Virginia General (Financial) Power of Attorney Form

The non-durable Virginia General (Financial) Power of Attorney allows persons that are temporarily leaving the state (or will be unavailable) a means of ensuring their finances are handled while they’re gone. Prior to leaving, the person will complete the form and write the name of a person (the agent) whom they entrust with access to their assets, real estate, banks, and more. The principal doesn’t have to grant their agent with complete access to their money – they can restrict any power(s) they wish when they’re completing it. For example, the principal may only want their agent to be able to handle matters pertaining to their real estate, but not their bank accounts.


 


Using a non-durable form (instead of the durable type) serves as a means of security for the principal. As the document terminates on its own if something were to happen to them medically that rendered them incapacitated. Durable forms are of a more permanent nature, and come into play during estate planning (instead of short-term needs like the general form).

Laws: Title 64.2, Ch. 16

Signing requirements (§ 64.2-1603) – The document must bear the principal’s signature, which must be notarized at the time of signing.