Signing Requirements
The principal must have their signature acknowledged before a notary public. If the agent decides to use the optional Agent Certification form, the agent must sign said document in the presence of a notary public and attach it to the power of attorney.[1][2]
Powers Granted
A principal may grant the agent specific or broad authority to manage aspects of their personal affairs that can include:[3]
- 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.
In some cases, as in making changes to a trust and giving gifts, the principal must expressly grant authority to the agent for the power to be legally valid.[4]
“Durable” Definition
“Durable,” with respect to a power of attorney means not terminated by the principal’s incapacity.[5]
“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.[6]
Revocation
A power of attorney terminates when:[7]
- The principal dies;
- The principal becomes incapacitated, 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 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 resigns;
- The principal and agent divorce or legally separate, unless the power of attorney otherwise provides; or
- The power of attorney terminates.
Statutory Form
Yes, the State of West Virginia’s has a statutory durable power of attorney form.[8]