Laws Regulating Power of Attorney in Virginia

1. Laws Regulating Power of Attorney in Virginia To keep your regular business functional, sometimes you have to pass on control. Whether you go for an international business trip or a long medical treatment, you need to find the right hands to pass the rein. It is always suggested to have your directives on legally binding document signed by you and the agent. This is called Power of Attorney (POA) and it legally authorizes the person to take certain actions in your absence. POA recognizes you as the principal, and your confidant as agent. Types of POA in Virginia: 1. Virginia Durable Power of Attorney: It authorizes the principal to assign a trusted person with an authority to make decisions regarding principal’s health on their behalf. It follows provisions of Virginia’s Healthcare Decisions Act covered under section 54.1-2981. 2. Virginia Limited POA: It is a revocable document putting an agent in power to act on specific affairs on your behalf. 3. Virginia Limited POA For Sale of Motor Vehicle Law: This allows an agent to sale a motor vehicle and limits powers to tasks listed in the document. 4. Virginia Limited Power of Attorney for Stock Transactions Law: This is a special POA used by a principal to entrust an agent with power over their transactions in stocks. To create a Financial Power of Attorney in Virginia, find a free template or online form at Forms.Legal.