Vermont Durable (Financial) Power of Attorney Form

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

“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]

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.