What Are the Different Types of Power of Attorney in Virginia?

One of the most important estate planning tools you can consider is a power of attorney (POA). These essential estate planning documents give someone you trust the authority to act on your behalf in specific circumstances. This includes managing finances, making health care decisions, or handling day-to-day responsibilities. Your POA will act as a proxy when you can no longer act on your own behalf. In this article, the Virginia Beach estate planning attorneys at The Law Office of Angela N. Manz will discuss the different types of power of attorney in Virginia and how they work.

What is a power of attorney in Virginia? 

A power of attorney is a legal document that grants another individual, called an agent or attorney in fact, the authority to act on your behalf when you are unable. The scope of their authority depends on the type of POA that you create. Virginia law has the Virginia Uniform Power of Attorney Act, which governs the drafting of these documents. To create a valid POA in Virginia, the state requires you to be of sound mind and the document to be signed in the presence of a notary public. The scope of your POA can be broad or limited, temporary or permanent, depending on your individual needs.

General power of attorney 

A general power of attorney gives your attorney in fact authority over a wide range of financial and legal matters. It is useful if you want someone to handle all of your affairs while you’re either unavailable or incapacitated. Examples of tasks the attorney in fact can perform under a general POA include:

• managing your bank accounts
• paying your bills
• filing your taxes
• purchasing or selling property

Unlike other forms of POA, a general POA becomes invalid when you become incapacitated unless it is explicitly stated as durable.

Durable power of attorney 

A durable power of attorney remains in effect when you become mentally or physically incapacitated. It is particularly valuable for long term planning. It allows your attorney to step in and make decisions when you’re no longer capable of doing so yourself.

Limited power of attorney 

A limited power of attorney grants your attorney in fact authority over a single transaction or a limited set of tasks. You might need a limited POA if you need someone to sell property on your behalf, or you want your agent to handle a single financial account. The POA would expire once the task is complete.

Springing power of attorney 

A springing power of attorney goes into effect once a specific event occurs, such as incapacity.

Healthcare power of attorney 

A healthcare power of attorney authorizes your attorney to make medical decisions on your behalf when you’re unable to communicate your wishes. This type of POA ensures that your health care preferences are taken into account when you cannot speak for yourself. Your agent may be able to approve or decline medical treatments, decide on long term care options, or discuss your care plan with health care providers.

Financial power of attorney 

A financial power of attorney is similar to a general POA but instead focuses solely on financial affairs. This type of POA can be durable or non-durable. An attorney in fact can manage investments, oversee retirement accounts, or handle real estate transactions.

Talk to a Virginia Beach estate planning attorney today 

The Law Office of Angela N. Manz represents the interests of Virginia Beach residents who are looking to establish or modify their estate plan. Call our Virginia Beach estate planning lawyers today to schedule an appointment and we can begin addressing your concerns right away.