in this list that is not initialed by the Principal will be restricted from the Agent’s Principal Authority.

The Principal can invest his or her Principal Powers to the Agent so that he or she can have the “Power To Make Payments Or Collect Monies Owed” on behalf of the Principal by initialing the blank line attached to the number one. The second statement defines the Principal “Power To Acquire, Lease And Sell Personal Property” for and of the Principal with Principal Approval and Authority. If the Agent should have such Power, then the Principal must initial the blank space corresponding to the number two. The Attorney-in-Fact will be designated with the same Principal Authority the Principal holds when Acquiring, Leasing, and Selling Real Property if the Principal initials the blank line attached to the third item here. The Principal’s Authority to Manage Property will be conferred to the Attorney-in-Fact with the Principal Act of initialing the blank space in the margin of paragraph four (“Management Powers”). The Principal’s conduct banking actions can be delegated to the Attorney-in-Fact with the granting of the “Banking Powers” defined in the fifth statement. If it’s been determined that the Attorney-in-Fact should have such Principal Authority, the Principal should initial the fifth blank line. The “Motor Vehicles” statement shall enable the Principal to grant the Attorney-in-Fact Principal Power where Motor Vehicles are concerned. This type of Authority can be delegated through the Principal Act of initialing the sixth statement. The Principal will be presented with the opportunity to approve the Attorney-in-Fact’s use of Principal Authority to represent Principal Matters and Interests with the Principal’s Taxes. This paragraph will give a thorough description that should be read by the Principal, once done, if he or she wishes to grant these abilities to the Attorney-in-Fact, then the “Tax Powers” paragraph should be initialed by the Principal. The Principal can deliver the Authority to handle his or her “Safe-Deposit Boxes” to the Attorney-in-Fact by initialing the eighth statement. If the Principal would like the Attorney-in-Fact to handle Principal Gifting Decisions and Actions, then he or she should initial the blank line attached to the label “9. Gift Making Powers.” The Principal’s “Lending And Borrowing” Powers can be conferred to the Attorney-in-Fact through when he or she initials the paragraph labeled “10. Lending And Borrowing.” The Principal’s “Contracts” can be negotiated, handled, maintained, etc. by the Agent if the Principal designates him or her with the Principal Authority to do so. If the Principal desires to grant this Power to the Agent, he or she should initial the blank space attached to the words “11. Contracts.” The Principal can approve the Attorney-in-Fact’s Principal Authority to handle Health Care Decisions on his or her behalf by initialing the twelfth item category (“12. Health Care”). The “Health Insurance Portability And Accountability Act Of 1996” can define the Agent’s Principal Powers of representation with Health Insurance under certain circumstances. The Principal can name the Agent with this type of Power by initialing “14. Power To Hire And Pay For Services.” The “Reimbursement Of Attorney-in-Fact” can be decided upon and delivered to the Attorney-in-Fact by the Attorney-in-Fact with the Principal Authority to do so if the Principal initials the fifteenth paragraph statement.

The Attorney-in-Fact will receive the “Power To Sue Third Parties Who Fail To Act Pursuant To Power Of Attorney” if the Principal has determined he or she should have the Principal Authority to do so. If this is the case, the Principal should initial the sixteenth paragraph statement on this list. The final item is unique in that it will allow direct instructions and/or delegations from the Principal. If there are any additional Powers that should be granted, they should be listed on the blank lines after the list item labeled “17. Other.” If anything is reported here and the Principal wishes to apply it to the Agent’s Principal Authority, he or she should initial the space attached to the label “17. Other.”

3 – Two Calendar Dates Must Be Supplied To Define The Time Frame Of Principal Power

The section of this paperwork bearing the title “III. Effective Date And Termination” shall directly deal with the life span of these Powers. That is, a specific Date or Event must catalyze the granting of the defined Principal Authority and for the termination of such Authority.

The Principal will have two statements to choose from when it is time to determine how these Principal Powers will become effective. If he or she prefers the Attorney-in-Fact to receive Principal Authority on the day, he or she signs this document then the first statement in this section should be initialed. Otherwise, he or she can initial the second statement then record the desired Start Date using the blank spaces after the words “The Following Date.”The second part of this section will attempt to list how the Termination of these Powers should occur. If the Principal wishes the Agent’s Principal Power to terminate on a specific Date, he or she should produce the desired Date on the two blank spaces in the statement below the words “Termination Is Effective At Which…” If the Principal prefers to wait until he or she revokes these Powers in writing then, the second statement choice must be initialed. Otherwise, the Principal can set these Powers to automatically Terminate when diagnosed as incapacitated or unable to make his or her own decisions.

4 – A Valid Principal Signature Must Be Produced At The End Of This Delegation

The Principal will have to sign this template once it is completed in order to execute this. When the Principal is ready to do this, he or she will need to focus attention on the statement “In Witness Whereof, I Have On This” and supply the Calendar Signature Date for this paperwork. The Principal must sign and print his or her on the two blank lines below the Signature Date (labeled “Principal’s Signature” and “Principal’s Printed Name”). The Attorney-in-Fact will have to supply an official acceptance. This will be done in the “Acceptance Of Appointment” by first presenting the Printed Name of the Attorney-in-Fact in the statement provided then, having the Attorney-in-Fact sign and print his or her Name below this. Below these signature areas, a segment of this paperwork has been reserved strictly for the Notarization process. Only the Notary Public obtained for this signing can satisfy this requirement