What is a Power of Attorney?
A power of attorney is created when one person, known as the principal, authorizes an agent, or attorney-in-fact, to enter into financial transactions on his behalf. In Virginia, as in all states, powers of attorney may be either durable or nondurable.
What is a Durable Power of Attorney?
A Durable Power of Attorney in Virginia is defined as a power of attorney that remains in effect after the person who signed it is unable to make decisions for herself. The person who creates a power of attorney is called the principal. The person named in the power of attorney to act for the principal is the agent or attorney-in-fact. A non-durable power of attorney, or traditional power of attorney, ceases to be in force if the principal becomes incapacitated.
What is a General Power of Attorney?
A General Power of Attorney is a person that is given complete authority to act upon another adult’s finances, property, business transactions, etc. The General Power of Attorney typically does not have the rights to make decisions on the person’s health care treatment. If you wish to give the same person Power of Attorney on your health than will need to assign them as your Health Care Power of Attorney.
What is a Limited or Specific Power of Attorney?
A Limited or Specific Power of Attorney is one that specifies that the Agent can do certain acts and only certain acts.