Key Takeaways
- A medical power of attorney allows a loved one to make medical decisions on your behalf.
- A financial power of attorney allows a loved one to handle your finances should you become incapacitated.
- A power of attorney ends upon the death of the principal.
In Virginia, a power of attorney (POA) is a vital legal tool that allows another person to make decisions for you. The Commonwealth allows multiple types of powers of attorney that grant decision-making power over your life, including finances and medical care. With so much at stake, it is important to understand how much control and what kind of decisions a power of attorney allows.
Learn more about the different types of powers of attorney, what powers they give, and how long they last. We want to provide you with all the information you need to feel more confident and informed in your estate planning decisions.
What Does a Power of Attorney Do?
A power of attorney gives a trusted person control over certain decisions should you become unable to make them yourself. You can set up a power of attorney for various medical and financial decisions. Virginia has several powers of attorney, including:
- Personal property
- Investments
- Banking
- Real estate
You can combine them or create separate powers of attorney for different people. A regular power of attorney takes effect immediately, and a springing power of attorney only goes into effect if a doctor deems a person incapacitated in a letter.
In What Situations Do You Need a POA?
You may need a power of attorney if your elderly loved one can no longer make decisions on his or her own or if they are making poor decisions, such as sending money to scammers, especially after you have warned them not to send money to unknown people.
In some cases, you may need to ask the court for a guardianship. It may be too late to have your loved one sign a power of attorney, as he or she is not in his right mind, or someone who was given power of attorney is taking advantage of your loved one and stealing money or selling assets.
Types of Power of Attorney in Virginia
The most common types of powers of attorney in Virginia include:
- Health Care Power of Attorney / Advanced Medical Directive: This document allows a trusted person to make medical decisions for you should you become incapacitated. You can choose which medical decisions you want that person to make.
- Limited Power of Attorney: This document gives a trusted person the power to make limited decisions. For example, a limited power of attorney might be used to close on real estate if you cannot attend the closing. Limited powers of attorney generally end when the transaction is completed.
- General Power of Attorney: This document gives a trusted person the power to make financial decisions for you should you become incapacitated.
Powers of attorney end upon your death. At that point, the will takes over.
Who Can Become a Power of Attorney in Virginia?
You can name anyone as a power of attorney – it does not have to be a relative. In some cases, people request their estate planning attorney become their power of attorney. As long as the person meets Virginia’s requirements to be a power of attorney, you can name the person you trust the most – it does not have to be a relative.
Why is Choosing a Trusted Person as Your POA Important?
If you choose someone you cannot wholly trust as a power of attorney, that person may use the power to drain your bank accounts, buy cars, and otherwise abuse your finances. It is imperative that you choose someone you can trust. If you do not believe you can trust a relative or a close friend, you can ask your estate planning attorney to be a power of attorney.
Naming a trusted person to be your medical power of attorney is just as important as it is for a financial power of attorney. Choose the person who will abide by your wishes, regardless of how hard it might be for them. For example, if you do not want to be on life support, you need to choose someone who will not go back on that decision just because he or she does not want to or cannot make that decision.
When Does a Power of Attorney End in Virginia?
Powers of attorney do not end until your death unless you have a limited power of attorney that specifically states the document covers a specific transaction. If someone believes a power of attorney is abusing his or her duties, that person can ask the court to appoint a guardian to oversee the power of attorney’s actions and inactions.
Why Clients Choose Virginia Beach Law Group
Virginia Beach Law Group’s estate planning attorneys have the experience to guide you through the estate planning process. This includes creating medical and financial powers of attorney.
Testimonials
“I had a power of attorney with Melissa Benvenuto for my house I was selling. Since I’m in the military I had to leave to go to Indiana before I could close so I had to find someone to look over the house and make sure the closing process was being taken care of. While Melissa was the person doing that for me, I never stressed about anything and she always made sure I was in the loop of things! Melissa is very professional, and I recommend reaching out to her.” — Patrick C.
“I’ve worked with David Johnson on a personal case and have sent clients his way for years. He does amazing work and is a true professional. He is my go-to for all things estate planning related.” — Najib K.
Your Estate Planning Should Not Wait. Get Started Today.
You do not have to be a certain age to start your estate plan. Anything can happen at any time, regardless of how young you are. Contact us at 757-486-4529 or complete the contact form on our website to schedule a consultation.
