What Things Can A Virginia Financial Power of Attorney Do?
With a well written Virginia financial power of attorney, your financial agent is typically authorized to manage your financial affairs, including the power to buy and sell and lease real property, tangible personal property, stocks, and bonds, to trade commodities, operation of a business or other entity and governance over your bank accounts and other financial products you may own and a host of other powers.
The choice of what powers your Virginia financial power of attorney has is yours. You can decide for your Virginia financial agent to do as much, or as little, as you determine, depending upon what you provide in the Virginia financial power of attorney document. For example, you might grant your Virginia financial agent the authority to conduct all of your financial affairs. In addition, in other circumstances, you might only authorize your financial agent to transaction your business for a single financial transaction (such as signing documents at a real estate closing). Finally, these limited powers of attorney specify that they only are valid for a single transaction or for a limited scope of time.
Virginia Financial Power of Attorney Agent Abilities
- Buy or sell real estate,
- Enter into contracts and leases
- Buy, sell or pledge stock, bond or other securities transactions
- Banking and other financial institution transactions
- Operation and maintenance of a business, entity or venture
- Insurance and annuity and investment transactions
- Estate, trust, and other beneficiary transactions
- Claims and litigation
- Government benefits (such as Social Security, Medicare or unemployment compensation)
- Retirement benefits
- File taxes
- Make gifts
With so many options, creating a financial power of attorney in Virginia ensures that your assets will be protected in the event you pass away or become incapacitated. However, you must have experienced representation to create this power of attorney. This allows your agent to achieve the desired goals.
Contact our Virginia Attorneys for More Information
To learn more about Virginia estate planning, contact us at 202-803-5676, or schedule a consultation with one of our attorneys. Additionally, no matter which side of the deal you are on, it is best to educate yourself and feel confident that you are making the most appropriate decision for your circumstances. Finally, our attorneys are able to provide you with the knowledge and guidance you need.