A springing power of attorney is a power of attorney that takes effect after the expiration of a specified time or after the occurrence or non-occurrence of a specified event. The event could be the issuance of a letter by a doctor that the principal has lost capacity or something similar. After such incapacitation the power is identical to a durable power, but cannot be invoked before the incapacity. The power has been created but lies dormant. It is brought to life on the happening of the specified event: it springs into effect at that time. If a springing power is used, care should be given to specifying exactly how and when the power springs into effect.
Virginia Springing Power of Attorney
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Description
Definition and meaning
A Virginia Springing Power of Attorney is a legal document that allows a person (the principal) to appoint another person (the agent) to act on their behalf in financial and business matters. It becomes effective only upon the occurrence of a specific event, typically the principal’s disability or incapacity, as certified by two physicians. This type of power of attorney is designed to provide the necessary legal authority for the agent to manage the principal’s affairs when they are unable to do so themselves.
How to complete the form
Completing the Virginia Springing Power of Attorney involves the following steps:
- Identify the principal: The person granting the authority must be named along with their address.
- Select an agent: Choose a trustworthy individual to act on your behalf.
- Specify powers: Clearly outline the financial and business matters the agent can handle, such as real estate transactions or banking matters.
- Include springing event conditions: Clearly define the circumstances under which the document becomes effective.
- Sign and date the form: Ensure the principal signs the document before a notary public.
Who should use this form
This form is ideal for individuals who want to ensure that their financial affairs are managed according to their wishes in the event of incapacity or disability. It is particularly beneficial for:
- Older adults planning for potential health declines.
- Individuals with existing health conditions that may lead to incapacity.
- Families wanting to formalize the financial management responsibilities for a loved one.
Legal use and context
The Virginia Springing Power of Attorney is governed by the laws of the Commonwealth of Virginia. It must meet specific legal requirements, including the need for notarization, to ensure its validity. This document is particularly useful when the principal anticipates potential future incapacity and wishes to designate someone to manage their affairs without court intervention.
Key components of the form
The essential components of the Virginia Springing Power of Attorney include:
- Principal's Information: Name and address of the individual granting authority.
- Agent's Information: Name and contact details of the appointed agent.
- Powers Granted: Specific financial and business matters the agent is authorized to handle.
- Springing Event Definition: Conditions under which the document becomes active.
- Notarization: Requirement for verification of signatures.
What to expect during notarization or witnessing
During the notarization process, the principal must present valid identification to the notary public. Here’s what typically occurs:
- The principal must sign the form in the presence of the notary.
- The notary will verify the identity of the principal.
- A notarial certificate will be completed and attached to the document, confirming that the signing was executed properly.
Following notarization, it’s crucial to store the document safely and provide copies to the agent and relevant parties.
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How to fill out Virginia Springing Power Of Attorney?
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FAQ
The lawyer has asked you to sign for them, above their name and position title at the end of the letter. You write 'p. p' in the signature space and sign your name after it. This validates the letter, in informing the reader the letter has been signed on behalf of the lawyer with authorisation.
Revoke Your Current Power of Attorney. To change or cancel your current power of attorney, you should complete a formal, written revocation. Notify Your Power of Attorney. Once you complete your revocation, notify your agent of the cancellation in writing. Notify Relevant Third Parties. Execute a New Power of Attorney.
After the principal's name, write by and then sign your own name. Under or after the signature line, indicate your status as POA by including any of the following identifiers: as POA, as Agent, as Attorney in Fact or as Power of Attorney.
The revocation should include your name, a statement that you are of sound mind, and your wish to revoke the power of attorney. You should also specify the date the original power of attorney was executed and the person selected as your agent.
Below your own name is where you make it clear that you have the authority to sign on the principal's behalf. To indicate that you've been given power of attorney for signing authority, write attorney-in-fact under your name. Other variations are also acceptable to write out, like POA, or power of attorney.
A POA used for real estate purposes may need to be recorded: Virginia Code § 64.2- 1603 provides that in order to be recordable a POA shall satisfy the requirements of A§ 55-106. Recordation requirements as set forth in Virginia Code A§ 17.1-223 may require the surnames of the Principal and Agent be capitalized and
Most states do not require a POA to be in writing in order to be effective, except in specific cases established by statute.As a result, most POAs can be executed electronically with or without authorization under the eCommerce laws, since there is no writing or signature requirement to begin with.
Until an attorney-in-fact's powers are properly revoked, they can continue to legally act for the principal. To cancel a Power of Attorney, the principal can create a document called a Revocation of Power of Attorney or create a new Power of Attorney that indicates the previous Power of Attorney is revoked.
Signing as a Power of Attorney You can sign the person's name first, then follow it with "by your name under POA." Or, you can sign your own name first, then identify yourself as "attorney-in-fact for the person's name for whom you are attorney-in-fact.