Signing Requirements
The principal must have their signature acknowledged before a notary public.[1]
Powers Granted
A principal can authorize their attorney-in-fact, either specifically or broadly, 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.
Some things like making changes to trusts and giving gifts must be expressly granted for the attorney-in-fact to have authority over them.[3]
“Durable” Definition
“Durable” with respect to a power of attorney, means not terminated by the principal’s incapacity or unavailability.[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.[5]
Revocation
A power of attorney terminates when:[6]
- the principal dies;
- the principal becomes incapacitated or unavailable, 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 incapacitated or unavailable, or resigns, and the power of attorney does not provide otherwise.
An agent’s authority terminates when:
- the principal revokes the authority;
- the agent dies, becomes incapacitated or unavailable, or resigns;
- a petition for divorce, annulment, separation, or a decree of nullity is filed with respect to the agent’s marriage to the principal, unless the power of attorney otherwise provides; or
- the power of attorney terminates.
Statutory Form
Yes, the State of Vermont has a statutory power of attorney form.[7]