The Virginia durable power of attorney form, otherwise known as a financial power of attorney form, enables a principal to choose a representative who will have the authority to manage their finances. The person selected, referred to as the “agent,” should be a trusting individual that the principal can rely on to handle their business affairs, investments, and personal assets while always acting with the principal’s best interests in mind. The form does not become void if the principal should become incapacitated. Therefore, if dementia or risky surgery is nearing, the agent should be briefed on how to handle the principal’s financial activities.
“Durable” Definition – § 64.2-1600
Laws – § 64.2-1602
Signing Requirements – Notary Public (§ 64.2-1603)