HOW DOES A POWER OF ATTORNEY WORK?
Nov. 15, 2019
There is an array of documents that you may include as part of your Virginia estate plan in Virginia. One you might want to consider is a power of attorney. This document can come in handy if you need someone to act on your behalf when you cannot do so yourself. According to Quicken Loans, a power of attorney can have varying levels of permissions to grant someone the right to sign documents on your behalf to giving them the right to make decisions for you.
Depending on your situation, you may want to limit your power of attorney. This means you can specify exactly what the person you name can do on your behalf. You can even make it for a specific instance, such as signing a loan document or medical forms.
The main rule about granting a power of attorney is that you have to be of sound mind when you do so. This is similar to when you make any type of estate planning document. The law wants to ensure you are doing this with explicit knowledge of exactly what power you are giving to the other person.
Once you complete the documentation for a power of attorney and sign it, it goes into effect according to the terms. Remember that you can limit the authorities, so the person cannot make decisions or do things outside of the scope of your instructions in the document. So, make sure you are precise in granting the duties of your power of attorney. This information is for education only and is not legal advice.