A Virginia general power of attorney (GPOA) is a legal framework where an individual, designated as the attorney-in-fact, is empowered to manage the financial and property affairs of another person, known as the principal.
Critical considerations include a thoughtful selection of the agent, clear communication of responsibilities, and understanding that the authority granted through this document ends upon the principal’s incapacitation unless a durable form is chosen, which remains effective during incapacitation.
Authority (VA Code Ann. § 64.2-1622) – A power of attorney empowers an agent to act on behalf of the principal, granting them broad authority as specified in the agreement.
Signing Requirements (§ 64.2-1603) – The principal must notarize their signature under this law.
Presumption of Durability (§ 64.2-1602) – Yes, the agreement will need to clearly indicate that the power of attorney is not durable upon incapacitation; otherwise, it will be deemed durable.