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Power of Attorney

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Power of Attorney - Ordinary
Power of Attorney - Durable

An Ordinary Power of Attorney is only valid as long as the principal is capable of acting for him or herself and will end automatically when the principal becomes mentally incapacitated or dies.

A Durable Power of Attorney remains in force even after the principal later becomes mentally incapacitated and ends automatically when the principal dies or is revoked by notifying your Attorney-in-fact in writing.




Your Power of Attorney

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POWER OF ATTORNEY

THIS Power of Attorney is given by me, ____________________ (the "Principal"), presently of ____________________, _______________, in the Commonwealth of Virginia, on this ________ day of ________________, ________.

  1. Previous Power of Attorney
  2. I REVOKE any previous power of attorney granted by me.
  3. Attorney-in-fact
  4. I APPOINT __________________, of ____________________, ____________________, Virginia, to act as my Attorney-in-fact.
  5. Governing Law
  6. This document will be governed by the laws of the Commonwealth of Virginia. Further, my Attorney-in-fact is directed to act in accordance with the laws of the Commonwealth of Virginia at any time he or she may be acting on my behalf.
  7. Liability of Attorney-in-fact
  8. My Attorney-in-fact will not be liable to me, my estate, my heirs, successors or assigns for any action taken or not taken under this document, except for willful misconduct or gross negligence.
  9. Effective Date
  10. This Power of Attorney will start immediately and will cease to be in effect upon a finding of my mental incapacity or mental infirmity which may occur after my execution of this Power of Attorney.
  11. Powers of Attorney-in-fact
  12. My Attorney-in-fact has authority to do anything on my behalf that I may lawfully do by an attorney-in-fact (the "General Power").
  13. Specific Powers
  14. Without restricting its generality in any way, the following power(s) are specifically included within the foregoing General Power:

    Initials

    1. X____Real Estate Transactions
    2. To deal with any interest I may have in real property and sign all documents on my behalf concerning my interest, including, but not limited to, real property I may subsequently acquire or receive. These powers include, but are not limited to, the ability to:
      1. Purchase, sell, exchange, accept as gift, place as security on loans, convey with or without covenants, rent, collect rent, sue for and receive rents, eject and remove tenants or other persons, to pay or contest taxes or assessments, control any legal claim in favor of or against me, partition or consent to partitioning, mortgage, charge, lease, surrender, manage or otherwise deal with real estate and any interest therein; and
      2. Execute and deliver deeds, transfers, mortgages, charges, leases, assignments, surrenders, releases and other instruments required for any such purpose.
    3. X____Maintain Property and Make Investments
    4. To retain any assets owned by me at the date this Ordinary Power of Attorney becomes effective, and the power to reinvest those assets in similar investments. In addition, my Attorney-in-fact may invest my assets in any new investments, of his or her choosing, regardless of whether or not they are authorized by any applicable legislation.
    5. X____Banking Transactions
    6. To do any act that I can do through an Attorney-in-fact with a bank or other financial institution. This power includes, but is not limited to, the power to:
      1. Open, maintain or close bank accounts (including, but not limited to, checking accounts, savings accounts, and certificates of deposit), brokerage accounts, retirement plan accounts, and other similar accounts with financial institutions;
      2. Conduct any business with any banking or financial institution with respect to any of my accounts, including, but not limited to, making deposits and withdrawals, negotiating or endorsing any checks or other instruments with respect to any such accounts, obtaining bank statements, passbooks, drafts, money orders, warrants, and certificates or vouchers payable to me by any person, firm, corporation or political entity;
      3. Borrow money from any banking or financial institution if deemed necessary by my Attorney-in-fact, and to manage all aspects of the loan process, including the placement of security and the negotiation of terms;
      4. Perform any act necessary to deposit, negotiate, sell or transfer any note, security, or draft of the United States of America, including U.S. Treasury Securities;
      5. Have access to any safe deposit box that I might own, including its contents; and
      6. Create and deliver any financial statements necessary to or from any bank or financial institution.
    7. X____Business Operating Transactions
    8. To take any action my Attorney-in-fact deems necessary with any business that I may own or have an interest in by doing any act which can be done through an Attorney-in-fact. This power includes, but is not limited to, the power to execute, seal and deliver any instrument; participate in any legal business of any kind; execute partnership agreements and amendments; to incorporate, reorganize, consolidate, merge, sell, or dissolve any business; to elect or employ officers, directors and agents; and to exercise voting rights with respect to any stock I may own, either in person or by proxy.
    9. X____Insurance Transactions
    10. To do any act that I can do through an Attorney-in-fact with any insurance policy. This power includes, but is not limited to, the power to pay premiums, start, modify or terminate policies, manage all cash payouts, borrow from insurers and third parties using insurance policies as collateral, and to change the beneficiaries on any insurance policies on my life. Unless my Attorney-in-fact was already a beneficiary of any policy before the signing of this document, my Attorney-in-fact cannot name himself or herself as a beneficiary of such policy.
    11. X____Claims and Litigation Matters
    12. To institute, maintain, defend, compromise, arbitrate or otherwise dispose of, any and all actions, suits, attachments or other legal proceedings for or against me. This power includes, but is not limited to, the power to: appear on my behalf, and the power to settle any claim against me in whichever forum or manner my Attorney-in-fact deems prudent, and to receive or pay any resulting settlement.
    13. X____Tax Matters
    14. To act for me in all matters that affect my local, state and federal taxes and to prepare, sign, and file documents with any governmental body or agency, including, but not limited to, authority to:
      1. Prepare, sign and file income and other tax returns with federal, state, local and other governmental bodies, and to receive any refund checks; and
      2. Obtain information or documents from any government or its agencies, and represent me in all tax matters, including the authority to negotiate, compromise, or settle any matter with such government or agency.
    15. X____Government Benefits
    16. To act on my behalf in all matters that affect my right to allowances, compensation and reimbursements properly payable to me by the Government of the United States or any agency or department thereof. This power includes, but is not limited to, the power to prepare, file, claim, defend or settle any claim on my behalf and to receive and manage, as my Attorney-in-fact sees fit, any proceeds of any claim.
    17. X____Retirement Benefit Transactions
    18. To act for me and represent my interests in all matters affecting any retirement savings or pension plans I may have. This power includes, but is not limited to, the power to continue contributions, change contribution amounts, change investment strategies and options, move assets to other plans, receive and manage payouts, and add or change existing beneficiaries. My Attorney-in-fact cannot add himself or herself as a beneficiary unless he or she is already a designated beneficiary as of the signing of this document.
    19. X____Family Care
    20. To make whatever expenditures are required for the maintenance, education, benefit, medical care and general advancement of me, my spouse and dependent children, and other persons that I have chosen or which I am legally required to support, any of which may include my Attorney-in-fact. This power includes, but is not limited to, the power to pay for housing, clothing, food, travel and other living costs.
    21. X____Chattel and Goods Transactions
    22. To purchase, sell or otherwise deal with any type of personal property I may currently or in the future have an interest in. This includes, but is not limited to, the power to purchase, sell, exchange, accept as gift, place as security on loans, rent, lease, to pay or contest taxes or assessments, mortgage or pledge.
    23. X____Estate Transactions
    24. To do any act that I can do through an Attorney-in-fact with regard to all matters that affect any trust, probate estate, conservatorship, or other fund from which I may receive payment as a beneficiary. This power includes the power to disclaim any interest which might otherwise be transferred or distributed to me from any other person, estate, trust, or other entity, as may be appropriate. However, my Attorney-in-fact cannot disclaim assets to which I would be entitled, if the result is that the disclaimed assets pass directly or indirectly to my Attorney-in-fact or my Attorney-in-fact's estate.
    25. X____Living Trust Transactions
    26. To transfer any of my assets to the trustee of any revocable trust created by me, if such trust is in existence at the time of such transfer. This property can include real property, stocks, bonds, accounts, insurance policies or other property.
    27. X____Gift Transactions
    28. To make gifts to my spouse, children, grandchildren, great grandchildren, and other family members on special occasions, including birthdays and seasonal holidays, including cash gifts, and to such other persons with whom I have an established pattern of giving (or if it is appropriate to make such gifts for estate planning and/or tax purposes), in such amounts as my Attorney-in-fact may decide in his or her absolute discretion, having regard to all of the circumstances, including the gifts I made while I was capable of managing my own estate, the size of my estate and my income requirements.
    29. X____Charity Transactions
    30. To continue to make gifts to charitable organizations with whom I have an established pattern of giving (or if it is appropriate to make such gifts for estate planning and/or tax purposes), in such amounts as my Attorney-in-fact may decide in his or her absolute discretion, having regard to all of the circumstances, including the gifts I made while I was capable of managing my own estate, the size of my estate and my income requirements.
    31. X____Employ Required Professionals
    32. To appoint and employ any agents, servants, companions, or other persons, including nurses and other health care professionals for my care and the care of my spouse and dependent children, and accountants, attorneys, clerks, workers and others for the management, preservation and protection of my property and estate, at such compensation and for such length of time as my Attorney-in-fact considers advisable.
    33. X____Manage Real Estate
    34. To manage the property owned by me, or in which I have an interest, located at _____________________________________________________, and municipally known as _____________________________________________________. This power includes, but is not limited to, the power to receive rents, make repairs, pay expenses including the insuring of the property and generally to deal with my property as effectually as I myself could do; to take all lawful proceedings by way of action or otherwise, for recovery of rent in arrears, or for eviction of tenants; and to commence, carry on and defend all actions, suits and other proceedings touching my property or any part of it.
    35. X_____ Manage Specific Financial Account
    36. To control my accounts with ____________________ Bank, located at _________________________________________, Account Number(s)__________________________________________. This power includes the authority to conduct any business with respect to any of my listed accounts, including, but not limited to, making deposits and withdrawals, negotiating or endorsing any cheques or other instruments with respect to any such accounts, obtaining bank statements, passbooks, drafts, money orders, warrants, and certificates or vouchers payable to me by any person, firm, corporation or political entity, and to perform any act necessary to deposit, negotiate, sell or transfer any note, security or draft.
  15. Attorney-in-fact Compensation
  16. My Attorney-in-fact will receive no compensation except for the reimbursement of all out of pocket expenses associated with the carrying out of my wishes.
  17. Co-owning of Assets and Mixing of Funds
  18. My Attorney-in-fact may not mix any funds owned by him or her in with my funds and all assets should remain separately owned if at all possible.
  19. Personal Gain from Managing My Affairs
  20. My Attorney-in-fact is not allowed to personally gain from any transaction he or she may complete on my behalf.
  21. Delegation of Authority
  22. My Attorney-in-fact may not delegate any authority granted under this document.
  23. Attorney-in-fact Restrictions
  24. This Power of Attorney is not subject to any conditions or restrictions other than those noted above.
  25. Notice to Third Parties
  26. Any third party who receives a valid copy of this Power of Attorney can rely on and act under it. A third party who relies on the reasonable representations of my Attorney-in-fact as to a matter relating to a power granted by this Power of Attorney will not incur any liability to the Principal or to the Principal's heirs, assigns, or estate as a result of permitting the Attorney-in-fact to exercise the authority granted by this Power of Attorney up to the point of revocation of this Power of Attorney. Revocation of this Power of Attorney will not be effective as to a third party until the third party receives notice and has actual knowledge of the revocation.
  27. Severability
  28. If any part of any provision of this document is ruled invalid or unenforceable under applicable law, such part will be ineffective to the extent of such invalidity only, without in any way affecting the remaining parts of such provisions or the remaining provisions of this document.
  29. Acknowledgment
  30. I, ____________________, being the Principal named in this Power of Attorney hereby acknowledge:
    1. I have read and understand the nature and effect of this Power of Attorney;
    2. I am of legal age in the Commonwealth of Virginia to grant a Power of Attorney; and
    3. I am voluntarily giving this Power of Attorney.

IN WITNESS WHEREOF I hereunto set my hand and seal at the City of ____________________ in the Commonwealth of Virginia, this ________ day of ________________, ________.


SIGNED, SEALED, AND DELIVERED

     

in the presence of:

     
       

Witness: ______________________ (Sign)

     

Witness Name: ______________________

     

Address: ___________________________

   

__________________________________

___________________________________

   

____________________ (Principal)

       

Witness: ______________________ (Sign)

     

Witness Name: ______________________

     

Address: ___________________________

     

___________________________________

   

NOTARY ACKNOWLEDGMENT


COMMONWEALTH OF VIRGINIA

COUNTY OF ____________________

The foregoing instrument was acknowledged before me this ________ day of ________________, ________, by ____________________.



________________________________
Notary Public

My commission expires: _____________

Last Updated: December 6, 2021

What is a Power of Attorney (POA)?

A Power of Attorney (POA) is a document that allows one person to appoint another person to act on their behalf concerning finance, real estate, business, and more.

Within a Power of Attorney, if you are the one granting authority to a representative, you are called the principal. The personal representative you appoint is called the attorney-in-fact (also known as the agent or mandatory, depending on your state).

Who should have a Power of Attorney form?

Although many different situations can prompt a person to create a Power of Attorney document, POAs are used to allow someone to act on your behalf when you are not available or capable to act for yourself. You might want to consider making a POA if:

  • You travel out of the country often.
  • You work in a hazardous work environment.
  • You are diagnosed with a severe illness.
  • You have a business or property that needs maintenance when you’re unavailable.
  • You have children who would need to be provided for if you were to become incapacitated.
  • You want a specific person to be responsible for your affairs.
  • You want a specific person to uphold your rules about how you run your business, property, or life.
  • You are approaching old age and would like to designate a representative for yourself.

A Power of Attorney is critical to have in the event of unforeseen circumstances, and thus, is often a key document in one’s Estate Plan. For example, if you suddenly become ill or are involved in a serious accident, having a Durable Power of Attorney in place will allow your attorney-in-fact to manage your affairs until you are better.

What powers can you grant to your attorney-in-fact?

Not all Power of Attorney documents grant the same level of power. You can grant your representative the ability to act in any or all of the following areas:

  • Finance: You can give your attorney-in-fact the power to make financial decisions, like making payments or closing your accounts, in your absence. Your attorney-in-fact can also hold other financial powers, including the ability to control your bank account, cash checks, or transfer funds. This kind of POA is commonly called a Financial Power of Attorney.
  • Legal: A Power of Attorney can allow your attorney-in-fact to handle your legal matters. This ability means they can commence lawsuits, communicate with your lawyer, file documents with the court, and more.
  • Real estate: Your attorney-in-fact can handle all of your real estate responsibilities. This ability includes selling, renting, or managing any personal, residential, and commercial properties owned or leased in your name.
  • Business: Your attorney-in-fact can manage your business, including making employment, budgetary, and investment decisions on your behalf. They can also be your proxy in meetings and vote as a shareholder in your absence.

A Power of Attorney can also give your attorney-in-fact other powers, such as:

  • Maintaining your family (e.g., paying for your children’s tuition or medical expenses)
  • Hiring professionals (e.g., hiring a maintenance specialist)
  • Handling government tax requirements and benefits (e.g., filing and paying your personal or corporate taxes)
  • Selling, purchasing, or exchanging goods (e.g., selling your furniture or buying new furniture)
  • Donating to charities
  • Gifting money or items to family and friends
  • Making insurance-related transactions (e.g., canceling your home or apartment insurance)
  • Managing assets in a Living Trust, an estate planning tool that allows you to transfer assets without going through probate
  • Changing retirement plans and accepting benefits (e.g., using your pension to pay bills like your mortgage)

What are the different types of Power of Attorney forms?

There are two main kinds of Power of Attorney documents: an ordinary POA and a durable POA.

Ordinary Power of Attorney

An Ordinary Power of Attorney is valid as long as the principal is competent (meaning they’re capable of making their own decisions and not incapacitated).

Durable Power of Attorney (DPOA)

A Durable Power of Attorney (also called an Enduring Power of Attorney) is valid regardless of whether you, the principal, are competent. This validity means it will remain in effect even if you become incapacitated. A Durable Power of Attorney remains in effect until you revoke it or die.

All Power of Attorney documents are either Ordinary or Durable. However, there are also three different terms that describe how and when the Power of Attorney can be used:

General Power of Attorney

A General Power of Attorney gives an attorney-in-fact the authority to make any of your decisions regarding finances and property.

Specific Power of Attorney

A Specific Power of Attorney provides an attorney-in-fact with the control to make decisions for a particular purpose (e.g., buying or selling a piece of property).

Springing Power of Attorney

A Springing Power of Attorney means the principal chooses when their Power of Attorney (either Ordinary or Durable) comes into effect, usually on a specific date or when you become incapacitated. For a Power of Attorney to come into effect after you become icapacitated, it must be Duable.

It’s essential to know the differences between the documents and to make sure you have the right Power of Attorney for your situation.

Choosing a General or Specific Power of Attorney may depend on:

  • Who you choose as your attorney-in-fact: For example, if you choose someone who isn’t good at managing finances, you may want to restrict their powers with a Specific Power of Attorney.
  • Why you are signing a Power of Attorney: For instance, if you require one particular decision to be made and nothing else, you may want to restrict your attorney-in-fact with a Specific Power of Attorney so they can only act regarding that one matter.

How should I choose an attorney-in-fact?

To choose an attorney-in-fact, you must consider your options carefully. Aside from your personal preferences, there are also legal requirements for who you select.

Your attorney-in-fact may not:

  • Be under the age of majority in your state
  • Currently be in a state of bankruptcy
  • Be the owner or employee of a care home where the principal resides or receives treatment

You can name more than one attorney-in-fact if you believe that different people will better handle certain decisions or transactions.

You may also name a fiduciary, such as an accountant, lawyer, or other professional as your attorney-in-fact if you wish.

Forms Related to a Power of Attorney:

    • Living Will/Health Care Directive: Use a Living Will and Health Care Directive to specify your personal medical preferences and elect someone to make healthcare decisions on your behalf if you become incapacitated.
    • Last Will and Testament: Dictate how you wish to distribute your assets, debts, properties, and possessions when you pass away.
    • Codicil: Make simple amendments to your existing Last Will and Testament.
    • End-of-Life Plan: Plan your memorial service and express other final wishes that aren't addressed by other estate planning documents.
    • Revocation of Power of Attorney: Cancel a previously created Power of Attorney form.
    • Just-in-Case Instructions: Compile your personal, legal, and financial information into a single document for quick reference in case of an emergency.
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