Types & Duration Of Power Of Attorney In Estate Planning

In estate planning, one essential legal document is a power of attorney. It gives authority to your agent to act on your behalf. This document can be used in many different situations in Manassas, Virginia. It includes when you are traveling and need someone to manage your finances. Or if you become incapacitated and cannot make decisions for yourself. 

But how long does a power of attorney last, and when does it expire? This article will explore the answers to these questions.

Power Of Attorney & Its Nature

Before discussing the duration of a power of attorney, it’s important to define it. A power of attorney or POA allows you to designate someone else to act and decide for you in situations when you cannot. It can either be durable or limited in terms of scope or extent.

An agent or an attorney-in-fact can make financial or health care decisions in situations when you are incapacitated or unavailable to do so. The power of attorney document must be signed by you, the principal, and notarized to be legally binding.

The Types Of Power Of Attorney

There are different types of powers of attorney that you can create, and the duration of each one varies. The two most common types of powers of attorney are as follows.

• Durable power of attorney: This type of power of attorney remains in effect even if you become incapacitated and unable to make decisions. It can be used immediately or at a specific time in the future.
• Limited power of attorney: This type of power of attorney is only valid for a specific period or purpose, such as selling a property or managing a business while you are out of the country.

The Duration Of A POA In Virginia

The duration of a power of attorney depends on the type you have created. A durable power of attorney remains in effect until you revoke it or until you pass away. On the other hand, a limited POA is only valid for a specific period or purpose, as stated in the document. Once that period or purpose is fulfilled, a limited power of attorney expires.

Revoking A Power Of Attorney

If you have created a power of attorney in Manassas, Virginia, you can revoke it anytime. This is true as long as you are competent to do so. To cancel a power of attorney, you must put it in writing and sign it in front of a notary public. You must also give your agent a copy of the revocation and any third parties relying on the power of attorney.

Updating A POA

As part of estate planning, it is important to review and update your power of attorney periodically to ensure it meets your needs. Life events such as marriage, divorce, the birth of a child, or a change in your financial situation may require you to update it. To amend a power of attorney, you must create a new document that revokes the old one.

Creating & Updating POAs With The Irving Law Firm

The Irving Law Firm in Manassas, Virginia can assist in creating and updating powers of attorney to ensure that they meet each client’s unique needs. Their estate planning attorneys have the experience to help individuals choose the right power of attorney. This includes deciding between durable or limited power of attorney. They can also guide individuals through the process of putting it in writing and getting it notarized.

The firm helps clients periodically review and update their powers of attorney to ensure they remain effective and relevant. With their experience in estate planning and commitment to client satisfaction, The Irving Law Firm can provide peace of mind to clients by helping them create a comprehensive plan for their future.

Summary

A power of attorney is an essential document for estate planning in Manassas, Virginia  It allows you to designate someone to act on your behalf in various situations. The duration of a power of attorney depends on the type you have created. 

A durable power of attorney remains in effect until you revoke it or pass away, while a limited power of attorney is only valid for a specific period or purpose. If you want to cancel or update a power of attorney, it’s essential to put it in writing and follow the necessary legal steps to ensure it is valid. 

To guarantee that your estate plan is current and meets your needs, you must work with an experienced estate planning attorney who can guide you through the process and help you create a comprehensive plan.

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