Power of Attorney Lawyers in Alexandria
Reliable Legal Counsel in Virginia, Maryland, & Washington D.C.
It was the renowned author Oscar Wilde who coined the phrase, “To expect the unexpected shows a thoroughly modern intellect.” Expecting the unexpected can be a serious undertaking, but a thorough plan of action can protect what’s most important if any sudden emergencies or catastrophes arise.
Having a power of attorney arrangement is a powerful way of planning for the future. If you are seeking power of attorney lawyers in Alexandria, our reliable team at Tesfaye Law is available to help you prepare for anything the future may bring.
Call us today at (703) 454-8865 to invest in a plan that will rescue you in times of unexpected crises.
Distinctions of Powers of Attorney
A power of attorney appoints an agent to manage one’s financial affairs and act on one’s behalf in various areas of life.
Depending on how you draft this document, it may go into effect:
- If you become disabled; or
- For a specified period of time.
Generally, powers of attorney are either durable or nondurable. A durable power of attorney is effective instantaneously, concluding only if revoked. Nondurable authority is also effective immediately, but it becomes invalid if the principal becomes incapacitated or is otherwise unable to make decisions independently.
The only type of power of attorney that is not effective immediately is a springing POA, which comes into action after a designated event, such as the principal becoming incapacitated due to an accident. It automatically becomes a durable authority until it is revoked.
Designating Powers to Your Agent
Whichever person you designate as your agent must be someone you trust, as they will have a substantial amount of authority over your property and affairs. This person can be a close friend or family member, and they should have proven, reliable character. It is crucial to remember that you must specifically designate certain powers to your agent before power of attorney has been granted, or they will not be able to use them in a moment of crisis.
Some examples of crucial powers you must specify for your agent include:
- Delegation to change, revoke, create, or halt a living trust
- Authority to alter designations for individual beneficiaries
- Ability to make, add, or alter survivorship rights
- Responsibility to manage all legal and financial duties that have been given by the principal
- Legal right to renounce a beneficiary’s rights in retirement plans
Notarization of Powers of Attorney
In the State of Virginia, your power of attorney is only legally binding if a notary witnesses your signing. While state law does not require the presence of other witnesses, we recommend this for additional protection. You never know if you might need to present the form across state borders, so having two signatures from two witnesses is always optimum. If you have specific concerns regarding notarization in Alexandria, our power of attorney lawyers are happy to assist.
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