A Power of Attorney is probably the most useful document when planning for adult incapacity. A power of attorney is written document that allows you to give another person certain rights to manage your financial affairs. If you are confined to a hospital or your home, you power of attorney can make bank deposits or withdrawals, sign a tile to property and handle your other business affairs.
A power of attorney for a specific purpose is called a limited powers of attorney. A power of attorney granting broad powers to manage a person’s affairs is called a general power of attorney.
A power of attorney is a very powerful document. You should be sure you completely trust the person you choose to be your power of attorney. A power of attorney will continue until it is terminated. In Virginia, unless you use language to the contrary, a power of attorney will remain effective even if you become incapacitated.
A power of attorney requires specific language. You should take great care to ensure the correct language is used. We are here to help. Please schedule a consultation to discuss your estate planning needs.