Virginia General Durable Power of Attorney for Property & Finances (Immediate)

Virginia General Durable Power of Attorney

GENERAL DURABLE POWER OF ATTORNEY

(Drafted to the Virginia Uniform Power of Attorney Act — Va. Code §§ 64.2-1600–64.2-1642)

Effective Upon Signature — Immediate and Durable

(Code of Virginia, Title 64.2, Chapter 16 — Uniform Power of Attorney Act)

NOTICE: THE POWERS GRANTED BY THIS DOCUMENT ARE BROAD AND SWEEPING. THEY AUTHORIZE THE AGENT YOU NAME TO ACT FOR YOU IN YOUR PROPERTY AND FINANCIAL MATTERS AS EXPLAINED IN THE VIRGINIA UNIFORM POWER OF ATTORNEY ACT (VA. CODE §§ 64.2-1600–64.2-1642). IF YOU HAVE ANY QUESTIONS ABOUT THESE POWERS, OBTAIN COMPETENT LEGAL ADVICE BEFORE YOU SIGN. THIS DOCUMENT DOES NOT AUTHORIZE ANYONE TO MAKE MEDICAL AND OTHER HEALTH-CARE DECISIONS FOR YOU — VIRGINIA PROVIDES A SEPARATE ADVANCE MEDICAL DIRECTIVE FOR THAT PURPOSE (VA. CODE § 54.1-2981 ET SEQ.). YOU MAY REVOKE THIS POWER OF ATTORNEY IF YOU LATER WISH TO DO SO.

Article 1. Designation of Agent

I,

________________________________________________________________________

(Name of principal)

of

________________________________________________________________________

(Address of principal)

appoint the following person as my Agent (attorney-in-fact):

________________________________________________________________________

(Name and address of agent)

Telephone of agent (optional): ____________________________________________________

OPTIONAL CO-AGENT. If you wish to name a second person to serve as agent at the same time, complete the following (otherwise leave blank):

________________________________________________________________________

(Name and address of co-agent)

Telephone of co-agent (optional): ________________________________________________

If you named a co-agent, MARK ONE of the following (if you mark neither, each agent may act independently — Va. Code § 64.2-1609(A)):

☐  Each agent may exercise the powers conferred separately, without the consent of the other agent. (This is the default under Virginia law.)

☐  My agents shall exercise the powers conferred jointly, with the consent of both agents.

OPTIONAL SUCCESSOR AGENTS. If every agent named above dies, resigns, becomes incapacitated, is not qualified, or declines to serve, I appoint the following, in order (each successor has the same authority as the original agent and may not act until all predecessors are unable or unwilling to serve — Va. Code § 64.2-1609(B)):

Successor agent 1 — name and address: ____________________________________________

Successor agent 2 — name and address: ____________________________________________

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Article 2. Grant of General Authority

I grant my agent general authority to act for me in all of the following subjects, EXCEPT any subject that I withhold by placing my initials on the line in front of it. For each subject, this power of attorney incorporates by reference the full authority described in the cited section of the Code of Virginia, as if that section were set out in full here (Va. Code § 64.2-1623). To withhold a subject, initial the line in front of it — you may also, but need not, cross out the subject.

INITIALS TO WITHHOLD

_______ (A) Real property (Va. Code § 64.2-1625): buy, sell, lease, mortgage, manage, repair, insure, subdivide, dedicate, and otherwise deal with real property and interests in it.

_______ (B) Tangible personal property (Va. Code § 64.2-1626): buy, sell, lease, exchange, store, repair, and deal with tangible personal property and interests in it.

_______ (C) Stocks and bonds (Va. Code § 64.2-1627): buy, sell, exchange, vote, and deal with stocks, bonds, mutual funds, and other securities.

_______ (D) Commodities and options (Va. Code § 64.2-1628): buy, sell, exercise, and deal with commodity interests and options.

_______ (E) Banks and other financial institutions (Va. Code § 64.2-1629): open, maintain, use, and close accounts; deposit and withdraw funds; sign checks; borrow; and deal with banks and similar institutions.

_______ (F) Operation of entity or business (Va. Code § 64.2-1630): operate, continue, reorganize, or wind up a business or entity interest.

_______ (G) Insurance and annuities (Va. Code § 64.2-1631): procure, maintain, surrender, borrow against, and deal with insurance policies and annuities (without changing beneficiary designations).

_______ (H) Estates, trusts, and other beneficial interests (Va. Code § 64.2-1632): accept, receive, disclaim, and deal with interests as an heir, devisee, beneficiary, or fiduciary.

_______ (I) Claims and litigation (Va. Code § 64.2-1633): assert, defend, settle, and deal with claims and legal proceedings.

_______ (J) Personal and family maintenance (Va. Code § 64.2-1634): pay for the customary maintenance, support, health, and welfare of the principal's household and dependents.

_______ (K) Benefits from governmental programs or civil or military service (Va. Code § 64.2-1635): apply for, receive, and deal with government and service benefits, including Social Security, Medicare, Medicaid, and veterans' benefits.

_______ (L) Retirement plans (Va. Code § 64.2-1636): establish, contribute to, take distributions from, and deal with retirement plans and IRAs (without changing beneficiary designations).

_______ (M) Taxes (Va. Code § 64.2-1637): prepare, sign, and file tax returns; pay and contest taxes; and represent the principal before tax authorities.

A note on transfer-on-death deeds: general authority over real property does NOT let your agent create, change, or revoke a transfer-on-death deed — that requires the separate beneficiary-designation election in Article 3 (Va. Code § 64.2-1625(B)).

Digital assets. Unless you withhold it here — _______ (initials to withhold) — my agent may also obtain from any custodian a catalog of my electronic communications and my digital assets, other than the content of electronic communications (Va. Code § 64.2-124). Authority over the CONTENT of electronic communications is granted only by the express election in Article 3.

Article 3. Grant of Specific Authority (Optional — Express Elections)

Virginia law does not allow an agent to do any of the following acts unless the power of attorney EXPRESSLY grants the authority (Va. Code § 64.2-1622(A)). MARK THE BOX AND PLACE YOUR INITIALS opposite each act you intend to grant. Unmarked items are NOT granted.

☐  (1) Create, amend, revoke, or terminate an inter vivos trust. Initials: _______

☐  (2) Make a gift. Initials: _______

Unless you provide otherwise in Special Instructions, gifts are limited by Va. Code § 64.2-1638: generally up to the annual federal gift-tax exclusion per recipient (twice that amount if your spouse consents to split gifts), and only as consistent with your known objectives or best interest.

☐  (3) Create or change rights of survivorship. Initials: _______

☐  (4) Create or change a beneficiary designation. Initials: _______

This authority is also required before your agent may create, change, or revoke a transfer-on-death deed on your behalf (Va. Code § 64.2-1625(B)).

☐  (5) Delegate authority granted under this power of attorney. Initials: _______

☐  (6) Waive my right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan. Initials: _______

☐  (7) Exercise fiduciary powers that I have authority to delegate. Initials: _______

☐  (8) Have authority over the content of my electronic communications (as provided by Va. Code § 64.2-123). Initials: _______

LIMIT ON SELF-DEALING (Va. Code § 64.2-1622(B)): even if you mark elections above, unless this power of attorney expressly provides otherwise in Special Instructions, an agent who is not your ancestor, your spouse, or your descendant may NOT use any of these powers to create an interest in your property in the agent or in a person to whom the agent owes a legal obligation of support, whether by gift, right of survivorship, beneficiary designation, disclaimer, or otherwise.

Article 4. When This Power of Attorney Is Effective

This power of attorney is effective when I sign it (Va. Code § 64.2-1607(A)). This power of attorney is durable and is NOT terminated by my subsequent incapacity (Va. Code § 64.2-1602).

OPTIONAL — TERM LIMIT. If you want this document to end on a fixed date, complete the following (otherwise leave blank): This power of attorney terminates on ____________________ (date), unless sooner revoked.

Article 5. Agent Compensation

Unless you elect otherwise below, your agent is entitled to reimbursement of expenses reasonably incurred on your behalf AND to compensation that is reasonable under the circumstances (Va. Code § 64.2-1610). MARK ONE only if you want to change that default:

☐  My agent is entitled to reimbursement of reasonable expenses but shall serve WITHOUT compensation.

Article 6. Effect on Earlier Powers of Attorney

Signing this power of attorney does NOT by itself revoke any power of attorney you signed before (Va. Code § 64.2-1608(F)). MARK the following box only if you intend to revoke them:

☐  I REVOKE all earlier general and financial powers of attorney that I have signed. (Do not mark this box if you want a specialized power of attorney — for example, one held by a bank or for military use — to remain in effect.)

If this should be your only financial power of attorney, you must mark this box — and notify every prior agent in writing.

Article 7. Nomination of Conservator or Guardian (Optional)

If a court ever begins protective proceedings for me, I nominate the following person for consideration by the court as conservator or guardian of my estate or guardian of my person (Va. Code § 64.2-1606):

________________________________________________________________________

(Name and address of nominee — leave blank if none)

If a court appoints a conservator, guardian, or other fiduciary for some or all of my property, my agent remains accountable to that fiduciary as well as to me, and this power of attorney continues unless the court limits, suspends, or terminates it.

Article 8. Agent's Duties

Your agent has all of the duties stated in Va. Code § 64.2-1612; this power of attorney does not modify them. In summary, an agent that has accepted appointment must, notwithstanding anything in this document: act in accordance with your reasonable expectations to the extent actually known, and otherwise in your best interest; act in good faith; and act only within the authority this document grants (§ 64.2-1612(A)). Unless this document provides otherwise, the agent must also: act loyally for your benefit; avoid conflicts of interest that impair impartiality; act with the care, competence, and diligence of agents in similar circumstances; keep a record of all receipts, disbursements, and transactions; cooperate with the person who makes your health-care decisions; and attempt to preserve your known estate plan consistent with your best interest (§ 64.2-1612(B)).

DISCLOSURE DUTIES ARE NOT WAIVED. On request, your agent must disclose receipts, disbursements, and transactions to you, your guardian or conservator, another fiduciary acting for you, or — after your death — your personal representative or successor in interest, within 30 days (with one 30-day extension on a showing of need) (§ 64.2-1612(H)). Certain family members and other interested persons who believe in good faith that you are (or were) incapacitated may also request disclosure of your agent's actions within the prior five years (§ 64.2-1612(I)). Under Virginia law effective July 1, 2026, a provision relieving an agent of these disclosure duties is valid only if the principal signed or initialed an express statement of understanding (§ 64.2-1612(J)) — this document contains no such waiver.

Article 9. When This Power of Attorney Ends

This power of attorney terminates when: I die; I revoke it; its own terms provide; its purpose is accomplished; or my agent dies, becomes a vulnerable adult, or resigns and no successor is provided (Va. Code § 64.2-1608(A)). An agent's authority also ends on revocation, the agent's death or resignation, or the agent's conviction of financial exploitation of the principal under Va. Code § 18.2-178.2 (§ 64.2-1608(B)).

IF YOUR AGENT IS YOUR SPOUSE: unless this power of attorney provides otherwise in Special Instructions, your agent's authority ends if an action is FILED for divorce or annulment of the marriage, for your legal separation, by either of you for separate maintenance, or by either of you for custody or visitation of a child you have in common — the termination happens when the action is filed, not when a court enters a final order (Va. Code § 64.2-1608(B)(3)).

A person who acts in good faith under this power of attorney without actual knowledge that it or the agent's authority has terminated is protected, and the act binds me and my successors (§ 64.2-1608(D)). My agent's authority remains exercisable notwithstanding the lapse of time since this document was signed (§ 64.2-1608(C)).

Article 10. Acceptance by Third Parties

A person asked to accept this acknowledged power of attorney must accept it, or request an agent's certification, an English translation, or an opinion of counsel, no later than seven business days after it is presented — and, if such a request is made, must accept within five business days after receiving it. A person may NOT require an additional or different form of power of attorney for authority granted in this one. A person that refuses in violation of these rules is subject to a court order mandating acceptance and to liability for reasonable attorney fees and costs (Va. Code §§ 64.2-1617, 64.2-1618).

A photocopy or electronically transmitted copy of this power of attorney has the same effect as the original (Va. Code § 64.2-1604(D)). An agent in possession of this power of attorney is deemed to possess the authority it grants, and persons dealing with the agent have no obligation to inquire how possession was acquired (Va. Code § 64.2-1604(E)). The separate AGENT'S CERTIFICATION file supplied with this document is the certification a third party may request (Va. Code §§ 64.2-1617(C), 64.2-1639); it is completed and signed by the agent at the time of use, not when this power of attorney is signed.

Article 11. Special Instructions (Optional)

Optional additions or limits. This is also the place, with the advice of a licensed Virginia attorney, for any self-dealing authorization (Article 3 limit), any spouse-retention provision (Article 9), or any enlargement of gift authority. If none, leave blank.

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

Article 12. Governing Law; Severability

This power of attorney is governed by the laws of the Commonwealth of Virginia, including the Virginia Uniform Power of Attorney Act (Va. Code §§ 64.2-1600–64.2-1642). The meaning and effect of this power of attorney are determined by the law of the Commonwealth (Va. Code § 64.2-1605). If any provision is held invalid, the remainder continues in effect.

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Article 13. Execution

Sign this document before a notary public or other officer authorized to take acknowledgments. Witnesses are not required under Virginia law. Acknowledgment makes your signature presumed genuine (Va. Code § 64.2-1603), makes the document recordable with the circuit court clerk (Va. Code § 55.1-600), and brings the third-party acceptance protections of Va. Code §§ 64.2-1617 and 64.2-1618 into play.

IN WITNESS WHEREOF, I have hereunto signed my name this ________ day of ____________________, 20______.

___________________________________________

(Signature of principal)

Commonwealth of Virginia

County or City of ____________________________________

The foregoing instrument was acknowledged before me this ________ day of ____________________, 20______, by ________________________________________ (name of person acknowledged).

_____________________________________________

(Signature of notary public or other officer authorized to take acknowledgments)

Title or rank: ____________________ Notary registration number: ____________________

My commission expires: ____________________ [Seal]

SIGNATURE BY ANOTHER PERSON AT THE PRINCIPAL'S DIRECTION (OPTIONAL)

If the principal is physically unable to sign, another individual may sign the principal's name in the principal's CONSCIOUS PRESENCE and at the principal's direction (Va. Code § 64.2-1603). The principal — not the person signing — acknowledges the signature before the notary. Complete the following in addition to the acknowledgment above:

IN WITNESS WHEREOF, the undersigned signed the name of the principal, at the principal's direction and in the principal's conscious presence, this ________ day of ____________________, 20______.

_____________________________________________

(Signature of person signing at the direction of ________________________________, the principal)

Printed name of person signing ______________________________________________

Address of person signing ___________________________________________________

This document prepared by: ____________________________________________

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Important Information About This Document

THIS PAGE IS NOT PART OF THE POWER OF ATTORNEY. REMOVE IT BEFORE SIGNING. DO NOT RECORD IT. KEEP IT WITH YOUR RECORDS.

What this document is. A Virginia general durable power of attorney for property and financial matters, drafted to the Virginia Uniform Power of Attorney Act (Va. Code §§ 64.2-1600–64.2-1642). Virginia has no official statutory form for the instrument itself; the only statutory form in the Act is the Agent's Certification (Va. Code § 64.2-1639), supplied as a separate file. This version is IMMEDIATE AND DURABLE: it takes effect when you sign it and continues even if you later become incapacitated.

How to complete. Fill in your name and address and your agent's name and address. Initial any subject in Article 2 that you want to WITHHOLD — subjects you do not initial are granted. In Article 3, mark and initial only the specific powers you intend to grant; the others are not granted.

How to sign. Sign before a Virginia notary public or other officer authorized to take acknowledgments. No witnesses are required. If you are physically unable to sign, another person may sign your name at your direction and in your conscious presence using the directed-signer block — you, not that person, acknowledge the signature before the notary. Remote online notarization is available in Virginia.

Recording for real-estate use. You do not have to record this power of attorney for it to be valid. If it will be used in a real-estate transaction, record it (before or with the deed) with the circuit court clerk of the county or city where the land lies; an acknowledged power of attorney is recordable (Va. Code §§ 64.2-1603, 55.1-600). Clerk conventions: the first clause should identify the principal as grantor and the agent as grantee with the surname underscored or in capitals, pages numbered consecutively, and a return-to name and address on the face (Va. Code § 17.1-223(A)); do not put a Social Security number on the document (§ 17.1-227); a cover sheet is optional (§ 17.1-227.1); ask your clerk about e-recording. This power of attorney does not convey a co-owner's interest — property held as tenants by the entirety or jointly still requires the other owner.

The Agent's Certification is a separate, LATER-USE document. A bank or other third party may ask your agent to certify facts about you and this power of attorney when the agent uses it (Va. Code §§ 64.2-1617(C), 64.2-1639). The agent completes and signs it at that time, before a notary — do not attach a signed certification to this document, and do not sign it in advance. If the transaction requires recordation, the certification must be in recordable form (§ 64.2-1617(E)).

Acceptance by banks and others. Once acknowledged, this power of attorney carries Virginia's acceptance rules: a third party must accept it or ask for a certification, translation, or opinion of counsel within seven business days, and may not demand a different form of power of attorney (Va. Code §§ 64.2-1617–64.2-1618). A court can order acceptance and award attorney fees for an improper refusal.

Gifts. No gift authority is granted unless you mark election (2) in Article 3. Even then, unless you provide otherwise in Special Instructions, gifts are limited to the annual federal gift-tax exclusion per recipient (twice that if your spouse consents to split gifts) and must be consistent with your known objectives or best interest (Va. Code § 64.2-1638).

Health care is separate. This document grants no health-care authority. Virginia's Advance Health Care Directive (Va. Code § 54.1-2981 et seq.) is the document for medical decisions.

Revocation. You may revoke this power of attorney while you have capacity. Deliver a written revocation to your agent and to anyone relying on the document; if it was recorded, record the revocation too. Signing a new power of attorney does not by itself revoke this one (Va. Code § 64.2-1608(F)) — see Article 6.

If a court gets involved. Interested persons — including you, your agent, family members, and adult protective services — may ask a court to review your agent's conduct (Va. Code § 64.2-1614).

Questions. If anything in this document is unclear, ask a licensed Virginia attorney before you sign.