Powers of Attorney
A power of attorney is a legal document that allows an individual (the “principal”) to appoint another person (the “agent” or “attorney-in-fact”) to make decisions and take actions on their behalf. In Colonial Heights, VA, and surrounding areas, powers of attorney can be essential tools for managing financial and healthcare matters. Here’s what you need to know.
There are different types of powers of attorney, including:
General Power of Attorney: Grants broad authority to the agent to act on behalf of the principle in various financial and legal matters.
Limited or Special Power of Attorney: Grants specific powers to the agent for a limited purpose or time period, such as signing documents or managing a specific transaction.
Durable Power of Attorney: Remains effective even if the principle becomes incapacitated or unable to make decisions. Essentially for long-term planning and managing affairs in the event of incapacity.
Healthcare Power of Attorney: Authorizes the agent to make healthcare decisions on behalf of the principle if they are unable to do so. often includes instructions regarding medical treatment preferences.
To create a valid power of attorney, the following steps are typically involved:
Contact our office to discuss your wishes and options for appointing an agent. Select the type of power of attorney that best suits your needs and goals. Draft the power of attorney document, ensuring it complies with Virginia state laws and includes specific powers and limitations. Execute the document according to the requirements, typically by signing it in the presence of witnesses and/or a notary public.
If you need help with powers of attorney or other estate planning matters please give our office a call.