Durable Power of Attorney Form | Vermont

4 Stars | 5 Ratings
17,856 Downloads

Updated on May 10th, 2023

A Vermont durable power of attorney form allows a representative, known as an “agent” or “attorney-in-fact,” to manage another individual’s financial affairs. The selected individual may conduct anything from simple bill paying to investment management. The person being represented, known as the “principal,” should know that this form remains in effect if he or she should become incapacitated.

Laws

  • “Durable” Definition (§ 3501(6)) – “Durable power of attorney” means a written power of attorney in which the authority of the agent does not terminate in the event of the disability or incapacity of the principal.
  • Statute – § 3508 (Powers of Attorney)
  • Signing Requirement (§ 3503) One witness and a notary public.

When deciding on who to choose, the following factors should be noted:

  • The agent should be available locally when needed.
  • The person must be trusted if they are not to be overseen, especially during the principal’s incapacitation.
  • The agent should have insight into how the principal’s business (if any), assets, or personal or real property is run or managed.

Note that if a spouse is chosen as the agent, the agreement isn’t automatically ended upon divorce. Furthermore, it’s a good plan to name an alternate agent in case the principal’s first choice is unavailable when needed.