Powers of Attorney are useful financial tools that can allow a trusted family member or friend to manage your financial affairs if you cannot. A General Durable Power of Attorney is the most powerful power of attorney as it gives your agent the ability to do virtually anything that you can do financially. Importantly, a General Durable Power of Attorney allows your agent to care for your financial concerns if you are disabled. If you become unable to handle your financial affairs due to accident or illness, your agent can step in and take care of your finances.
Other types of powers of attorney include specific powers of attorney that grant an agent very specific and limited powers, such as the right to sell a particular piece of real estate, the ability to fund a trust with your assets, or rights to access a safe deposit box or manage your mail.
Powers of Attorney can also be “Springing” Powers of Attorney, meaning your agent cannot act until they receive a letter from your physician that you are incapable of handling your financial affairs.
We can also help if you feel a loved one’s power of attorney is being handled inappropriately. Virginia law allows certain family members to step in if someone’s agent under a power of attorney is suspected of wrongdoing.