The 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.
“Durable” Definition – § 3501(6)
Laws – § 3508
Signing Requirement – One (1) Witness and a Notary Public (§ 3503)
When deciding on who to choose, the following factors should be noted:
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.